Greater Denver Area Real Estate Podcast with Rex Jarnagin

Every year around this time, I’m asked the same questions about listing during the holidays: Is now a good time list, or would it be better to wait until January? Should I pull my house off the market during the holidays? Last time, we discussed six reasons why selling now makes more sense than waiting until spring to list. Today, we return to this question with six additional reasons why you should get a move on and sell during the holidays, just in case the first six didn’t quite sell you on it. Some people have to buy before the end of the year to enjoy the tax benefits associated with purchasing a home. New job transfers often begin in January, meaning that employees moving for work will need to buy a home in the area. You have the option to restrict showings during the holidays. Buyers seem to be more understanding during this time of year. You can sell now for more money, and we can provide for a delayed closing, or extended occupancy, until early next year.  By selling now, you may have the opportunity to be a non-contingent buyer during the spring, when many more houses are hitting the market at lower prices. 28.4% more homes close in December than they do in January. “Don’t believe the myth that suggests spring and summer are the only viable times to list.” There you have it—collectively, all 12 of these reasons ought to give you plenty of confidence that the holidays can be a successful time to sell your home. Don’t believe the myth that suggests spring and summer are the only viable times to list. If you take advantage of the factors I’ve mentioned, there’s nothing stopping you from having a truly happy holiday for more reasons than just the spirit of the season. If you have any questions or need anything, give me a call or send an email. I’d be glad to help you out in any way that I can.

Every year around this time, I’m asked the same questions about listing during the holidays: Is now a good time list, or would it be better to wait until January? Should I pull my house off the market during the holidays? For some reason, most people think that it’s a really bad time of year to sell. Actually, that could not be further from the truth. It’s a great time to sell. Every year, December is my best month for selling homes, there’s no doubt about it. It can be a hectic time for people, with all of the holiday hustle and bustle and other stuff going on. So why would you want to list your house and keep it on the market during that time? In fact, there are a number of reasons, and here are the first six of the top 12 that you should think about: Buyers are more serious. Looky-loos and other potential buyers who aren’t altogether serious about buying won’t be out during this time to look for homes. People who need to buy soon are going to be the ones out looking. This means fewer showings for you, and less trouble getting ready for those showings. Less competition. Those serious buyers that are out looking for homes have fewer options available to them. This means they’re more likely to give you a good offer on the home, which is a really big deal for you, the seller. The supply of homes will increase after the holiday season, which means less demand for your home, and in turn, that means less money for you. Houses show better when they’re decorated for the holidays. Buyers are more emotional during the holidays. They’re more likely to base their decisions on how they feel about your house, which means they’re more likely to pay your price. Buyers have more time to look during the holidays. People tend to have more time off during the holiday season, which affords them extra time to look through available homes. “Every year, December is my best month for selling homes, there’s no doubt about it.” It makes no sense to wait till next year to list, so do it now. Stay tuned for next time, when I will give you six additional reasons to think about listing your home sooner than later. If you have any questions or need anything, give me a call or send an email. I’d be glad to help you out in any way that I can.

I recently sat down for a Facebook Live interview where I answered common questions about our Denver market. In case you missed it, I wanted to share it with you today so that you can also be informed about our hot market. The median price in the area is $400,000. Although this has dropped some in the months since the spring, it is still trending upward since last year. We are going into a flatter market and are expecting a bit of a decline over the next few months. “We are going into a flatter market and are expecting a bit of a decline over the next few months.” If you’re a first-time homebuyer in the Denver area, the first step you should take is to contact a trusted lender, as they will be able to give you an idea of your financial position. Next, get in touch with a quality real estate agent or team (like ours). Having the right professionals by your side will make a huge difference in your success. They will be able to help you go over your goals, and will also help lay out a plan for your success based on conditions in your area. We also encourage buyers to attend one of our team’s homebuyer seminars, which are held every six weeks at our Highlands Ranch office. If you’re looking to find the value of your home, you have multiple options. One of the options is to join our email list where we send you an evaluation of your home every month. Another option is to visit our website, www.letsgohousehunting.com, click on the home value link, and then enter your information. Your third option, which is also the most accurate, is to call me so I can do a full CMA of your home. If you have any additional questions about this, or if you’re interested in speaking with me about buying or selling in general, please feel free to reach out to me. I look forward to speaking with you soon.

Today I am joined by Tim Weber, one of the best lenders in town, to talk about how he does business and what makes him different from other lenders in the industry. Tim is one of the hardest-working lenders I know, so I find myself working with him a lot. He’s unique, ambitious, and thinks outside of the box. Recently he has stepped up and taken a lot of loans that couldn’t get closed by other lenders and finished them. Buyers who bring their own lenders to our listings tend to have deals that fall apart a lot. Tim then picks it up and closes those deals. How does he do this? Tim says that part of it is because of his 18 years of experience. However, he also says that it’s a passion of his. He admits to staying up all night if needed to help finish a loan because he feels that he should treat his clients the way he would like to be treated. “Tim says that he wants each every customer to be a lifelong customer.” Finally, he adds that he has flexible underwriting with a team that looks at things intuitively and puts things together as a whole package without getting too hung up on bureaucracy or federal guidelines. Of course he pays attention to the guidelines, but he also says that there are ways to misinterpret those. A lot of buyers have moved over to Tim from other deals over the past 10 to 12 years and continue to come back. In fact, we randomly see him suggested as a lender online. Tim has an incredible reputation in the community. To maintain this reputation, Tim says that it takes a lot of marketing and follow-up. He says that he wants each customer as a lifelong customer, so he treats transactions differently. They are not a single transaction, but instead someone he takes care of over time. If you have any questions about mortgage loans, give us a call and we can connect you to Tim. Of course, if you have any other real estate needs, please feel free to contact us as well. We look forward to speaking with you soon.

I’m frequently asked, “What should the process of hiring an agent look like?” Hiring a real estate agent to help you buy or sell your home is an important decision and you should take it seriously. Hiring a family member or friend may be a good idea, but it also may not be. Take the time to find out whether they are a great agent or not, and do not just take them at their word because you feel obligated. You should be hiring the most qualified person for the job. As with interviewing anybody for a position, being armed with helpful questions is very important. There was a recent study done that determined the most important assets that smart consumers are looking for in a real estate agent. Here are the seven most important things you should be looking for, in the forms of questions you should be asking your agent: 1. How experienced are you? You need an agent who is consistently productive. 55% of all agents in the Denver market do not sell a single home in a year. The average is only eight or nine sales per year. You really want to hire an agent who sells 30, 40, or even 50 properties per year and has the experience to deal with every problem that comes up. “You need to do your research because this is an important decision.” 2. What are your numbers? Ask the agent about their average sale price, their average days on market, etc. If an agent doesn’t know their numbers off the top of their head, that is really not someone you want to get into business with. 3. If I do not like your service, is there a satisfaction guarantee? Any good agent will have this kind of guarantee written into the contract. It is important to be able to get out of the agreement if the agent you hire is not doing what they said they would. 4. Do you work with a team or as an individual agent? If the agent lacks a support staff, it means they are doing everything themselves. This does not give them the time to commit to their clients like they should. 5. Do you have a written plan of communication? For instance, if you have a listing agent, you want to talk to them every week. Many agents just put a sign in the front yard and then never talk to their client again. We discuss the numbers, the market, and the sale with our clients every week. 6. Do you work with buyers or sellers? These are two different jobs, essentially. I think finding an agent that specializes in selling homes is a really big deal. 7. Do you have a list of recent clients? I recommend getting a list of the last 10 people that they worked with to get a better idea of the service you will receive. If you have any questions about these questions or you’d like a more thorough list, please feel free to give me a call or send me an email. I look forward to hearing from you soon.

Today we want to talk a little bit about our team, our process, and how everything works when we are helping a homebuyer or seller with their transaction. Dana is a new member to our team and has really brought a unique touch. Recently, we discussed this topic and now we want to share our conversation with you. I started the Elite Home Team around two years ago because I believed that a team concept would bring much better service to my clients. “It is really hard for a single agent to keep up with a process like this.” We put a lot into our transactions, whether we are working with a buyer or a seller. Dana works exclusively with buyers, and I with sellers. When you hire one of us, you are getting an entire team helping you with the process instead of just one person. We have a team of 10, including other agents, administrative staff, and a sales department that makes 10,000 calls per week. It is really hard for a single agent to keep up with a process like this. Everybody on our team specializes in doing what they do best, and things work better for everyone that way. If you have any questions for us or want to put our team to work to help you buy or sell your next home, please give us a call or send us an email. We look forward to hearing from you.

What’s going on in our market right now? Let’s look at Denver’s MLS numbers from last January and compare them to this January. From January 2017 to January 2018, the number of home sales dropped 9% from 3,237 to 2,935. Because of the lack of supply, property values have continued to go up. From January 2017 to January 2018, the average sold price for single-family homes rose 11% from $401,961 to $447,487. We’re seeing houses take a little bit longer to sell this year. In January 2017, the average days on market was 45 days. In January 2018, the average was 53 days. As far as new listings go, we saw that number rise from 3,809 in January 2017 to 4,200 in January 2018—a 10% increase. “Buyers should have an easier time finding properties as 2018 rolls on.” The fact that more homes are hitting the market is very important. That means inventory is going up, which is very healthy for our market. If this continues, buyers will be able to find properties more easily and get them under contract more easily. I expect this trend to continue over the next few months, which means if you’re selling, more competition is on the way. The average days on market might get a little bit longer in the spring, so listing now in March is likely a better option than listing later on in the season. Along with more properties coming on the market, we also saw the number of homes going under contract rise 9% from 3,725 in January 2017 to 4,060 in January 2018. We should see the number of closed deals even out in the next couple months. Keep in mind that these are general statistics from our market as a whole, and every neighborhood is specific and different, so if you’re interested in what your neighborhood’s statistics look like, let me know and I’d be glad to share those with you. If you have any other questions about our market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.

Are you better off working with a team of real estate professionals or a single agent?  That’s a great question. While there are plenty of great individual agents out there who do a wonderful job for their clients, I believe that you’re better off working with a team. Most of us start out as individual agents. When we’re new in the business, we typically handle every part of the transaction, and that’s how we learn. As our experience grows and we get better and more professional, though, we often find that a team is much more effective at working each part of the transaction. Doing it all as an individual agent is very difficult without a lot of help.  The benefits of a team come from the fact that we have people specializing in certain parts of a transaction. That’s where the team concept really takes shape in the real estate business.  I recently read an article by one of the leading trainers in the real estate industry who was quoted as saying, “The future of real estate is in total team domination.” Further on in the article, this trainer explained why. In his opinion, a team always services a client better than a single agent. It’s just that simple. He also goes on to say that the minutiae involved in a real estate transaction or the business, in general, is so immense that no single person can do it all. The paperwork, marketing, transaction management, and customer service (which is most important) all combine with needing to be a contract expert, a negotiation expert, and having to keep up with all the laws and regulations and technologies and techniques.  “I built my team because it was important to me to do a better job for you.” There is so much going on that trying it all on your own is nearly impossible. Doing it well without a team is just not realistic.  Like I said, I know some fabulous agents out there who aren’t working on a team and have been servicing their clients very well. In my opinion, though, a team can provide a better experience for their clients. On our team, we have a contract expert, a listing specialist, a negotiation expert, and a buyer specialist. We also have an entire team of salespeople who are on the phones every day looking for buyers and sellers for their clients. Furthermore, my office manager is licensed and experienced and always available to answer questions when our clients have questions and their agent isn’t available.  We never miss an offer or opportunity for our clients because we’re always on point with everything. Because we have a team handling our transactions, our buyer’s agents are in the market every day handling the buy side of things while our listing agents are handling listings. Additionally, our office staff are all experts on the legal aspects of each transaction and keep up with the laws and regulations. You can see how all of these people come together and provide a better overall service. When we take on a listing or agree to represent a buyer, we have eight people working on the deal. All of them are experts, and they’re all focused on our clients.  I’m sure there are benefits to working with an individual agent, but I built my team because it was important to me to do a better job for you. I believe the team concept does a better job. That’s our goal, and that’s what we strive for every day in everything we do.  If you have any questions about the advantages a real estate team provides over an individual agent or you’re thinking of buying or selling a house in our market, don’t hesitate to reach out to us. We’d be glad to help you.

Today, I brought in Kim Davis, our lead buyer specialist, to answer some questions about loans and the buying process. The questions we hear quite often are about how to start the buying process. “How much money down is needed? What do I do if my credit is bad—how does one repair it?” And so on. The first question to address is about the difference between a pre-qualification and a pre-approval.The difference between the two is that when you’re just getting pre-qualified, it’s often the first step in searching for a home. Initially, you don’t even need to have your credit ran; the lender will just give you an idea of where you’re at after just a few minutes on the phone. You’ll supply them with some financial information such as your income, assets, and debts, and then the lender will provide you the preliminary estimate of the amount you qualify for. The pre-approval is the next step, in which an underwriter will evaluate your situation and credit. They will make the final decision based on the preliminary information you provide. “You’d be surprised at the loan programs that are available which don’t require a down payment.”People also frequently ask about when is the best time to begin the process. If you’re thinking about making a move, you should start the process right away. It’s best to evaluate your situation months before the move, if possible. Of course, that really depends on your situation, so the best bet is to reach out to us and let us help you make a set of plans for yourself. There are so many working parts that it’s best if you let us help you meet those goals. There’s no reason to try to navigate this by yourself. We can put you in contact with a lender that we know and trust. What should someone do if they don’t have any money for a down payment?You’d be surprised at the loan programs that are available which don’t require a down payment. If you or the property you’re purchasing meets certain credit, employment history, location, and other determining factors, a zero down payment loan may be an option for you. We can help you work your way through that process as well.If your credit isn’t where it should be, what can be done?We have a lot of programs to help you get your credit back on track. If you don’t know where your credit is, we can definitely help you find out. There are some programs wherein people with really low credit scores and a good income can get loans on houses. It’s really shocking for people. The thing is, you just need to reach out to us so that we can try to help you through that. What types of loan options are out there? There are a few different loan options to choose from. There’s the VA loan, conventional loan, and FHA loan for starters. Which type is best for you depends on your situation. The best bet for someone who isn’t sure about their situation is to contact us so that we can help you evaluate and decide which program best fits your needs. Just remember that we’re here to help. Kim is in the market dealing with these issues every day, so she’s an expert on loans and the processes through which you need to go to get them. If you have any questions, please feel free to give us a call any time. No question is too minor; we’re here for you anytime you need us.

Every year around this time, I’m asked the same questions about listing during the holidays: Is now a good time list, or would it be better to wait until January? Should I pull my house off the market during the holidays? Last time, we discussed six reasons why selling now makes more sense than waiting til spring to list. Today, we return to this question with six additional reasons why you should get a move on and sell during the holidays, just in case the first six didn’t quite sell you on it. 1. Some people have to buy before the end of the year to enjoy the tax benefits associated with purchasing a home. 2. New job transfers often begin in January, meaning that employees moving for work will need to buy a home in the area. “Don’t believe the myth that suggests spring and summer are the only viable times to list.” 3. You have the option to restrict showings during the holidays. Buyers seem to be more understanding during this time of year. 4. You can sell now for more money, and we can provide for a delayed closing, or extended occupancy, until early next year. 5. By selling now, you may have the opportunity to be a non-contingent buyerduring the spring, when many more houses are hitting the market at lower prices. 6. 28.4% more homes close in December than they do in January. There you have it—collectively, all 12 of these reasons ought to give you plenty of confidence that the holidays can be a successful time to sell your home. Don’t believe the myth that suggests spring and summer are the only viable times to list. If you take advantage of the factors I’ve mentioned, there’s nothing stopping you from having a truly happy holiday for more reasons than just the spirit of the season.If you have any questions or need anything, give me a call or send an email. I’d be glad to help you out in any way that I can.

Every year around this time, I’m asked the same questions about listing during the holidays: Is now a good time list, or would it be better to wait until January? Should I pull my house off the market during the holidays? For some reason, most people think that it’s a really bad time of year to sell. Actually, that could not be further from the truth. It’s a great time to sell. Every year, December is my best month for selling homes, there’s no doubt about it. It can be a hectic time for people, with all of the holiday hustle and bustle and other stuff going on. So why would you want to list your house and keep it on the market during that time? In fact, there are a number of reasons, and here are the first six of the top 12 that you should think about: “Every year, December is my best month for selling homes, there’s no doubt about it.” 1. Buyers are more serious. Looky-loos and other potential buyers who aren’t altogether serious about buying won’t be out during this time to look for homes. People who need to buy soon are going to be the ones out looking. This means fewer showings for you and less trouble getting ready for those showings. 2. Less competition. Those serious buyers that are out looking for homes have fewer options available to them. This means they’re more likely to give you a good offer on the home, which is a really big deal for you, the seller. 3. The supply of homes will increase after the holiday season, which means less demand for your home, and in turn, that means less money for you. 4. Houses show better when they’re decorated for the holidays. 5. Buyers are more emotional during the holidays. They’re more likely to base their decisions on how they feel about your house, which means they’re more likely to pay your price. 6. Buyers have more time to look during the holidays. People tend to have more time off during the holiday season, which affords them extra time to look through available homes. It makes no sense to wait til next year to list, so do it now. Stay tuned for next time, when I will give you six additional reasons to think about listing your home sooner than later. If you have any questions or need anything, give me a call or send an email. I’d be glad to help you out in any way that I can.

I’m here today with one of our buyer’s agents, Walter, to help you better understand where to start the home buying process. Do you have questions about the buying process? Are you a first-time homebuyer, or are you unsure about how this whole thing works? That’s what we’re going to talk about today.We have a variety of resources for buyers—from first-time homebuyer loan packages to helpful books and guides. Reach out to us. In fact, the first step we’d recommend in the home buying process is to get some guidance from us. It doesn’t cost you anything, and we’ll get you moving in the right direction. Every situation is different, and we can help you navigate through this difficult process based on your needs. “We can help you navigate through this difficult process based on your needs.” Where does Walter say you should start to get the process going?According to Walter, you need to start off by talking to the right lender. Find out what you qualify for. It doesn’t matter if you’re ready right now, or planning on starting next month or next year. Even if you think you can’t get qualified, or you don’t even have enough down payment, find out for sure. You might be surprised. Secondly, once we have you headed in the right direction with the lender, we’ll sit down with you on the phone, or in person, and find out what exactly your time frame is and what your expectations are.If you’re ready, we’ll set you up on a search and discuss options for you and the market. Keep in mind, you should be very careful about getting on the internet for research. Websites like Zillow and Trulia just don’t have accurate information. We can set you up on the MetroList directly, or you can search on our website or also on www.LetsGoHouseHunting.com. Finally, once we’re ready, we start looking and begin the process. In this market, houses sometimes can go quickly, so we’re ready to show you houses right as they hit the market. This is one of the big advantages of working with our team. We having showing assistants and plenty of buyer’s agents to make sure you’re out getting the houses before they’re gone. Unlike many agents, we won’t miss listings because we’re not available to show you. If you have any more questions about the process or where to start, give us a call, send us a text, or email us. Both Walter’s and my door is always open, and our entire staff is available any time that you have questions or concerns. Remember, no questions are too basic. This is what we’re here for.

Everyone wants to know what their home is worth, but how can you find this out? This is a great question. Actually, there are a few ways to do this. One of the best ways to do this is to hire an appraiser. My team and I know and trust a few appraisers who we would be happy to recommend to you. There are two important things you must consider when it comes to choosing an appraiser, though. First, appraisers don’t consider the saleability of your home.   Neither Realtors nor appraisers price your home according to the market. Instead, appraisers are justifying the value for either legal purposes or for you to get an appropriate loan. When appraisals are done for these reasons it doesn’t actually give you a real value, it just justifies a target value. Recently the most popular way to find value is by looking online. Websites like Trulia are Zillow are commonly used for this purpose. Any of the websites out there are basically the same. “I’ve helped people determine the value of their property thousands of times in my career.” Despite the popularity of this method, these websites simply don’t work that well. I wouldn’t put any credence in what they tell you about value. Their information is neither updated nor accurate. Zillow has even claimed that their online estimates are generally 8% off. On top of that, they’ve recently been sued for violating consumer protection laws. But the least-accurate option out there is checking the tax assessment. Very little time is put into these, which means they are way off. Truthfully, the best option you have is to consult with an expert like myself. Real estate agents who study homes and their prices every day are going to be much more reliable than other methods of finding value. I’ve personally helped people determine the value of their property thousands of times in my career. Finally, I’ve got a great opportunity. We have a system designed to send people monthly updates on what’s coming onto the market. If you’d like for us to give you access to this, we would be more than happy to plug you into the system. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

If you’ve ever searched for homes online, you’ve probably been to Zillow. Over 73 million people visit the website each month. I think it’s important that consumers are a little more educated on what Zillow is and isn’t so they aren’t led astray. Zillow has been in the news lately, but not for a good reason. They’re currently being sued for violating consumer protection laws because of their automated home valuation tool, the Zestimate. The plaintiff in the case says that the Zestimate was so inaccurate that it ended up causing damages. In Zillow’s defense, they have been publicly clear that their Zestimate is not 100% accurate. I hear from clients all the time that, “Well, Zillow says this” or “Zillow says that.” Here’s what Zillow actually does say. Their CEO, Spencer Rascoff, has publicly stated in the past that their Zestimates have a median error rate of about 8%. Last year, it was 14%. That’s almost $50,000 on a $350,000 home! “We’d be happy to provide an accurate estimate ourselves.” Rascoff’s own home was a victim of Zestimate misinformation. His home ended up selling for 40% less than the Zestimate said it was worth. That’s like losing $700,000. If Zillow is saying themselves that their Zestimates may be hundreds of thousands of dollars off, you can imagine how accurate the valuation for your home really is. It all comes down to where Zillow is lacking. Their algorithm can’t take into account all of the things that play a role in a home’s value. At the same time, the market is moving so fast that a lot of their information is inaccurate, which can lead to many other problems. If you have any questions for us about how we keep pace with the market or if you have any interest in buying or selling a home, give us a call or send us an email. We would love to hear from you.

A question that’s come up quite a few times in the last few weeks deals with buying and selling at the same time. Which comes first? Do you list your current home or buy your new home first? In most cases, you really have to list first, and here’s why. If you consider the current market, many sellers are getting multiple offers on their homes. Most homeowners won’t even consider an offer where a buyer has to list and sell their home first. This is especially true if the buyer hasn’t even put their home on the market yet. If the house is already listed or under contract, it really changes the offer in the seller’s eyes. If you find a home and then wait to put an offer on it so that you can list your own home, that property will be gone. The seller will have accepted an offer from a buyer who’s ready to move in. There’s really no other way around it: you have to list your home first. We understand that this is a really stressful situation for you. We do this type of transaction every day, and we help people through this scenario all the time. We’ve found over the years that there are three key things that we can do to put you into the best position. “There’s really no other way around it: You have to list your home first.” The first thing we do is pre-market your home for several days before showings. While you’re looking for the home you want to buy, we’ll get the marketing set up. We’ll get the listing written, get all the paperwork together, and let other agents know that your home is coming for sale. The second thing we do is let buyers know that you’re selling and looking to buy. We can get you as much time as you need to search for your home if we’re up front about your situation. Finally, if an offer comes in then we can negotiate how much time you will need in order to make a smooth transition into your new home. If you’d like to discuss this topic more in detail or you’re looking to buy or sell a home in our area, give me a call or send me an email. I look forward to helping you.

What does it really cost to sell your home today? There are a few hidden costs most sellers don’t anticipate, and some Realtors don’t do a good job making sure their clients know all of these costs, so I want to make sure you know what they are. What we do for our own clients to mediate these costs is provide a net sheet at the very beginning of the listing process. This is a detailed breakdown of all the closing costs involved in selling a home. We bring this information to the very first meeting and as we get offers, we provide this information again. I don’t want our clients to get any surprises For now, though, here are four hidden costs you may incur during the selling process: 1. Commission costs: Sometimes agents don’t communicate well with their seller and they fail to understand exactly what type of commission structure will be charged on the successful close of the property. Sellers generally pay for the buyer’s agent’s commission as well as the listing agent’s. Make sure you understand how that works and how you’re being charged. “Don’t go under contract on your new home until you’ve listed and begun selling your old one.” 2. Closing costs:This is where our net sheet comes in handy. Take title insurance, for example. This is usually the seller’s responsibility to pay to ensure the title is free and clear. Another closing cost is the HOA status transfer fee. Both of these costs can be substantial, and there are quite a few smaller costs that come with the contract, so make sure you know what they are. 3. Moving expenses: Sometimes sellers just don’t consider what it will cost them to move. There will be moving expenses whether you’re hiring a moving company or doing it yourself. Get an estimate so you’re aware of what your moving expenses will be. 4. Multiple mortgages: If a client moves prior to selling their home, they’ll have to carry two mortgages and make two payments. This is why we usually recommend to our clients not to go under contract on their new home until they’ve listed and begun selling their old home. I did a previous video titled “Should I Sell My House Before I Find a House?” that addresses this topic that you can watch here. Make sure the agent you hire has a lot of experience navigating this process. You should be able to do both simultaneously without a hitch. If you have any additional questions about hidden home selling costs or any other real estate topic, feel free to give me a call or send me an email. I’d be happy to help.

When it comes to selling your home, when is the best time to do it? Should you wait, or should you make your move? What time of year is best? When people ask this kind of question, they’re already a step closer to the truth than they might think. They already understand that timing is the most important factor in selling. Lately, the Denver metro area has been one of the biggest selling hotspots in the nation. With several instances of multiple offers, consistently rising home prices, and record sales, this definitely seems to be the case. A number of things affect the market, including economic growth, population growth, and interest rates. When looking at the right time to sell, all of these factors are significant. Right now, these factors have created a perfect storm for sellers. As demand continues to climb, this climate is likely to persist. However, waiting around based on predictions may not be a good idea. A lot of things affect the local market, and with interest rates expected to increase in the near future, there is no time better to sell than now. “If you are motivated to do so, it’s always the right time to sell.” We simply don’t know what the future of the housing market will look like. What we do know is that right now is a great time to be a seller. In fact, this is one of the best-selling markets in our history. But regardless of other factors, the time of year does consistently have an impact on the market. Spring and summer are typically the busiest times of year in real estate, while fall and winter tend to be less so. However, with lower inventory and less competition in the fall and winter, buyers may want to consider looking during those times instead of when the market is hot. Ultimately, there are benefits to any time of year. So when it comes to timing your sale, it’s best to look at other statistics, like days on market, absorption rates, and months of inventory. Knowing the competition is another key factor. With all of that said, the only real way to determine if now is the right time to sell is to ask yourself, “What works best for me?” If you have good reason and you are motivated to do so, it’s always the right time to sell. If this is true for you, you should definitely take advantage of today’s incredible seller’s market. We can never know how long it will last—so don’t wait. If you have any other questions or want more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

As you know, we are in a really busy seller’s market, but would it surprise you to know that 15%-20% of homes that are listed don’t sell? Why does that happen? I’ve broken down eight reasons that homes don’t sell. 8. The condition and cleanliness of the home can have a huge impact on how the buyers view the home. From the curb appeal to the inside, if your home doesn’t outshine the competition, it won’t sell. 7. Timing. You must be prepared to move at the speed of the market. If you wait until your home is perfectly ready, you may miss the best time to sell. 6. Photography. You only get one chance to make a first impression. These days your first showing is on the Internet, and if you don’t use professional, high-quality photos, you may not get another showing from potential buyers. “You only get one chance to make a first impression.” 5. Marketing. Some houses don’t sell because the agent doesn’t have a marketing plan or budget. Your agent should have a strategy designed for your property. 4. Commissions. There are some companies that have reduced commissions for the agents they employ. If you use one of these agents, you may run the risk of losing out on potential buyers who see that reduced commission as a red flag. 3. Availability. Many times serious buyers skip homes that aren’t easy to see. You should be flexible with your showings so the most people can see your house. 2. The agent you’re using could be a huge factor in why your home isn’t selling. Many times it’s because a homeowner used a discount company or an inexperienced agent that their home didn’t sell. 1. The price. Your home should be accurately priced. Overpriced homes get passed by and they sit on the market for too long. If you have any questions about this or any other real estate topics, or you’re looking to buy or sell your home, give me a call. I’d be happy to help!

Our market is pretty insane right now. It’s a great time to sell your house if you’ve been thinking about it. Truthfully, this is the best market Denver has ever seen. We have the lowest interest rates and the lowest competition levels we’ve ever seen. However, there is one thing to be wary of in this market: failed transactions. The number of deals falling out of contract nearly doubled last month. The Denver Post wrote that 23% of all transactions fell out last month. One problem that’s causing this is how complicated the market is. With record low inventory, most agents don’t have the experience or the expertise to navigate this market. Most agents only close between four and 12 deals per year, so they simply don’t have enough experience to get deals done the right way. “Low appraisals have become a big problem.” Another big problem for sellers is appraisals. Homes are selling for much higher prices than they are actually appraising for. This isn’t a problem for cash buyers, but it is for the overwhelming majority of buyers who have financing. If a home doesn’t appraise as high as its sale price, the deal is more likely to fall apart if you’re not working with an experienced agent. Finally, a lot of buyers are having to make offers they aren’t fully comfortable with. They get sick of getting outbid and making a high offer, only to get cold feet after they go under contract. Most of the time, the monthly payment is just more than they are comfortable paying. This is a difficult market to be in, but it can be a very lucrative market if you have the right help. Having a good agent to keep your deal from falling apart is an invaluable tool in this market. For the record, we didn’t have any deals fall apart last month because we make them every day and we know how to get them done. If you have any questions or need any help or advice about how to attack this market, give us a call or send us an email. We look forward to hearing from you soon.