To ease the minds of prospective homebuyers hearing the news of a three-quarter interest Rate hike, CAR Spokesperson Matthew Leprino had an explanation. He said some of the increase was already figured into mortgage rates, which had gone above 6% before the Fed made the announcement and had decreased a small amount the next day. “…as these changes occur, the...
Beginning July 1, radon testing professionals will need to be licensed by the Colorado Department of Regulatory Agencies. This recent law came from HB 21-1195 and will have two different licensing programs: one for measurement and another for mitigation. DORA Spokespeople state that the increase in radon levels in Colorado homes created a market for “unqualified individuals who are representing...
According to Denver’s Housing Authority stats from 2001, median-home prices were $233,160, which is also the last time the Colorado Avalanche won the Stanley Cup. Fast forward to 2021’s hockey championship season, CAR’s May Market Trends report shows the statewide median price is $600,0000. In 2001, Nokia-brand cell phones were popular, and Apple produced its first-ever iPod. https://www.denverpost.com/2022/06/13/colorado-avalanche-stanley-cup-2001-pop-culture/ ...
Colorado REALTORS® noticed a new turn in CAR’s Market Trends: “I think we hit a peak in late March or early April,” said Aurora REALTOR® and CAR Spokesperson Sunny Banka, who is getting about 25 emails a day about home price reductions. “What I’m paying attention to is how drastically the average price has changed,” said Denver REALTOR® and CAR...
A recent community meeting about a proposed apartment building in Longmont brought about a pain point between the balance of having enough housing in the growing city and creating more diverse types of housing. More people in Longmont own their own homes rather than rent, however, many new apartments are being built. While rent payments can cost up to $1,800...
According to the recent NAR report on the homeownership gap, only 43% of Black Americans can afford to buy a typical home, compared with 63% of white Americans and 54% of Hispanics. In Colorado, about 48% of white residents can afford to buy a typical home while 30% of Black and 32% of Latino people could afford homes here. CAR Market...
Some property owners are raising rents 20-50 percent in the Denver Metro Area. The number of renters has increased, too. “It’s incredibly competitive," said CAR Spokeswoman Kelly Moye. "It’s just like if you’re buying homes. Most renters are dealing with competing with 50 to 60 other applicants." She said she recently had 64 applicants in less than 48 hours for...
REALTORS® across the state report the tides are turning in Colorado’s hot housing market, however, the prices are not, according to CAR’s April Market Trends report. In April, the statewide average home sales were $747,226 for a single-family home and $578,237 for a townhome or condo. Summit County data showed that 81% of homes in the county were priced at over...
Denver ranks second in the nation for the number of homes sold for over the asking price at 70%. The San Francisco Bay area was tops at 82%. In March 2021, the Denver statistic was 66%, and in March 2020, the number of homes that sold over the list price was 59%. “I wouldn’t speculate that every house went above...
CAR's April Market Trends Report shows that interest rates are curbing the number of offers on homes. However, prices are staying about the same, and now the state and metro area median home prices are almost the same. Statewide, the median price is $600,000, versus $660,000 in the seven-county metro area. According to CAR Spokesperson Sunny Banka of Aurora, "We are...