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Colorado mortgage rates dropped again this week, reaching almost 4.5% on a 30-year fixed loan Wednesday, according our market sources. The drop in rates has been steady since the beginning of November. These great rates are especially inviting to those borrowers who have good credit scores.
The Colorado Dept of Labor also reported some great news this week. Employment rates also sunk to 6.9% in the month of October. According to our MLS provider, home sales increased almost 3% in the Denver metro area during October, from September.
With the combination of the extended Federal Homebuyer Tax Credit and these lower interest rates, the real estate market continues to rebound. Things are looking up. If you will need some help with your real estate needs soon, give us a little advance notice. It’s going to be a busy 2010.
“While the majority of the nation’s housing markets are still working toward a bottom, some cities are boasting fundamentals that make them good places to buy a home now,” Forbes reported this week.
Phoenix was ranked No. 2 on the Forbes list, followed by Boston, San Diego and Los Angeles.
The Forbes rankings seem geared more toward each market’s current and future potential as a place to buy a home, since some of the cities at or near the top of the list are among those hardest hit by the recession.
The report ranked the 25 largest U.S. metro areas on the basis of change in price per square foot, frequency of real-estate transactions, and how evenly distributed home-sales activity is in a metro area.
“Denver tops the list,” Forbes said. “It had 25 percent of its property sales occur within approximately 25 percent of the city’s ZIP codes. This means sales in various parts of the city were fairly evenly distributed, showing proportionate activity. The further a city deviates from the 25 percent mark, the less evenly distributed the market is in that city, and thus the lower that city ranks.”
Forbes also determined that average price per square foot of housing space increased 5.7 percent in Denver between February and March of this year, and that transactions decreased 8.4 percent between March 2008 and March 2009, less of a drop than many cities.
“Denver scores very well in terms of being able to bring people into a stable housing market,” the magazine quoted Moody’s economist Christopher Cornell as saying. “It has better growth potential than most cities today.”
Forbes listed Las Vegas, Cleveland, Seattle and Detroit at the bottom of the 25 cities. “There, distressed sales have kept home values down and buyers away,” Forbes said.
It’s the second time in as many months that Denver has held the top spot in a ranking of real-estate potential.
Forbes drew its data from March 2009 RPX Monthly Housing Market Report, distributed by Radar Logic Incorporated, a New York based derivatives firm.
Wednesday, June 24, 2009 | Modified: Monday, June 29, 2009
Denver Business Journal - by Mark Harden
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Nationally renowed real estate expert Barbara Corcoran recently interviewed on The Today Show - NBC, picked Denver as the top real estate market in the country to do better than others in rebounding from the economic downturn. According to the interview, the top 5 real estate markets poised for a stronger recovery are listed, below:
Eight characteristics were evaluated for the highest rankings:
Denver's market potential is fueled by its affordability index (average home price at $193,000), its high percentage of a young population, and the fact that it boasts the largest park system in the country.
View entire interview, below:
Top 10 Most Popular Big Cities:
In a new survey by Pew Research Center, Denver was ranked as the most desirable place to live in America, among the nation's top cities. The principal reasons why Denver was ranked so high were climate, amenities, and overall quality of life.
Denver has received significant attention and awareness since the DNC last August.
In 2008, Denver was ranked as the fourth “most walkable” city in America, largely because of its pedestrian mall, expanding transportation projects, and the growth and development of the core city. All of this increased attention bodes well for our property values and our overall economic future.
The Denver residential market is outperforming many other markets in the nation in terms of home price appreciation, according to S&P/Case-Shiller. While the Denver market stayed unchanged in their 20-city measurement for the period of July - August 2008, it was still among the top performing markets in the country in the 12-month period ending in August, boasting a depreciation rate of only 5.1%, as compared to a 20-city average of 16.6%.
Throughout 2008, the Sun Belt markets were being hit the hardest. The markets of Phoenix and Las Vegas led all markets during the year, with declines greater than 30.0%.
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