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Contact us
303-726-1874
www.PetrelliHomes.com
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In This Month's Real Estate News Email:
October Denver Housing Stats
Analysis:
"Buyer Fatigue." That's the best phase I've heard yet used to describe the sudden change in the market over the past few months.
After several years of prices rocketing up by 10% a year, Buyers have become worn down and burned out. The constant bidding wars and price increases have been met with a sudden slowing in the market which began in September and which we are fully realizing now.
Most Sellers have yet to understand this change and continue to hold out for full price (or higher) offers on their homes. Many who expect the homes to sell in a week or two, are making irrational decisions regarding pricing or concessions.
This is fantastic news if you are a buyer considering re-entering the market.
Our team sold a $235,000 condo yesterday where the Seller paid $3,000 in concessions and closing costs for the buyer allowing them to use a down payment assistance program. This has been almost unheard of over the past few years and highlights that many Sellers are ready to deal.
If you were looking to purchase a home even six months ago and decided the market was too crazy, this is the time to start looking again. You'll be surprised how much it has changed!
Give us a call to talk about your options and the many new Down Payment Assistance Programs available.
If you'd like to discuss your situation in detail, please don't hesitate to call Brian directly at 303-817-0209.
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Change vs |
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October 2018 |
Year Ago |
Year Ago +/- |
| Single Family (Res + Cond) |
| Active |
11,768 |
8,976 |
+31.1% |
| Under Contract |
6,507 |
7,095 |
-8.3% |
| Sold |
5,434 |
5,928 |
-8.3% |
| Avg DOM |
33 |
30 |
+10.0% |
| Median Sold Price |
$394,000 |
$371,000 |
+6.2% |
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"Based on information from REColorado®, Inc. for the period October 2017 through October 2018
Note:
This representation is based in whole or in part on content supplied by REColorado®, Inc. REColorado®, Inc. does not guarantee nor is it in any way responsible for its accuracy. Content maintained by REColorado®, Inc. October not reflect all real estate activity in the market.
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Rent To Own Versus Mortgage Down Payment Assistance
We receive calls every day asking about both our Rent To Own program, as well as the available mortgage down payment assistance programs. Each program has its advantages, and we have done our best to highlight the differences below.
As always, please feel free to contact our team with any additional questions at 303-726-1874.
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Rent To Own
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Down Payment Assistance
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| Minimum Credit Score |
550 |
620 |
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| Down Payment / Deposit |
Amount equal to 2 months rent.
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As Low As
$1,000 |
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| Monthly Payment |
Depends on the home.
Increases every 12 months. |
Depends on the price of the home
Does not change.
Calculate payments here. |
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| Available Only To First Time Buyers |
No |
No |
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| Bankruptcy Limitations |
Must be discharged. No time limit. |
Must be at least 2 years old. |
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| Foreclosure Limitations |
No |
Must be at least 3 years in the past. |
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| Co-Signer Allowed |
No |
Yes |
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| Does Any Portion Of The Monthly Payment Go Towards The Principal? |
No |
Yes |
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| Where To Apply |
 |
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What Is Your Home Worth? (It's probably more than you think.)
Last year, the average home increased in value by 9.7% in the Denver area. In many neighborhoods, the increase was even greater.
Our tool sends you an Instant link to all of the sold homes in your neighborhood and allows our agents to create a custom market analysis for you to show you just how much your home is worth.
Fill Out Our Quick Form And Instantly See For Yourself:
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