Some potential homebuyers are considering waiting to purchase a home or continue to rent in case of a housing bubble burst. Homes that were going for 20% over list price in February are now selling for 5-8% percent more, according to CAR’s April Market Trends Report. “One thing that has to be in place in order for a bubble to...
CAR’s March Market Trends showed that Fort Collins has a huge number of possible homeowners who are offering tens of thousands of dollars over the asking price. CAR spokesperson Chris Hardy says that the multiple offers and large amounts of money that are coming from competing buyers are "just to have a shot at catching the seller's eye and having...
Land Title Association of Colorado and the Colorado Association of REALTORS® have become aware of a new fraudulent scam that has quickly become more prevalent in the last month. In most instances it includes VACANT LAND. A fraudster locates a property and impersonates the owner of the property. They list the property for sale (typically as a “FSBO”) on...
Both property owners and renters are beginning to see the benefits of Accessory Dwelling Units (ADU’s) in Denver. The cost to build the units depends on whether they are renovated from a stand-along garage or built from the ground up and is anywhere from $110,000-$250,000. Property owners receive anywhere from $1,500-$2,000 per month in rent and appreciate the convenience of being able to make quick...
Resort community home prices are experiencing record highs while some suburban markets have seen the likes of huge price increases before. In Durango in La Plata County, the average sales price of a home was $1.1 million in March. Townhomes and condos sold for an average of $531,000. “The general consensus from locals is that Durango is morphing into a true resort town, and the...
Since Denver homes were only on the market for about eight days in March, which was down from 16 homes the year before, CAR Spokesperson Kelly Moye offered tips to those trying to buy a home. Finding an experienced REALTOR® was her first piece of advice; followed by making earnest money nonrefundable; spending 20% over the asking price and allowing for that amount in the...
There could be the very beginnings of a trend moving to a more sustainable market. “The number of showings we’re seeing on our listings is down,” CAR Spokesperson Kelley Moye said. “So, where we would see maybe 30 showings on a weekend, now we see 12 or 15. Instead of 10 offers, we may see four or five.” She says that because of changing interest...
Prices for single-family homes in Colorado Springs rose 17.1% from 2021, and the days listed on the market decreased by 7.7% from March last year. CAR Spokesperson Patrick Muldoon said “Low inventory and high demand were going to continue to cause the same hikes we had seen. As the snowy season came to an end and spring was nearing, there was almost nothing that could...
The 279 homes sold in Pueblo in March made for an extra $89 million in profits for sellers, and interest rate increases have not had a huge impact on sales. Sales prices were up 24% over last year and there’s not much change on the horizon, said Dave Anderson, a CAR Spokesperson. “Lumber prices are coming down only a hair, supply chain issues continue, and...
CAR spokespeople are guessing when metro area average sales prices will hit the $1M mark. Matthew Leprino of Denver used CAR’s Market Trends to make his prediction. “With only an 8.84% increase required for the average to top $1 million,” he said, “at the current monthly rate of monthly appreciation at 3.2%, we will reach that milestone as we celebrate...