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Buyer Demand through COVID19

Updated 6/4/2020: This data depicts the number of showings and new contracts each weekend through the various phases of COVID19. It’s important to note that these numbers are based on a Friday to Monday weekend and not a 7 day week. As you can see the Stay at Home Order slowed market activity significantly; however, even when in-person showings weren’t allowed our market was still moving forward. With the return of in-person showings across the Metro area, strong Buyer demand quickly resurfaced.

5/2/2020: This data depicts the number of showings and new contracts each weekend through the various phases of COVID19. It’s important to note that these numbers are based on a Friday to Monday weekend and not a 7 day week. As you can see the Stay at Home Order slowed market activity significantly; however, even when in-person showings weren’t allowed our market was still moving forward. Interestingly enough new contracts have been trending at nearly a 1 to 1 ratio to new listings through March and April. While so far things are still indicating a strong real estate market for the Denver Metro area, the data from the next couple weeks and months is when we’ll see if our market is in for a shift.    

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Top Recommended Paint Colors

The topic of paint colors comes up frequently with friends and clients so I’m sharing my list of my top recommended colors. My personal favorite is Agreeable Gray, it’s a warm neutral that provides the perfect backdrop to any room on it’s own or blends in well with your favorite pops of color.

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Denver Metro Market Stats March 2020

Market stats reported are Year To Date through March, 31 2020. This data provides a baseline of activity before COVID19 restrictions were put in place. April stats will give us a mix of contracts before and during restrictions and it will be May stats where we truly see the impacts of supply/demand and home values from the COVID19 pandemic .

March data shows: An increase in demand compared to last year, a decrease in supply compared to last year resulting in an increase in home prices.

This info is averaged across the Metro area, some segments of the market are hotter than others! Not everything is flying off the market and anecdotally I’ve noticed the highest demand for homes that are remodeled with the finishes Buyers desire most. The majority of Buyers want a home they can move into with little to no work.

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Adding Value To Your Home

Are you considering making improvements to your property?

Before starting projects, ask yourself: “am I making updates for me or to add value to my property when I sell?”

Many homeowners think they need to undertake projects when preparing their home for the market. It takes an experienced professional to know which projects deliver value, yielding you a return on your investment and which will likely be an unnecessary expense. If you’re making improvements with the goal of increasing the value of your home please give me a call, I’d be happy to meet with you to help evaluate which projects make sense and work with you on a customized high value success plan in preparing to sell your home.

Here are the top remodeling/home maintenance projects homeowners take on with an estimated expense, reported from Homeadvisor.com and the Hanley Wood Media Inc. Cost vs Value Report (2018):

  • AC replacement: $4,277
  • Bathroom remodel: $19,113 (midrange), $61,703 (upscale)
  • Exterior painting: $2,636 (midrange) $4,855 (upscale)
  • Furnace replacement: $4,046
  • Garage door replacement: $3,484
  • Kitchen remodel: $21,193 (minor), $63,485 (midrange), $126,455 (upscale)
  • Roof replacement: $11,250
  • Water heater replacement: $1,345
  • Window replacement $15,903

Do you need quality contractors to help with your improvements?

I’ve worked with many professionals and would be happy to put you in touch with reputable contractors. I know great plumbers, HVAC, handymen, interior designers, painters, housekeepers and more…

Please contact me to discuss projects you’ve been considering or if you’re looking for contractor recommendations. I’m never to busy to answer your questions and provide excellent real estate service to you and your referrals.

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Buying With A House To Sell

You’re ready to move to the home you’ve been dreaming of, but unsure of the best path to take. Let’s chat about your situation to determine which option works best for you. I specialize in helping families move from their current home into the home they’ve been dreaming of, which often involves buying and selling at the same time while coordinating a door-to-door move.

 

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Door to door move

If you’re like many homeowners, you’re interested in selling your current home to move on to the next chapter of your life BUT you’re afraid your house will sell faster then you can find your replacement home. Who wouldn’t prefer a door to door move over a temporary housing situation? Here are 4 potential solutions to help ease your anxiety and seamlessly move you from your current home to your new home.

1. Buy first. Some are fortunate enough to be in a position to buy then sell. If you don’t just have the cash lying around perhaps you have enough equity in your current home for a bridge loan toward a down payment, or you’re able to borrow money from a retirement account or receive a “gift” to be used as a down payment. Before pursuing this option be sure to speak with your lender if you’ll be financing a portion of the purchase price. There may be certain requirements that need to be met or documentation needed.

2. Rent back. If prospective buyers know up front you need to find a replacement home, many will be happy to work with you on a rent back. A number of details should be agreed upon up front between you and the Buyer if pursuing this option.

3. Extended close. Once again, if prospective buyers know up front you need to find a replacement home you may find one that would agree to a closing further out than 30 days. A number of details should be considered before entering in a contract with a prospective buyer with this option.

4. Conditional sale provision. Just like a buyer who’s contract is contingent upon the sale of their existing home, you can add language into the additional provisions of the contract providing you as the seller an out by a certain date if you haven’t successfully found your replacement home. There are likely fewer buyers who will agree to this provision, but it’s another option to weigh with your REALTOR and prospective buyer.

There are pro’s and con’s to each option. Be sure to consult with your REALTOR to discuss your options and the best way to achieve finding a buyer who is not only flexible but well qualified. For more information and a consultation on this topic, contact Jennifer Blake today!