Metro Denver Real Estate Market Update For March 2016

Strong Demand in February Keeps Denver Area Housing Inventory Tight

Strong demand for Denver homes for sale during February pushed inventory levels to record lows, according to REcolorado, Colorado’s largest MLS.

After an uptick in January, inventory of available homes for sale in the Denver Metro area dipped despite a strong influx of new listings coming on the market. The month ended with 4,968 listings of homes for sale, six percent lower than last month and two percent lower than February 2015. During February, sellers added 4,639 new listings of homes for sale, an increase of 12 percent as compared to last month and two percent more than last year.

“The Denver area housing market is off to a solid start, with high activity levels that indicate the spring home buying and selling season has begun,” said Kirby Slunaker, president and CEO of REcolorado. “Demand is strong, especially for homes that are moderately-priced, where we are seeing inventory absorbed almost as fast as it comes on the market.”

In February, the supply of inventory in the greater Denver Metro area decreased to approximately 7 weeks, which means at the current sales rate, it would take just 7 weeks to sell all listed homes.

Home sales held strong in February despite low inventory levels. During the month, 2,957 homes sold in the Denver Metro and surrounding area, two percent more than last month and 9 percent lower than February 2015. Additionally, 5,295 homes went under contract, a 15 percent increase over last month and a two percent increase as compared to last year. Homes under contract are a forward-looking indicator of home sales, based on contract signings.

The most sales activity was seen in the $150,000 to $350,000 price range, with over 50 percent of total sales in February. Homes for sale in this price range also spent the least amount of time on the market. Overall, the average days a home spent on the market in February was 36 days.

“Market activity is picking up, but home sellers appear to be holding out for the upcoming spring frenzy in April and May,” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “This spring is shaping up to replicate last year's market of high demand significantly outweighing supply.” 

According to Rael, homeowners who bought in 2008-2011 are “cashing out and moving up.” With significant equity to roll over into a new home coupled with incredibly low interest rates, this segment of homeowners is realizing “big-time buying power.”
If you’re thinking of selling, NOW is the time to list your home, before the competition increases this spring.

Home values held steady in February with average sales price at $371,996, flat month over month, but up eight percent as compared to last year.

Now is a great time to buy a Denver-area home! At The Bandy Team, we help new Denver homebuyers as well as sellers with all their real estate needs and we will help you work through any issues that may arise in buying or selling a Denver property.

We are ready to find the home that's just right for you. Your perfect Washington Park property, Larkspur home, or Franktown house is waiting for you!

Curious about the value of your Denver home? Click here for a quick estimated home value.

Our trusted professionals will be there to help you every step of the way!

Until next time,

Marianne Bandy, Team Leader

The Bandy Team

 Keller Williams Park Meadows

BandyHomes.com

720-466-3790

Tax Mistakes That Denver Homeowners Shouldn’t Make

As the deadline to file your income taxes draws near, it is important not to make any tax mistakes on tax deductions and credits you are eligible for as a Denver homeowner. Here are a few of the common tax mistakes that homeowners make and that you should be aware of.

Claiming property taxes in the wrong year- Property taxes that you pay each year are tax deductible in the year in which they were paid. There are many taxing authorities that will work a year behind, which causes many taxpayers confusion. The year you actually pay the tax is the same year you will claim it.

Do not let escrow accounts confuse you- Another common error is confusing the escrow amount with the actual amount of taxes paid. If your mortgage lender escrows funds to pay your yearly property taxes and insurance, do not just assume you will deduct the amount that is escrowed. This amount tends to be a little more or a little less than what is actually paid out.

Points paid in refinancing- Many Denver homeowners are taking advantage of low mortgage rates and are refinancing. When you refinance your mortgage loan the points you pay to do so must be deducted over the life of the loan. For instance, if you paid $2,000 in points for a 20 year loan you would be able to deduct $100 a year for 20 years.

Home office deductions-Taking deductions for a home office can be complicated. Keep in mind that if you turn a profit upon the sale of your home, the deductions have to be recaptured. Be sure to only claim this deduction if the positives outweigh the drawbacks.

First -time homebuyer tax credit- If you took advantage of the first-time home buyer tax credit that was originally offered in 2008 you are required to repay 1/15th of it over a 15 year span.  If you need to determine how much you should deduct, the IRS has a wonderful tool to help.

Home-related expenses- Saving all receipts for any home office and home maintenance and repair costs is essential. If you are taking advantage of any energy tax credits it is necessary that you save all manufacturers’ certification statements.

Do not forget to track capital gains- If you sold your home last year, do not forget to file capital gains tax on any profit you made. You are eligible to exclude up to $250,000 in gain (or $500,000 if you’re a married couple) from your taxes.

Mortgage interest deduction- Interest paid on your mortgage yearly is deductible up to $1 million of mortgage debt. If your debt is more than $1 million, the excess above $1 million cannot be claimed.

The Bandy Team is here to help with all your real estate needs. At The Bandy Team, we help new Denver homebuyers as well as sellers with all their real estate needs and we will help you work through any issues that may arise in buying or selling a Denver property.

We are ready to find the home that's just right for you. Your perfect Stapleton property, Greenwood Village home, or Stonegate house is waiting for you!

Curious about the value of your Denver home? Click here for a quick estimated home value.

Our trusted professionals will be there to help you every step of the way!

Until next time,

Marianne Bandy, Team Leader

The Bandy Team

 Keller Williams Park Meadows

BandyHomes.com

720-466-3790

Creating A Green Denver Home

The phrase Green Denver Home puts a variety of images into people’s minds. Some may envision a house built entirely out of recycled soda bottles. Someone else might imagine a house powered completely by wind turbines. Whatever your idea of a green home is, the simple truth is that you don’t have to wait to start living green, thanks to a number of companies, now incorporating green features. Whether or not you are an environmentalist at heart, going green has the potential to save you a substantial amount of money. And who doesn’t want to save the planet and some money simultaneously?

As the largest user of energy in a Denver home is normally temperature regulation, the more important features of green homes include the windows and thermostat. New window technology allows windows to let in light but resist heat transfer, meaning you can enjoy the sun, but keep your house temperature how you like it. And as far as temperature regulation is concerned, a programmable thermostat can save you hundreds of dollars a year. These little gadgets control the heating and cooling based on the time of day and day of the week, allowing you to remain comfortable, but saving your HVAC system from working too hard when you don’t need it.

There are varieties of other examples of how you can better insulate your home. For example, adding more attic insulation will help better insulate your house to keep your home nice and toasty in the winter and comfortable in the summer.

In addition to controlling temperature regulation, you can cut down on your utility usage in a variety of ways. Energy Star certified appliances are guaranteed by federal standards to use less energy when completing normal jobs around the house. Furthermore, you can reduce your water consumption by replacing faucets and showerheads with low-flow alternatives. This doesn’t mean you’ll lose that much pressure; you’ll just save money on your water bill (and the cost to heat all of that water). Speaking of insulation and water, a great energy saver to consider is additional insulation of your water heater.  And don’t forget about switching your light bulbs to high efficiency LED lamps.

In addition to your appliances and fixtures, homes are now being built with more
sustainable and less harmful materials in an effort to preserve the planet and our health. For example, many houses are being built out of longer lasting materials to reduce the amount of material necessary for repairs. Likewise, low-VOC paints are being used to improve our health and air quality indoors.

Be sure to check with your local utility to see about any energy efficiency rebates that may be available. You may also qualify for tax credits from the IRS or your state taxes.

As you can see, living in a green home in Denver is important for our health, wallets, and the future of the planet. What’s more- adding green features can raise your home’s value by as much as 10%!

Let the professionals at the Bandy Team help you buy or sell a Denver home. At The Bandy Team, we help new Denver homebuyers as well as sellers with all their real estate needs and we will help you work through any issues that may arise in buying or selling a Denver property.

You may also be interested in horse property in Elizabeth or a Castlewood Ranch home and a variety of Parker golf course homes in Canterberry.

Curious about the value of your Denver home? Click here for a quick estimated home value.

Our trusted professionals will be there to help you every step of the way!

Until next time,

Marianne Bandy, Team Leader

The Bandy Team

 Keller Williams Park Meadows

BandyHomes.com

720-466-3790

Tips for Dealing with Denver’s Home Owners Associations

If you're buying a home or a condo in a Denver community with a homeowners association (HOA), it's likely that your attention is focused on things like your monthly payments, homeowners insurance, taxes and furnishing your new digs. You're probably not thinking much about the homeowners association itself.

But Terry Jarrett, CEO of BEST Management (an HOA property management company) and president-elect of the Rocky Mountain chapter of the Community Associations Institute (a non-profit group dedicated to HOA issues and research), says there are questions and tips anyone living in a HOA-governed community should address.

Things you need to be aware of include:

• How much are you expected to pay in assessments, or HOA dues?
• What do the fees you're paying exactly cover – what are you getting for your money?
• Read all of the documents you'll receive from the HOA. There are people who live in a community for decades, and never review the details of the agreements drawn up by the community's HOA.
• Be sure to read the minutes of the last HOA board meeting.
• Get the HOA's financials; they're available to all residents. Find out how much they have in reserve.
• Find out the last time roofs or other community property were repaired or replaced. If it has been a long time and the reserves are small, it could mean that there's a special assessment upcoming if there's a major problem.
• Find out if there is any pending litigation that may have an impact on future HOA fees.

“What I did, before I bought in an HOA community, was I actually sat in on one of the board meetings,” Jarrett said. “After I listened to the issues they discussed and how careful they were as far being good stewards of the money, I had a high-level of confidence of buying there.”

Being well informed about your new community just makes good sense. Get involved, and stay active in order to know what's going on with your HOA.

It's spring, and now is a great time to buy a Denver-area home! At The Bandy Team, we help new Denver homebuyers as well as sellers with all their real estate needs and we will help you work through any issues that may arise in buying or selling a Denver property.

We are ready to find the home that's just right for you. Your perfect Elizabeth property, Castlewood Ranch home, or Stonegate house is waiting for you!

Curious about the value of your Denver home? Click here for a quick estimated home value.

Our trusted professionals will be there to help you every step of the way!

Until next time,

Marianne Bandy, Team Leader

The Bandy Team

 Keller Williams Park Meadows

BandyHomes.com

720-466-3790

Stroh Ranch - An Affordable Community in Parker

Stroh Ranch neighborhood is no doubt one of the most affordable and convenient communities in Parker, Colorado which is located in Douglas County. Stroh Ranch is one of the high-value sub-divisions in Parker and for good reason. It has one of the lowest HOA fees per month and one of the best neighborhood recreational centers in Parker.

Stroh Ranch Creekside Recreation Center provides residents access to an indoor pool, outdoor pool, kiddie pool, indoor racquetball courts, fitness equipment, fitness classes, tennis courts, numerous playgrounds and plenty of neighborhood open space and pocket parks for kids to enjoy.

The Cherry Creek hiking & biking trail runs through the middle of Stroh Ranch, and can take you north through Parker to Cherry Creek Lake State Park, all the way to Downtown Denver, Colorado. Large box stores such as Target and Wal-Mart are a close two-mile drive away. A location that’s only 15 minutes from Castle Rock and the Outlet Malls, and 5 minutes to Main Street in Parker, makes this community very desirable. The community offers easy access to I-25 via Hess Road and Ridgegate Parkway. Commutes to the DTC are in the 20 to 30 minute range depending on traffic and Downtown Denver, Colorado can be done in 35 to 60 minutes depending on traffic.

Students living in Stroh Ranch attend Legacy Point Elementary, Sagewood Middle, and Ponderosa High schools of the highly rated Douglas County School District.

There is a home to suit most everyone's needs in Stroh Ranch. You can find single-family homes, townhomes, and condos at an affordable price. Prices range from $150,000 to $500,000+. The HOA fees for Stroh Ranch are some of the most affordable in Parker and the surrounding area.

At The Bandy Team, we help new Denver homebuyers as well as sellers with all their real estate needs and we will work through the many issues that may arise in buying or selling their Denver property.

If you are thinking about buying Parker Real Estate, or looking for properties for sale in Canterberry or homes for sale in The Pinery, The Bandy Team is here to serve you.

Curious about the value of your Denver home? Click here for a quick estimated home value.

Our trusted professionals will be there to help you every step of the way!

Until next time,

Marianne Bandy, Team Leader

The Bandy Team

 Keller Williams Park Meadows

BandyHomes.com

720-466-3790

Spring Garden Guide For Your Denver Home

Spring is here and many Denver homeowners will soon be welcoming the warmer weather by spending time outdoors attending to their yard and gardens. Spring is the right time to plant all of your seedlings, but make sure you plant each set at the right time of the season.

Now is the perfect time to plan your greatest garden ever, and one of the best ways to ensure success is to plan ahead because some plants thrive in cooler soils, while others will only think about growing when it’s warmer.

Here’s a few, simple, tips to help with your spring garden guide and to have a healthy, bountiful garden.

Prune Trees- Late winter and early spring is the time of year you should be pruning any fruit trees that you may have. This will keep your trees healthy and will make it easier on you when it comes time to harvest. Be sure to do this before new growth occurs.

Winter Mulch- Get rid of winter mulch prior to spring. If you spread a layer of mulch down before last winter to prevent your plants from freezing, now is the time to remove it. You want to be reasonably sure that hard freezes are unlikely before removing it.

Planting- The weather during spring is the best time to plant trees and shrubs. Be careful not to plant them too deep. Trees and shrubs can do a lot to add curb appeal to your Denver home and can help increase your home’s resale value.

Cool-Season Annuals- Now is the time to plant those cool-season annuals such as Pansies and Violas, Nemesia, Diascia, Calendula, Poppy, Snapdragon, and sweet Alyssum. These types of annuals can weather a little bit of frost.

Ornamental Grass- Ornamental grass should be trimmed, cut back during this period of time to about four inches tall. This is now a great time to divide ornamental grass if you choose to.

Early Vegetable Growth- There are plenty of vegetables that thrive and require warm weather like tomatoes and peppers. Now is a good time to plant carrots, radishes, spinach, and other cool-season vegetables.  It is also time to get potatoes in the ground. When planting potatoes on average you want them about 6 inches deep and 8-10 inches apart.

Planting Onions- Plant your sets early in the spring. Onions do best if the temperature is cool when they start to grow, and warm as they mature. Northern springs are certainly cool but as the saying goes, "You can't kill an onion -- even with a hammer!"

Mulch- When the soil has warmed and thawed out, spread a two inch layer of mulch over the top of the soils surface to prevent weeds. Mulch also helps add moisture to your flowerbeds, which will be very much needed when the heat of summer arrives.

At The Bandy Team, we help new Denver homebuyers as well as sellers to sell a Denver property and we will work through the many issues that may arise. The Bandy Team is here to serve you.

If you are thinking about buying Denver Real Estate, let us help you find properties for sale in Lowry or homes for sale in Washington Park.

Curious about the value of your Denver home? Click here for a quick estimated home value.

Our trusted professionals will be there to help you every step of the way!

Until next time,

Marianne Bandy, Team Leader

The Bandy Team

 Keller Williams Park Meadows

BandyHomes.com

720-466-3790

Helpful Tips When Buying Denver Homeowners’ Insurance

Your house is one of your most important investments, so be sure to protect it with your Denver Homeowners’ Insurance policy. Whoever invented the phrase "Catch-22" must have been thinking of homeowners' insurance. You have to have it to get a loan but the insurance company might not want to insure your home due to age or location or past claims. You might be worried about catastrophic losses caused by earthquakes or floods, but the insurance company considers those acts of God and if willing to cover these hazards, wants an ungodly sum or special rider to do so. If you use your insurance at all, you are on thin ice; if you use it multiple times, you are at risk of cancellation.

Because some companies have stopped writing policies in certain states or in certain areas, a homebuyer who needs insurance may need to contact a few companies to find one that is accepting new clients where their new house is located. For first time buyers, a good place to start looking for a carrier may be the company who carries their renter's insurance. Many times this company will offer coverage to current clients even if they are not offering it to new people.

Policyholders who have made a claim within the past three years are likely to be offered a policy on a new home if they stick with the same insurance company, but another company might turn them down. For multiple claims, the company could refuse to renew the policy, refuse coverage on a new home, or add a surcharge on the policy.

If you choose an older home that may have issues of not meeting modern code requirements, you may want to consider an upgrade rider that will update the home to meet modern codes in case of catastrophic or total loss.

So what does all this mean for homeowners, especially for new ones? First of all, when looking for a home, it's a wise move to ask your insurance provider whether there might be any issues getting insurance on it. If you're absolutely in love with the house, well, we all do crazy things for love. If there are several homes you like, it might be wise to consider the more insurable property.

Second, if you're looking at an older home where old systems might pose an insurance issue, consider your options. Do you have the resources to replace the roof or bring the electricity up to code within a short time frame? You can always try to negotiate with the seller for a price concession to cover part of the cost.

Third, you might consider buying a policy with a higher deductible. This will give you a lower premium but make you responsible for small incidents, like in situations where you will call the company if a tornado blows off your roof but not if a summer storm dislocates your downspout. Unless you have an unlucky streak with major claims, this approach should save you insurance dollars and keep your insurance company happy enough to keep you covered.

At The Bandy Team, we help new Denver homebuyers as well as sellers to sell a Denver property and we will work through the many issues that may arise. The Bandy Team is here to serve you.

If you are thinking about buying Denver Real Estate, let us help you find properties for sale in Lowry or homes for sale in Washington Park.

Curious about the value of your Denver home? Click here for a quick estimated home value.

Our trusted professionals will be there to help you every step of the way!

Until next time,

Marianne Bandy, Team Leader

The Bandy Team

 Keller Williams Park Meadows

BandyHomes.com

720-466-3790

Englewood Colorado – A Town That Has Something for Everyone

Located just 20 minutes south of Denver, the beautiful city of Englewood can be found within the Denver Metropolitan area and known for its small town charm that has something to offer for everyone. From the urban feel of the Denver Tech Center, to the historic parts of old town, there is something about Englewood that makes everyone feel at home. There is always something happening on Broadway or at the City Center. You can find local bakeries for your sweet tooth and can even enjoy a good, home-cooked meal at one of the many restaurants in the area. There is so much to experience in this versatile city.

Englewood Colorado is the home to over 1,600 businesses within the industrial, manufacturing, and service sectors. Some of these include CH2M Hill, Chevron Mining Inc., Nabisco and Nestle. The telecommunication world of AT&T and Clear Channel Satellite and radio are also in the area. Englewood has every business type from agriculture to local bakeries to big name corporations and the jobs that go with them.

Transportation remains an important aspect in the city. A few years back, RTD opened a light rail line along South Santa Fe Drive, with one of the stops, “Englewood Station” located at city center Englewood. The area has also become a hub for medical centers. Swedish Medical Center, a Level 1 Trauma Center, is the Denver’s referral center for Neurotrauma and is a recognized leader in the treatment of strokes, while Craig Hospital has been rated one of the Top Ten Rehabilitation Hospitals in the United States.

Education is top notch in Englewood. The town is served by both Cherry Creek School District and Englewood Schools. In Colorado, your child has the option to attend any school in the district, called (intradistrict choice) or outside the district called (interdistrict choice), as long as there is space. So when your family finds a home in Englewood, you are able to research and pick the school that best fits your child’s needs. Englewood is a home to over 30,000 residents, offering residents a small town environment with big city amenities.

Are you looking to sell or buy a home in Englewoods? Contact the Bandy Team today! We would love to help you withbuying or selling a home in Denver and the surrounding areas.

Whether you are looking for a house in Stapleton or property in Cherry Hills, we can make your dream of living in these beautiful communities a reality much sooner than you may think.

Curious about the value of your Denver home? Click here for a quick estimated Denver home value. Our trusted professionals will be there to help you every step of the way!

Until next time,

Marianne Bandy, Team Leader
The Bandy Team
Keller Williams Park Meadows

www.BandyHomes.com

720-466-3790

What To Look For in A Good Denver Investment Property?

Buying a residential investment property in Denver can be a very fruitful endeavor. While it can be tempting to leap at the first reasonable opportunity, taking the time to consider your potential investment from all angles will help you steer toward a better and more profitable experience. Here are a few factors to consider.

Location and Amenities

 This can be one of the biggest make-or-breaks of your whole investment. When evaluating a property, investigate the surrounding area. Good schools, low crime rates, and easy access to shopping centers, public transportation, and major places of employment make a neighborhood attractive to a wide cross-section of potential renters. On the other hand, appealing amenities can be a big selling point when it comes to renting your Denver property quickly. Interior finishes are even more important. While renters expect paint and flooring to be in relatively new condition upon move in, kitchens and baths with tile floors and trendy cabinetry and countertops will be seen as a major plus by most prospective tenants. Features such as garages, laundry rooms and spacious closets are definitely a plus too!

Condition

A “fixer-upper” may sound like a fun project but keep in mind that major home improvements can often require more time and money than originally anticipated. When bargain-hunting, look for houses that need easy upgrades and stay away from properties with major issues. Remember that in most cases, spending the extra money to purchase a move-in ready home may end up costing you less money in the end. You will also be able to generate cash flow much faster, given that you’ll be able to quickly place tenants in the property. So the decision to buy a move-in ready home versus a fixer-upper should not be taken lightly.

Price

There are a couple of things to consider when determining whether a property’s asking price will work for you. First, avoid buying a Denver home that’s priced at the very top end of your budget. Choosing a property that falls well within your budget will not only give you some breathing room if unexpected expenses pop up, it will put you on the path to owning your asset debt-free, the key to major earnings potential.

Let the professionals at the Bandy Team help you buy or sell a Denver property, contact us for a no-obligation consultation. If you are thinking about buying Denver Real Estate, we can show you some terrific properties, including real estate for sale in Castle Rock, homes for sale in Parker, as well as, properties in Aurora.

Whether you have a house in Castle Pines or property in Centennial, we can sell your home! Curious about the value of your Denver home? Click here for a quick estimated home value.

Our trusted professionals will be there to help you every step of the way!

Until next time,

Marianne Bandy, Team Leader

The Bandy Team

Keller Williams Park Meadows

DenverHomeSearcher.com

720-466-3790