Interest rates climbed to 7.0% in Q3, reducing transaction volume by 25% from a year ago. Some buyers have decided to hold off purchasing for now, while others are buying at attractive prices with hopes of refinancing later. The market’s current volatility has created questions and anticipation among consumers as to what the Denver metro housing market will experience in the final quarter of the year and beyond. In this quarterly newsletter, we are delighted to answer these questions and more!
Though the market slowed in Q3, we were very busy! We are proudly present 3 recent case studies:
Fix & List in Centennial
A well-loved home with cosmetic potential gave our clients the opportunity to take advantage of our Fix & List program, where we identified repairs and fixed them up with all repair costs paid at closing.
Our clients spent $15K to increase their home’s value from $690K to $750K (an increase of $60K!) by installing new flooring, refinishing their hardwood floors, and painting the interior. Congrats, Shane & Margaret on your extra closing proceeds!
For additional information about our Fix & List program or for additional details about this case study, click here.
“Quick Play” Purchase in Commerce City
A newer home in Reunion was priced too high by an out-of-town agent. After 41 days on the market, the agent reduced the price from $550K to $500K.
Knowing the home was now underpriced, we rushed in and went under contract as quickly as possible, while simultaneously negotiating a $6K seller concession for our buyers AND seller agreement that would pay off the $19K solar system. We also negotiated a brand-new impact-resistant roof valued at $9K at inspection. What’s more, the home appraised at $30K over contract price.
The total excess value we negotiated for our clients was $64K and included seller concessions, solar, roof, and appraised value over contract price! Congrats, Christian & Karen on all your built-in equity!
“Slow Play” Purchase in Johnstown
A beautifully renovated home in Johnstown was listed on the market. Rather than rush in with an offer, we tactically “slow played” the seller – expressing interest, but withholding an offer for a period of time.
After 2 weeks of patiently waiting, we offered $65K less than list price and the offer was accepted!
Further, we tactfully negotiated a $10K price reduction on inspection items, thus reducing our purchase price even further. The result was a $900K home, purchased for $825K.
Our clients were thrilled, not only because they purchased a stunning, fully updated home, but they got it at a steal! Congrats, Bryan & Claire on your dream home!
The past quarter was full of celebrations as Bryan’s sister was married at Pelican Bay Lakehouse at Cherry Creek Reservoir in July. Bryan’s daughter was asked to be flower girl, for which she successfully played the part! Halloween is a coveted holiday in the Zerr household and you can catch Emi hanging out with her ghoulish “friends,” playing Halloween costume dress-up, and dancing to her current favorite song, “Spooky Scary Skeletons.”
David and his family were busy tending to their 2 new Bernedoodle puppies! Risa (girl, dark coat) & Cruz (boy, white coat) have grown 19 lbs in just 3 months! The Jimenez family recently took a few day trips, including their first ever visit to Cheyenne Mountain Zoo. Now that school is underway, you can find David herding “cats” for bedtime and waking up his sleepy girls in the morning!
Chris’ favorite season is here! He’s looking forward to shorter days and cooler nights in front of the fire with a good scary book… Not to mention lots of guitar and vinyl records, too! Most importantly, he’s excited to be cheering for the Green Bay Packers again. He’s also excited to welcome the newest addition to the Snow Squad: a new kitty named Ahsoka – which means “pure and hopeful!”
The high and low record sales for the past quarter include: a 6 bed, 12 bath, estate in Cherry Hills Village for $7.45MM and 1 bed, 1 bath single family home in Denver (that unfortunately has meth contamination), for $125K. Click the icon above to check 'em out!
Want to buy a “castle” and have $1.65MM laying around? Check out the “Castle in Castle Pines.” Kudos to our friend, Brian, for identifying this rare “find.” It’s um… interesting.
As we enter fall, we are delighted to be your real estate resource and connector. We are Greenwood Estates Realty, "The best real estate experience you've ever had."
Enjoy Colorado’s gorgeous fall leaves; we’ll catch you soon!
Blessings, Bryan & David
P.S. - check out previous versions of our Quarterly Newsletter.