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Colorado Dream Homes Blog

Month of May Recorded Highest Housing Inventory in Metro Denver Since 2013

Month of May Recorded Highest Housing Inventory in Metro Denver Since 2013 and Record-breaking Average Single-family Home Price
In May, there were 8,789 new listings, up 16.97 and 38.12 percent from the previous month and year, respectively. At month’s end, 6,470 homes went under contract, up 5.65 and 10.5 percent from April and last year, respectively. Notably, the average single-family home price reached a record-breaking $555,482.

“Even with all of those offers written and accepted, we still ended the month with 8,891 homes for sale,” said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver Realtor®. “That’s an important number to note. It’s the highest end-of-month number of active listings since November 2013 when buyers had 9,352 choices.”

For further perspective, inventory in the Denver-area real estate market was at 26,333 active listings in May 2008.

Schafer adds, “The market has been experiencing a drought of new homes for years, so the increase in inventory is a welcome relief for thirsty buyers. Sellers have been experiencing an unprecedented increase in values. Even with the added inventory, prices were still up a bit.”

Beautiful home for sale in The Pinery (Parker, CO)

$670,000.00 6 bedrooms, 4 baths, 4,875 of finished SqFt, 5,407 Total SqFt            
What do you value? Privacy, acreage, large living spaces, an array of flex spaces, Mountain views among huge Ponderosa Pines? Check off all those boxes and more. Here come see the best street in the Pinery! You have an executive size 2-acre lot plus Hardiplank siding and a tile roof - most Pinery homes have cedar siding and asphalt roofs. Loft-like open feel with soaring ceilings and 6 skylights, great room with gleaming hardwoods anchored by a fireplace and built-in entertainment center can accommodate multiple living arrangements. Kitchen boasts stainless appliances with newer double ovens, maple cabs, tile counter, and fantastic breakfast nook. Sprawling master has room size closet, deck access and remodeled bath with cherry cabs and jacuzzi tub. Splendid dining room can fit the largest of tables.1452 SF of porch/deck for unlimited outdoor living options. Basement features large rec room with wet bar that walks out to a large patio, 5 bedrooms/flex spaces, workshop, huge storage & energy efficient 5 heating zones.

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Division of Real Estate Consumer Advisory: Understanding Appraisals & Appraisers

The Division of Real Estate receives weekly calls from consumers asking what is an appraiser and what do they do with regard to a real estate transaction. This advisory will breakdown some of the confusion around appraisals and appraisers, and provide Colorado Consumers a guide to the appraiser process when buying or selling a property. Most importantly, as The Appraisal Foundation states during Older Americans month, “older Americans are advised to hire a qualified appraiser to perform an appraisal which can help protect their equity and prevent fraud”.  

An appraiser produces a written, professional, unbiased opinion of market value, to be used in making decisions in real estate transactions. Appraisers will write a report that supports their opinion. Typically, appraisers are employed by lenders to estimate the value of real estate involved in a loan transaction. Appraisers also provide opinions in litigation cases, tax matters and investment decisions.

An appraisal report is an opinion of value. The appraiser uses a number of “approaches”, typically,'' typically three, to arrive at the estimation of value. The approach used most often for residential properties is the Sales Comparison Approach – where the appraiser finds similar properties within close proximity which have recently sold. Being the most popular approach, the Sales Comparison Approach is considered the best indicator of value for a residence.

In most real estate transactions, the lender requests the appraisal. While the homebuyer pays for the report as part of the closing costs, the lender retains the right to use the report or any information contained therein. The homebuyer is entitled to a copy of the report - it's usually included with all of the other closing documents, however, the home buyer is not entitled to use the report for any other purpose without permission from the lender.

A notable exception to this is when a homeowner engages an appraiser directly. In these cases, the appraiser and homeowner may stipulate how the appraisal can be used for property mortgage insurance (PMI) removal, estate planning or tax challenges, for example. If not stipulated otherwise, the homeowner can use the appraisal for any purpose.

Most importantly, consumers need to be aware of:

  • The appropriateness of the comparable sales utilized by the appraiser;
  • The appraiser’s conclusions regarding the quality of the subject property; and
  • The final opinion of value.

Reasons you might need an appraisal.

There are many reasons to obtain an appraisal. The most common is for real estate and mortgage transactions. A few other reasons for obtaining an appraisal include:

  • To obtain loan;
  • If you would like to reduce your property tax obligations;
  • To establish the replacement cost for insurance purposes;
  • To eliminate private mortgage insurance, which can be done once the equity in the home reaches 20%;
  • To figure out a reliable property value when selling real estate; or
  • To protect your rights in a condemnation case.

When the value of your home or other real property is being used to help you make a significant financial decision, an appraisal helps. If you are selling your home, an appraisal helps you set the most appropriate listing price. If you are buying, it helps to ensure that you do not overpay. If you are engaged in an estate settlement or divorce, it helps to ensure that property is divided fairly.  A home is often a person’s single, largest financial asset. Knowing its true value means you can make the right financial decisions

.What constitutes the appraisal report, and where does the appraiser obtain the information used to estimate value?

Each report must reflect a credible estimate of value and must identify amongst other things:

  • The effective date of the appraiser's opinions and conclusions;
  • The relevant property characteristics, including location attributes, physical attributes, legal attributes, and economic attributes;
  • The real property interest valued; and
  • All known easements, restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, and other items of a similar nature.

Gathering data is one of the primary roles of an appraiser. Data can be divided into specific and general. Specific data is gathered from the home itself. Location, condition, amenities, and size are examples of specific data gathered by the appraiser during an inspection.

General data is gathered from a number of sources such as local Multiple Listing Services (MLS) that provide data on recently sold homes that might be used as comparable sales.

What preparation is needed before the appraiser inspects the property?

The first step in most appraisals is the appraisal inspection. During this process, the appraiser will come to your home and measure it, determine the layout of the rooms inside, confirm all aspects of the home's general condition, and take several photos of your house for inclusion in the report. The best thing you can do to help is make sure the appraiser has easy access to the exterior of the house. Trim any bushes and move any items that would make it difficult to measure the structure. On the inside, make sure that the appraiser can easily access items like furnaces and water heaters.

The following Items, if available, will help your appraiser to provide a more accurate appraisal:

  • A survey of the house and property;
  • A deed or title report showing the property’s legal description;
  • A recent tax bill;
  • A list of personal property to be sold with the house, if applicable;
  • A copy of the original plans; and
  • A copy of any prior appraisals in your possession.

What is the difference between an appraisal, a comparative market analysis (CMA), and a home inspection?

There is substantial difference CMAs and appraisals. What the CMA relies upon are trends to help buyers and sellers involved in real estate transactions such as set listing prices. Appraisals use comparable sales, which are verifiable resources. A CMA provides a "ballpark figure." An appraisal provides a supportable carefully documented opinion of value.

An even more important difference is the professional relationship between the homeowner/homebuyer and the person creating the report. A real estate agent creates a CMA. A licensed, certified professional who has made a career out of valuing properties creates the appraisal. Further, the appraiser is an independent expert, with no stake in the value of a home, unlike the real estate agent, whose commission is based upon the value of the home and the successful consummation of a sale.

Appraisers do not perform independent house inspections and are not home inspectors. A third-party home inspector will inspect the structure of the house. Commonly, a home inspection report includes air conditioning, electrical functions, the condition of the heating system, the plumbing; and then the structural capacity of the home such as the attic, exposed insulation, walls, floors, ceilings, windows. A home inspection report will also cover the foundation, basement and visible structures.

How long is an appraisal good for?

FHA appraisals are typically valid for 120-days. However, extensions are available in certain cases. If the initial home appraisal is updated it could be valid for a total period of a maximum of 240-days.

FHA lenders may use an appraisal up to four months on existing homes and up to 12-months on newly constructed homes. FHA appraisals work different from conventional appraisals. Once an FHA appraisal is completed on a home, the appraisal remains the authoritative valuation for the home until it expires.

Non-FHA appraisals do not have a prescribed period of validity but as FNMA, guidelines suggest that comparable sales should not be older than six months most appraisers and lenders agree that six months is the maximum time for which an appraisal should be applicable.

All the above guidelines are subject to the economic vagaries of the real estate market and natural disasters, which might result in a prior appraisal not being acceptable.

Multi-Level home in Highlands Ranch

Come see this 3 bedroom, 2 baths, 1256 square foot tri-level home now! Located on a very quiet cul-de-sac, it’s an easy walk to the elementary school and open space trails. And the massive, world-class rec centers of Highlands Ranch are at your disposal! The main floor is open with vaulted ceilings front to back, and 3 skylights bring great natural light in. The kitchen boasts Amana stainless steel appliances, composite sink, and sleek granite tile counters with slate tile backsplash. The family room is a perfect size and anchored by a wood burning fireplace. Other highlights include a lower level family room, master bedroom with his and her closets, Victorian chandeliers; new faux wood blinds, A/C, and new carpeting throughout. Rental price $1995/month.

More pix at REcolorado

Tri-Story home in Saddlebrrok (Parker)

 

Appreciate quality? You'll be proud to bring your friends and family into this 3 bedroom, 3 bath, 1381 finished SF tri-level home that is almost completely updated inside. 

Built in 1996 this pristine home is nestled on a perfect lot at the back of Saddlebrook Farms, which is a story-book setting to begin with, featuring white picket fences, flat walkable streets, and huge trees. To top it off, this home backs to vast open space with walking trails. Very private! 

The kitchen boasts Oak cabinets with brand new LG stainless steel appliances, stainless steel sink, and pantry. The breakfast nook walks out to the large deck and lower flagstone patio.

All 3 bedrooms are upstairs along with a full hall bath, and the master features 3/4 bath with walk-in closet. 

The spacious family room has a gas fireplace with built-in entertainment center and abundant windows. 

Other amenities include new carpeting throughout, new blinds, new paint, 2 new chandeliers, A/C, sprinkler system, covered front porch, unfinished 372 SF basement for storage. 

More pix at REColorado & Tour factory

The only way to set a showing is to text Jeff @ show contact info . Please reference the street name in your text. The application is at www.ColoradoDreamHomes.info and $40 each. 

Available immediately. No pets. Rental price $2275/month. Security Deposit is one month's rent.

Stunning updated duplex in Denver

Beautiful 3 bedroom, 4 bath, 1919 SqFt home. You're only a few minutes away from either Ri-No or City Park. Plus it has a park-like view out front with no houses across the street. This all neutral home features a kitchen w/ Cherry cabinets, under-cabinet lighting, high-end stainless appliances including French door fridge & gas range, glass subway backsplash, & gorgeous quartz counters. Downstairs is an immense open room that could be split up into multiple spaces; home theater, rec room, or office...& there is a 3/4 bath. The show stopper is the awesome coffered ceilings w/ crown molding & integrated LED lighting throughout the main level. Combine that w/ custom woodwork, wood floors w/ decorative inlay, baths with cherry cabs & nickel finishes & custom tile showers, & you have a truly elegant home. Other amenities include a private backyard, spacious dining area, attached 1-car garage plus extra street parking space, newer stacked Whirlpool washer & dryer, A/C. Dogs are OK no cats. Rental price $2750/month.

More pix at REcolorado

Beautiful Tierra Iliff Home in Aurora

This warm and welcoming home is loaded with charm and features 2550 finished square feet with 5 bedrooms and 4 baths. This traditional floor plan features all hardwoods and tile on the main level, central staircase, a family room with exquisite gas fireplace with cherry and travertine accents. The kitchen features Oak cabs, stainless steel appliances, pantry, and sit up counter. 

Four of the five bedrooms are upstairs, including a master with 5 piece bath including a deep jetted tub, heat lamp, and skylight. 

Downstairs has a nice open combination rec room/home theater space, with a cool chalk wall where you can channel your inner poet or whatever gets your creative juices going, plus a bedroom and good sized full bath. 

The fully fenced yard is the perfect size and has no house behind it for extra privacy, and offers a fire pit for evening gatherings, and large concrete patio. 

More pix at REColorado & Tour factory

The only way to set a showing is to text Jeff @ show contact info . Please reference the street name in your text. The application is at www.ColoradoDreamHomes.info and $40 each. 

Dogs are O.K. no cats.

Other amenities include washer, dryer, A/C, private covered front patio. Available July 1st.

Cottonwoods South Condo (Parker)

Impress your friends and rent this awesome 2 story condo featuring 3 beds, 3 baths, 1368 square feet, and one car attached garage. Make no mistake, it is plush inside. It's stellar location is only 2 minutes to E-470, the Cherry Creek Trail. Local shopping including Costco is 5 minutes away, as well as Lifetime Fitness, Parker Adventist Hospital, and a huge King Soopers. The kitchen is gorgeous and boasts rich Maple cabinets, Whirlpool stainless steel appliances, stainless steel sink, large sit-up bar, and large walk-in pantry. Other amenities include elegant wood banisters and railings, full-size dining room walking out to a private patio, A/C, laundry room w/washer and dryer, 6-panel doors, master bedroom with walk-in closet, security system, water, and trash paid, and lots of windows throughout.
More pix at REColorado.
Available immediately. Pets are OK. Security Deposit is one month's rent. Minimum one-year lease. Douglas County School District; Chaparral High School, Sierra Middle, and Pine Lane Elementary.

Gorgeous Condo in Parker

Nothing Beats New...PERIOD. Opportunity is knocking. This is your golden opportunity to be the very first person to ever live in this unit. It's clean and pristine. This is the top floor so nobody above you, and all bedrooms are vaulted as a result. Gorgeous kitchen with GE appliances (fridge not shown,) massive island, quartz counters with integrated stainless steel sink. Vinyl plank flooring throughout except in the bedrooms. Master has a large shower w/bench and a large walk-in closet. Spacious dining area walks out to covered deck. Other amenities include hall bath with large soaking tub., A/C, washer and dryer, gas fireplace.  

Available immediately. 

More pix at REColorado.

The complex is right on the 42-mile long Cherry Creek Trail system for walking, running and biking go north to Cherry Creek Reservoir or south through Parker. Extensive HOA amenities include clubhouse, fitness center, pool and hot tub*Expansive park with playground and sand volleyball court. 

Trash and water included.  No pets. Security Deposit is one month's rent. Minimum one-year lease. Douglas County School District; Chaparral High School, Sierra Jr. High, and Pine Lane Elementary. 

Renter must possess a minimum FICO score of 600 or greater and have a clean background check. No Smoking Allowed.  No section 8.

The only way to set a showing is to text Jeff @303-717-1492.   Please reference the street name in your text. The application is at www.ColoradoDreamHomes.info and $40 each.

This site includes valuable information on Parker Colorado real estate and homes for sale, Parker CO homes, Elizabeth CO homes, and Castle Rock CO homes. Our Realtors can help you buy or sell Parker CO real estate and Castle Rock CO real estate. People who search MLS home listings, whether relocating or buying a first home in Parker CO, Castle Rock CO, and Elizabeth CO, will find useful information on real estate, home for sale, luxury homes, and horse property and golf course homes, with additional information on schools and regional highlights. 

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