You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!
Every seller wants her home to sell fast and bring top dollar. Does that sound good to you? Well, it's not luck that makes that happen. It's careful planning and knowing how to professionally spruce up your home that will send home buyers scurrying for their checkbooks. Here is how to prep a house and turn it into an irresistible and marketable home.
In a recent article, National Housing Inventory Crisis Reaches Inflection Point, realtor.com reported that:
This increase in housing inventory has sparked two different reactions. Some are saying this is the first sign of a potential collapse while others are saying it is a welcomed reprieve from the lack of inventory that has stalled the market recently. As Zelman & Associates reported in a recent ‘Z Report’:
“With the rate of home price appreciation starting to decelerate alongside the uptick in inventory, we expect significant debate whether this is a bullish or bearish sign.”
There are those who look at the increase in inventory as a sign that we are returning to the market we saw last decade. However, a closer look shows that we are nowhere near the levels of inventory we reached before the crash in 2008.
A normal market would have about 6-months inventory, but the latest Existing Home Sales Report issued by the National Association of Realtors revealed that:
“Unsold inventory is at a 4.3-month supply at the current sales pace up from 4.1 months a year ago.”
A decade ago, prices began to rapidly depreciate in June 2007. At that time, we had a 9.1-month supply (more than double what it is today) and inventory kept rising until it hit a peak of 11.1 months in April of 2008.
With the current levels of buyer demand, any such increase in months supply is highly unlikely. As Danielle Hale, realtor.com’s Chief Economist explains:
“After years of record-breaking inventory declines, September’s almost flat inventory signals a big change in the real estate market. Would-be buyers who had been waiting for a bigger selection of homes for sale may finally see more listings materialize. But don’t expect the level to jump dramatically.
Plenty of buyers in the market are scooping up homes as soon as they’re listed, which will keep national increases relatively small for the time being.”
The increase in inventory will allow many families who had been unable to find a home to finally become homeowners. Again, we quote from the ‘Z Report’:
“In our view, the short-term narrative will probably be confusing, but more sustainable growth and affordability will likely be the end result.”
If you are either a first-time or second-time buyer who has given up, let’s get together discuss the inventory available in our market.
There are many unsubstantiated theories about what is happening with home prices. From those who are worried that prices are falling (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there seems to be no shortage of opinion.
However, the increase in prices is easily explained by the theory of supply & demand. Whenever there is a limited supply of an item that is in high demand, prices increase. It is that simple. In real estate, it takes a six-month supply of existing salable inventory to maintain pricing stability. In most housing markets, anything less than six months will cause home values to appreciate and anything greater than seven months will cause prices to depreciate (see chart below).
According to the Existing Home Sales Report from the National Association of Realtors (NAR), the monthly inventory of homes for sale has been below six months for the last five years (see chart below).
If buyer demand continues to outpace the current supply of existing homes for sale, prices will continue to appreciate. Nothing nefarious is taking place. It is simply the theory of supply & demand working as it should.
Wow, your generosity towards our Back Yard BBQ, benefiting the Relay for Life, helped our team, Keenan for a Cure, raise more than $4,000. The BBQ was a success as we accomplished and surpassed our goal of $2,500 this year. Yippie! And it was FUN! To all those who helped make our BBQ so successful, we thank you! We also want to thank everyone for all your support throughout this Relay from attending our fundraiser, donating not only money but your time and items for our auction and raffles, and for your encouragement as well. Our hope is that someday there will be a cure for cancer. Again, thanks to all of you for your support – get ready for next year – the bar has been set higher!
It’s not the years in your life that count. It’s the life in your years. Let’s fight for those who can’t fight anymore.
Link to donate. http://bit.ly/2Pcfy1Q
![The Cost of Waiting: Interest Rates Edition [INFOGRAPHIC] | MyKCM](https://files.mykcm.com/2018/08/14124610/20180817-ENG-STM-1046x785.jpeg)
How to Determine the Best Time to Sell Your House
Nobody ever said selling a home was easy, even in a state as amazing—and popular—as Colorado. Yes, the population is steadily growing, especially after gaining 77,049 new residents between 2016 and 2017, but that doesn’t mean you’re going to be able to sell your home quickly and for the highest value without a bit of strategy.
Obviously, a real estate agent will be your best bet when it comes to selling smartly, but you can do some planning on your own to ensure that the process goes smoothly and successfully. Today, we’re going to discuss how to determine the best time to sell your house.
Establish your priority
People sell houses for a variety of reasons. Some people need to because they’re relocating for a job, school, or something else. Others simply want to downsize or even upsize.
Because there are different reasons for selling a home, there are also different priorities based on people’s needs. With this in mind, two of the priorities we’re going to discuss are selling quickly and selling for the most money.
Selling quickly
If you’re in the boat of “I need to sell my house fast,” then it’s best to take a look at the market to see in which months houses remained on the market the shortest. While you may not have the opportunity to wait a whole year to list your home, you can do a bit of research to see in which upcoming months homes sell the fastest.
Let’s look at Denver for example. The best time to sell your house in Denver quickly is the month of June. In this month, houses sell about 9.5 days faster than the yearly average. It takes around two months to close on a house here, so plan on listing in April for the best outcome.
Selling for the most money
Not in any specific hurry to sell your house? In some months, depending on the area, houses can sell for thousands more. Plan on selling then.
In Denver, the best month to sell for more money is also June. Houses sell for about 4.83% more than the yearly average. Plan to list the house in April to take full advantage of this opportunity.
Take Away?
Every city is unique, and they’ll all have varying months when it’s the perfect time to sell. Also note that June was the “it” month for selling both quickly and for more money in Denver, but both priorities may not align in the same month for other cities.
Do your research as soon as you know that you’re going to sell your house. An experienced real estate agent who understands your local market will surely be able to help you navigate the planning process and figure out when the best time to sell will be.
The team at Keenan Real Estate has been assisting both buyers and sellers in Colorado for years. If you’re planning on selling, contact us soon. We’ll be happy to make the process as quick and successful as possible!
Team Keenan For A Cure
Backyard BBQ of FUN and EVERYONE IS INVITED!!!
Eat (yummy food), Play Games (corn hole, bouncy house, more..), Dance(LIVE BAND), Drink( plenty of LIBATIONS) and more importantly,
RAISE MONEY and SPEND TIME WITH FRIENDs.
We typically have a fun patio get together with good friends and yummy food so we figured this year combine the two…what a better way to raise money, Right? This is going to be our ONLY fundraiser for RELAY FOR LIFE. We want to make it BIG, and SUPER FUN for the WHOLE Family.
We would love for you to come over and not only will it be FUN but you will leave knowing you had a part in raising money to help fight cancer.
Please call me with any questions 303-564-6988 and please help us get the word out!! We can't wait to see everyone!
If you can't make this event, we understand. We do have a link if you would like to donate to relay for a cure. CLICK HERE
Wishing all you wonderful Moms
all the LOVE and HAPPINESS you so richly deserve!
Happy Mother's Day
From all of us here,
~Keenan Real Estate
While generally remodeling or making upgrades to your home will increase its value, there are certain changes that will devalue your home.
Converting a Bedroom
Turning a bedroom into a man cave, gym, study, studio, or any other use that isn't a bedroom will devalue your home. If you are set on converting a room, do it in a way that if you go to sell later on you can easily change it back. Or know that the conversion will drop the price of your home.
Removing a Bathroom
Why would anyone do this, you ask? Well, what if it's a bathroom in a wing of the house that isn't used and the plumbing needs to be replaced? Or you're a photographer who wants a dark room. Or you want to expand your kitchen. Similarly to removing a bedroom, decreasing the number of bathrooms in your home will almost always lead to a decrease in value.
DIY Renovations
If you want to upgrade or remodel, make sure you know what you are doing or hire someone who does. Misaligned outlets, crooked window sills and counters, and cheap materials will all be painfully evident to most buyers.
Creative Color Schemes
If you must paint your walls navy blue or bright pink, plan to repaint later on. Neutral colors are more appealing to home buyers.
Water Features
Depending on where you live, there are exceptions to this rule. However, pools, hot tubs, koi ponds, fountains and the like require maintenance. If you don't live in an area where they are the norm, then installing a water feature could deter buyers later on.
Removing Original Architectural Features and Décor
If your house is old, retaining the charming original characteristics can increase its value. Choose which you keep wisely. While arches, molding, fireplaces and stained glass windows increase value, lime green shag carpeting and pastel appliances most likely won't.
If you have any questions about your current home value give us a call 720-515-0248 or visit our site for a FREE evaluation www.homevaluecolorado.com
