As we end October, and head into the holiday season, you may be wondering if you should wait to sell your house (spring ,summer, etc.). Colorado market data shows that demand for homes continues to be greater than inventory, and plenty of people who couldn’t find a home in summer’s hot market are still open to buying. Look at the timeline of people who lost out in April or May on a deal and had to sign a six month lease; they are actively searching for a home. And they are serious buyers.
A recent study by the National Association of Realtors shows that millennials represent the largest home buying age group; with the majority of these current buyers having no kids or below-school-age children, they’re not bound by the school year. Retirees looking to downsize represent another large group of buyers; they’re also free of the school calendar. At Redefy, we’ve been able to sell homes faster than other brokerages, so there’s no need to wait until spring to sell.
SEPTEMBER 2016: The median sold price for Colorado took a slight dip from August to September. Median sold prices for all Front Range markets went up in September, with Greeley seeing the biggest increase. Data: RE Colorado.
Adjustable-Rate Mortgage (ARM): A mortgage loan with an interest rate subject to change over the term of the loan. The interest rate is tied to the performance of a specified market rate. Source: realtor.com
Neighborhood spotlight: Parker
It’s estimated that almost 50,000 people call Parker home. Evidence of the first settlement dates back to the establishment of the Pine Grove Post Office in 1862. Famous pathways to the west (and gold country) such as Cherokee Trail and Smoky Hill Trails ran through Pine Grove, which became a rest spot for travelers.
The post office was relocated 20 miles south of Denver and became known as the 20 Mile House, which is still standing on Mainstreet between Twenty Mile Road and Parker Road. Since another Colorado city already owned the name Pine Grove, the town took on its nickname “Parker’s” (the name of major landowner). Parker was officially incorporated in 1981.
Parker still has a quaint historic downtown that hosts many community events, in addition to modern shopping centers. The parks and rec department boasts the state-of-the-art Parker Field House, miles of trails, sports fields and leisure parks. The arts have also found a modern home at the Parker Arts, Culture & Events (PACE) Center.
Parker has a variety of properties, from condos and townhomes to single-family homes and sprawling horse properties. There is still land available for custom builds. Trulia lists the October 2016 median sales price at $400,000 (up from $376,500 last year).
AUGUST 2016: The median sold price for Colorado held steady from July to August. Note that for all Front Range markets (except Fort Collins-Loveland), home prices increased from August 2015. Data: RE Colorado.
The repayment of loan principal through equal payments over a designated period of time consisting of both principal and interest. (Realtor.org)
Neighborhood spotlight: Highlands Ranch
Not to be confused with Denver Highlands, this bedroom community sits on the metro area’s southern border in unincorporated Douglas County. A 22,000-acre master-planned community first developed 35 years ago by the Mission Viejo Company of Cali fame, Highlands Ranch is now owned by Shea Homes. There are approximately 96,000 residents, according to the Highlands Ranch Metro District (the governing entity).
Highlands Ranch has a farm in the center (yes, it really is a working ranch) which once made Limburger cheese (peeyuu… thankfully not anymore). There’s also a 100-year-old windmill and a bona fide historic castle (Castle Isabel aka Highland Ranch Mansion). Legend has it that Union General Kit Carson built his last campfire in the area.
The neighborhood boasts miles of open space and trails, tons of community events and four recreation/fitness centers with pools (included with quarterly community assessments of $142). Some neighborhoods have sub-association fees hovering around $25/mo. (including trash). Housing ranges from brownstones in the mid $200Ks to gated homes hovering under $800K. The median home sales price is currently $430,000 (Trulia).