Is the housing market cooling off with the weather? Now may be the time to buy
As the weather begins to cool, will we also see a cooling of the housing market? Here are the latest numbers from the Colorado Association of RealtorsWhile numbers aren’t out for October yet, new home listings in Douglas County have slipped by 6.4% from last September, and sold listings fell 7.3% over numbers posted for last year during September. The average sale price in Douglas County has remained strong, and has increased 11.2% compared to September 2016 and is up 8.3% overall for 2017 year to date over last year.
Good news for sellers as days on the market to sell has decreased from 35 to 32 days year to date over 2016. Properties priced over the median of $475,000 will typically take longer than the hotter mid-range priced properties. Overall, inventory of homes is still low, and Denver continues to see an influx of newcomers to the area.
Condo/townhome properties days to sell are also holding steady with CAR reporting just 16 days on the market in both 2016 and 2017 to date. Percent of asking price received continues to be strong at 100%.
What does this all mean? While the numbers look good for September, it will be interesting to see what changes for October. The question will be, are downturns simply seasonal or are we at the beginning of a market shift towards a buyer’s market for the end of 2017. If buying an investment property is in your future, it may be a good time to contact us for current housing availability. If you are selling, hang in there. As I’ve said in my past blogs, selling during the Holidays and “off-season” times bring some very real pluses by listing during lower inventory periods if your broker knows how to make the most of it.
For complete info from Colorado Association of Realtors about Douglas County for September and other areas within Colorado, visit
Making an investment in Denver area real estate
Have you always considered investing in real estate but wasn’t quite sure how to go about it? We like this recent article by Linda McKissack, owner of McKissack Realty Group in Texas that explains how to think about it. Here is an excerpt from her book on investment real estate and the link to it on Amazon for your fall reading list
Please contact us if you’d like information on the Metro Denver market specifically, or if we can help you in your real estate investment projects.“HOLD is a long-term real estate investment strategy to which every real estate investor should aspire. Be an investor, not a speculator. We bought our first property while we were still $600,000 in debt. We now own over 100 single family properties. There are a lot of people who have money they want to invest, but they don’t have the expertise to do it.” Going 50/50 with a partner or investor is a definite option, especially using the HOLD strategy.
The HOLD strategy is simple:
1.Find the right property, at the right price, for the right terms.
2.Analyze the numbers and terms and be sure they make sense. Do your due diligence on area rental rates, market values, comparative prices, and appreciation to limit your risks.
3.Buy an investment property where you make money from the start. If your numbers are right, you’ll make money on the margin and get a positive cash flow right away. Don’t buy a property hoping it will become a good deal. Buy it because it’s already a good deal.
4.Manage the property yourself until it’s paid for or you have a large amount of equity to leverage. Run your investment properties like a business.
5.Grow your way to wealth and financial freedom. If one investment can bring in $2,000 a month, imagine the income from 10, 20, or 100 properties.
Whether buying, selling, or in the market for an investment property,
Corken + Company is here to assist with real estate solutions without limits.
5100 S Van Gordon St, Littleton is a stylish and spacious estate with a main floor master suite, almost 2 acres of lushly landscaped land, and a barn-style building with storage for 6+ cars. Rural living close to amenities and downtown Denver.
1253 Havenwood Way, Castle Pines impresses with fantastic views, updated kitchen and fully finished basement with theatre, guest room and bar. Privacy without the hassle of a gated community.
9709 Bay Hill Dr, Lone Tree has great views of the Lone Tree Golf and Country Club and has 3 finished levels of this beautiful home. Sitting on a quiet cul-de-sacs surrounded by well-cared for homes, experience the quintessential Lone Tree neighborhood of The Fairways through a lease/purchase option.
|Doesn’t everyone deserve a little sunshine in their day? Being able to give back to the local community is what brings Lori Corken sunshine. Her “give” is to read to local area elementary classes and watch the children's' eyes light up with the adventures and giggles that come through reading books. Read more about Lori's secret reader program here. If you know of a class who would be interested in reading with Lori, please contact Caiti@corken.co for more information.We hope your August has been full of fun, family, and good times. If you have questions or need real estate or property management assistance, the team at Corken + Co is here for you.|
Broker Owner, Corken + Company