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Area Real Estate News & Market Trends

Our blog is a great resource for helpful tips, 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!

April 8, 2019

Keenan Real Estate~Data Says April Best Month to List.

 

Data Says April is the Best Month to List Your Home for Sale | MyKCM

The spring housing market is off to the races! The inventory of homes for sale is increasing, buyers are out in force, and interest rates have remained low, piquing the interest of buyers and sellers previously on the fence about making a move.

New research from realtor.com shows that the first week of April is actually the best time to list your house for sale! The report used “trends in median listing prices, views per property on realtor.com, home price drops, median days on market, and number of listings on the market over the last three years,” to determine a ranking for every week of the year.

Listing your home in the first week of April contributes 14x more property views, 5% less competition from other home sellers, and results in the home being sold 6 days faster!

Below is a graph indicating the average score for each month of the year.

Data Says April is the Best Month to List Your Home for Sale | MyKCM

It should come as no surprise that April and May dominate as the top months to sell. The second quarter of the year (April, May, June) is referred to as the Spring Buyers Season, when competition is fierce to find a dream home, often leading to bidding wars.

However, there is one caveat worth mentioning. When broken down by metro, realtor.com noticed that while warmer climates share an overall trend, they have different top sales months. The best month to get the most exposure in Miami, FL, for instance, is August, while in Phoenix, AZ, June leads the charge.

If you’re thinking of selling your home this year, the time to list is NOW! According to the National Association of Realtors, 41% of homes sold last month were on the market for less than 30 days! If you list now, you’ll have a really good chance to sell in April or May, setting yourself up for the most exposure!

Bottom Line

Let’s get together to discuss the market conditions in our area to get you the most exposure to the buyers ready and willing to make a move!

Posted in Buyer Info
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March 8, 2019

Congratulations Sean and Brittanny.

Sean and Brit- Mostly, we are feeling bitter/sweet. We are so proud of the two of you and what you've accomplished. CONGRATULATION!!....Thank you for being the best neighbors we could've ever had. YOU"LL BE MISSED. Sad to see you go but excited for your new adventure....Kimberly and Bill

 

Posted in Seller Info
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Feb. 8, 2019

A+ Reasons to Hire Real Estate Professionals -Like Keenan Real Estate

Posted in Around the House
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Jan. 18, 2019

What is the Cost of Waiting Until Next Year to Buy in Colorado??

What is the Cost of Waiting Until Next Year to Buy? [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The cost of waiting to buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
  • Freddie Mac predicts interest rates to rise to 5.1% by the end of 2019.
  • CoreLogic predicts home prices to appreciate by 4.8% over the next 12 months.
  • If you are ready and willing to buy your dream home, find out if you are able to!
Posted in Buyer Info
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Jan. 11, 2019

Cost Across Time from Keenan Real Estate

Winter home shoppers have lower home prices, less competition and 79% of the housing inventory of a spring shopper. And, there are almost half the number of home shoppers in January than June. If you are thinking about buying a home, let us help you navigate the process. We would love to help. 720-515-0248

The Cost Across Time [INFOGRAPHIC] | MyKCM

Some Highlights:

  • With interest rates still around 4.5%, now is a great time to look back at where rates have been over the last 40 years.

  • Rates are projected to climb to 5.0% by this time next year according to Freddie Mac.

  • The impact your interest rate makes on your monthly mortgage cost is significant!

  • Lock in a low rate now while you can!

 

 

Posted in Buyer Info
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Jan. 2, 2019

Excited About Buying A Home This Year? Here’s What to Watch

Excited About Buying A Home This Year? Here's What to Watch | MyKCM

As we kick off the new year, many families have made resolutions to enter the housing market in 2019. Whether you are thinking of finally ditching your landlord and buying your first home or selling your starter house to move into your forever home, there are two pieces of the real estate puzzle you need to watch carefully: interest rates & inventory.

Interest Rates

Mortgage interest rates had been on the rise for much of 2018, but they made a welcome reversal at the end of the year. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates climbed to 4.94% in November before falling to 4.62% for a 30-year fixed rate mortgage last week. Despite the recent drop, interest rates are projected to reach 5% in 2019.

The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.

Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy will decrease if you plan to stay within a certain monthly housing budget.

The chart below shows the impact that rising interest rates would have if you planned to purchase a $400,000 home while keeping your principal and interest payments between $2,020-$2,050 a month.

Excited About Buying A Home This Year? Here's What to Watch | MyKCM

With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000).

Inventory

A ‘normal’ real estate market requires there to be a 6-month supply of homes for sale in order for prices to increase only with inflation. According to the National Association of Realtors (NAR), listing inventory is currently at a 3.9-month supply (still well below the 6-months needed), which has put upward pressure on home prices. Home prices have increased year-over-year for the last 81 straight months.

The inventory of homes for sale in the real estate market had been on a steady decline and experienced year-over-year drops for 36 straight months (from July 2015 to May 2018), but we are starting to see a shift in inventory over the last six months.

The chart below shows the change in housing supply over the last 12 months compared to the previous 12 months. As you can see, since June, inventory levels have started to increase as compared to the same time last year.

Excited About Buying A Home This Year? Here's What to Watch | MyKCM

This is a trend to watch as we move further into the new year. If we continue to see an increase in homes for sale, we could start moving further away from a seller’s market and closer to a normal market.

Bottom Line

If you are planning to enter the housing market, either as a buyer or a seller, let’s get together to discuss the changes in mortgage interest rates and inventory and what they could mean for you.

Posted in Buyer Info
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Jan. 1, 2019

Just loved 2018! Thank you all.

HAPPY NEW YEAR!!!

Home is where our most cherished memories are made. Where the stories of our lives are fashioned and held close. As a reflection of our dreams and aspirations, home is the most personal of places.
So we feel very privileged to have assisted many sellers and buyers in 2018 and that you have invited us into your lives and homes. We pray that God will bless you and your families with a wonderful year filled with happiness, heartfelt warmth and many magical moments. Happy Happy New Year!!

Posted in Family First
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Dec. 20, 2018

4 Quick Reasons NOT to Fear a Housing Crash in the Denver Market.

There is a lot of uncertainty regarding the real estate market heading into 2019. That uncertainty has raised concerns that we may be headed toward another housing crash like the one we experienced a decade ago.

Here are four reasons why today’s market is much different:

1. There are fewer foreclosures now than there were in 2006

A major challenge in 2006 was the number of foreclosures. There will always be foreclosures, but they spiked by over 100% prior to the crash. Foreclosures sold at a discount and, in many cases, lowered the values of adjacent homes. We are ending 2018 with foreclosures at historic pre-crash numbers – much fewer foreclosures than we ended 2006 with.

4 Quick Reasons NOT to Fear a Housing Crash | MyKCM

2. Most homeowners have tremendous equity in their homes

Ten years ago, many homeowners irrationally converted much, if not all, of their equity into cash with a cash-out refinance. When foreclosures rose and prices fell, they found themselves in a negative equity situation where their homes were worth less than their mortgage amounts. Many just walked away from their houses which led to even more foreclosures entering the market. Today is different. Over forty-eight percent of homeowners have at least 50% equity in their homes and they are not extracting their equity at the same rates they did in 2006.

4 Quick Reasons NOT to Fear a Housing Crash | MyKCM3. Lending standards are much tougher

One of the causes of the crash ten years ago was that lending standards were almost non-existent. NINJA loans (no income, no job, and no assets) no longer exist. ARMs (adjustable rate mortgages) still exist but only as a fraction of the number from a decade ago. Though mortgage standards have loosened somewhat during the last few years, we are nowhere near the standards that helped create the housing crisis ten years ago.4 Quick Reasons NOT to Fear a Housing Crash | MyKCM4. Affordability is better now than in 2006

Though it is difficult to afford a home for many Americans, data shows that it is more affordable to purchase a home now than it was from 1985 to 2000. And, it requires much less of a percentage of your income today than it did in 2006.

Bottom Line

The housing industry is facing some rough waters heading into 2019. However, the graphs above show that the market is much healthier than it was prior to the crash ten years ago.

Posted in Market Updates
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Dec. 19, 2018

Season's Greetings

Posted in Family First
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Dec. 3, 2018

A TIMELINE FOR LISTING A HOME

Selling your home can easily feel overwhelming. Most of us have a lot of stuff, and just the word "decluttering" can trigger a panic attack. But depending on your timeline for moving, preparing to sell your home can take as long (or as short) as you need it to.

For some home sellers, especially those who have lived in their home for decades, getting ready to sell might take years. Maybe you're facing physical limitations, and need to hire professionals to reduce the clutter and clean all the sneaky corners. Or maybe you just want to take your time going through the house that you've loved and lived in for so long. Whatever the reason, it's ok if it takes a while to get ready for listing. Talk with an agent about the market and strategize your timing to maximize your sales price.

Other home sellers might be dealing with a job transfer that requires a fast move. I recently had clients who needed to move within a month, so we had their home listed within 5 days of our first meeting. That definitely isn't typical, but we made it work.

This timeline gives you a rough idea of the stages of getting your home listed. There of course are a lot more details along the way. And this doesn't begin to cover the checklist after an offer is received. But if you're thinking of selling your house, and wondering where to begin, this should help!

Posted in Seller Info
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