📰 Ask the Colorado Dream House Team 📉
Welcome to today’s show with your host Dan Polimino!
- January Market Update
- Inventory Problem
- Our Best Client Services
Hi everyone and welcome to ask the Colorado Dreamhouse team I'm your host Dan Polimino. Live from Denver Colorado on Tuesday February 6. Every Tuesday and Thursday about this time in the afternoon we share with you everything that we know about residential real estate how to buy sell and invest in real estate. So if you're new to the show welcome we're glad to have you. You're free to ask a question at any time you can e-mail us. You can call us or you can leave a comment here on Facebook but we'd love to hear from you. Two things we'd like to accomplish every show we like to give you some market information. We call it news you can use and we like to answer your questions. So let's get to the news you can use and that is the January sales numbers for Residential Home Sales in Denver. I've been telling you this I pretty much thought that we would have a really really low number of active homes in January February and parts of March. I thought it would hang around the thirty eight hundred range and it did. I think the final number was 38 69 38 69 was the final number. So not a lot of resale homes on the market. Shouldn't be a big surprise it is January. That will get better and better as we get closer and closer to spring so hang on if you're a buyer out there and you're somewhat disappointed and you say I haven't seen anything even come across my e-mail that I would be interested in. It's because there's only 38 800 homes for sale. Historically what would be a normal January if we didn't have this record low inventory. Well 13000 homes in the past has been a regular January. I mean could you imagine 13000 homes. Wow. I mean we'd have like every buyer that we have under contract if that were the case. That's 10000 more homes than is really on the market right at this moment. How about sales what were the sales number for January. Not that hot again. Coming up the holidays you got the holiday hangover the winter it's winter it's cold there's not a lot of houses for sale. Not a lot of buyers in the market in January so there is only 27 hundred home sales that's really low for a city of Denver. You know when you talk about Denver and the surrounding suburbs about three million people. Twenty seven hundred sales now. That's a 36 percent and Tropp. From December and that's a 15 percent drop from this time last year in 2017. So that's a little that was a little surprising. The price of homes didn't change that much from December to January. We're staying steady there but year over year again this time last year the average price of a home 10 percent higher 10 percent higher. All right. And the most active price range which I think you can really probably predict in Denver is between 300 and 400000. And if you know if you're a buyer and you're trying to buy in that three to four hundred thousand dollar range. Those houses are flying off the shelf got over asking price getting beat out by cash offers yes I know we hear it all the time. We've got some solutions for you. So if you want to hear him again contact us at the Colorado Dream House team. We'd be happy to help. All right let's get to today's questions. Dear Colorado Dreamhouse team how do we solve the inventory shortage problem. My crystal ball let me rub that boss. So here's how we solve it. It actually starts with builders and I wrote a great blog about this on our Web site. So go to Colorado Dreamhouse dot com a look up inventory shortage problem what has to happen is that the very very top the people at the top of the market those they're living in the Big Ten thousand eleven thousand nine thousand square foot homes. They become empty nesters and they move to a smaller what we call lock and leaf product. That opens up their home and then the cycle begins. So the person that's in the six seven thousand square foot home upgrades to a 10000 square foot home and they move up to a nicer neighborhood the person in the six seven thousand square foot home they sell it the person in the four to five thousand square foot home moves into their right. And what price range is are we talking about well top of the market you're 2 3 million right. Who moves into that somebody who's in a house at one point five million. Well who moves into the one point five million. Well somebody who's in an eight nine hundred thousand dollar house and who moves into the nine eight nine hundred thousand dollar house somebody who's in the five sixes. Right. And that's the chain begins that first time home buyer. Has to have a home. To move into. So we've got to get the four and five hundred thousand dollar homes vacated and get them to move up. Right. That's how the chain works but it starts at the top if the people in the big houses don't have the empty nester product to move to they never leave the Big House. And so my solution is builders building the empty nester product. Okay that's where we got to go with that. Question number two dear Colorado Dreamhouse team I would sell our home but I'm not sure where we would go. There are no homes to buy. What would you suggest. Can inventory shortage problem. So here's our solution at the Colorado Dream House team. For all of those who are thinking about selling. Here's what we're going to do we're going to find your home. First we're going to put you on the buy side first because we know that spring is coming and that inventory is going up. Right. And we know that the most available homes on the market are going to be in late March April and May. So we find the house that you want. First we're going to close on it we're going to move you into it and then we're going to sell your house and you say well I need the money out of my house in order to do that. I gotcha. We're partnering up with banks and lenders that are going to do short term bridge loans. I'm talking three months maybe six months max. We're going to do a quick home equity loan. We're going to pull the money out of your house. Now when I mean by quick like 10 days to two weeks we'll get a home equity loan done. Pull the money out of your house. Use that for the down payment on the new house. Have you close on it move into it. Put your existing home for sale. Sell that house and pay off both notes. This is what we do with our clients this year if you want to hear more about this want more details. Contact us a Colorado Dream House dot com. Question number three. Dear Colorado Dreamhouse team. What's one of the best services you offer your clients. Great question. We offer a lot of great services but probably one of the best as we find you cheap money. Get a lot of investors that come to us and want to buy rental properties when to build their portfolio. Want some passive income and we find those investors cheap money low interest rate low down payments right. The other thing is is we get people to come to us and say you know I'd like to buy a house I don't have enough for a down payment or I'm just short of a downpayment or what can we do. I've got a complicated tax scenario. I have a complicated income scenario. Again we find the money. To get it done. And you'll be amazed at how many resources we have. So contact us at the Colorado Dreamhouse team we'll be happy to share that information with you. Finally don't forget about our 250 marketing guarantee if you at all are thinking about selling your home. This spring. Contact us now and find out about the 250 marketing guarantee it basically says this Our marketing of your home is better than everybody else's and we're so sure of it. That we want you to interview our competition and interview us. And if our competition's marketing plan for your home is better than ours. You can hire them and we'll pay you 250 dollars. It's that simple. If you want more details on that go to our Web site Colorado Dreamhouse dot com. Forward slash 250. All right that's today's show. Hope you learn something. We're going to be back on Thursday around the same time. We will look forward to hearing from you. Contact us at Colorado Dreamhouse dot com. Have a good day everybody.