Slot homes in Denver

What the heck is a slot home?

Slot homes have been defined in Denver as a group of attached homes that are usually arranged perpendicular to the street they are on. Several of these have been built in the neighborhoods along the light rail that stretches along 11th Avenue from Denver to Jefferson County. Builders have built some slot homes that obviously do not fit within the architectural characteristics of the neighborhood. This has caused a lot of concern from the home owners in the neighborhood. The local TV Station 9News even did a report recently in which I was interviewed about the development of these slot homes. You can check it out here – 9News Story While the story primarily focuses on the negative aspects of the project and how the current homeowners are upset, here is my side to the story –

First of all, I want it to be known that I want to help anyone in this neighborhood. Whether they are looking to sell their home and buy a home somewhere else or even if they want to stay in their home. Some homeowners do not want to move because they have their house paid off, or prices are too expensive anywhere else in Denver, and I want to help these people make their houses more efficient so they are not paying out the wazoo for utility bills! I do know a few developers that would love to move forward buying up more of these homes and leveling them to make way for profitable town home projects (slot homes). The advantage to the homeowner is that they are able to sell without having to worry about the stress of inspections, appraisals and being pushed out. Several of the developers for these projects are even willing to allow the homeowners to stay in the home and rent it back while they search for a replacement property! There are obvious pluses and minuses to both sides of this story. Check out my video blog below to see what I’m talking about.

Keep an eye out!

Your next property could be hitting the market today!

3 Best Practices to help you find your dream home

You have heard it a million times by now if you are thinking of making a move: “The inventory is lacking and it is really hard to find a home you want to buy!” Or you say: “I do want to move, but I’m not going to list my house until I find a house worth buying!” In this fast-paced market, you need a Realtor that is looking out for what you want and able to move quickly and efficiently to increase your chances of getting the house of your dreams. This breaks down into several steps:

  1. Buyer consultation first! You may be thinking that you want to hit the ground running and look at as many properties as possible since they don’t last on the market very long. This is the easiest way to waste your time and energy! The key to a successful purchase is actually taking a step back and really honing in the search into the things that are extremely important to you. Sitting down with a Realtor at their office should help define a clear plan and goal so that when the right house hits the market, you have a strategy in place to hit the ground running and lock up that home!
  2. After the buyer consultation, you should have several methods of finding homes. Not only are you going to go out and drive neighborhoods, but you will probably be searching several different public websites looking for possibilities as well. Hopefully the websites you are searching on are accurate and up to date so you don’t fall in love with a house that is under contract already or sold recently! If you have a great Realtor, you will also have an automatic search set up and the Realtor himself/herself will be scouring the MLS, previewing properties and contacting other agents in your preferred neighborhoods to find houses that may not even have hit the market yet.
  3. Once you find a home, you need an agent that can show you and your offer in the absolute best light. There are many strategies that help with this and a great Realtor will have many tools in their tool belt to go with your offer to increase your chances of getting it accepted. The Denver real estate market is user-competitive and having a concise and thoroughly completed offer package is crucial! Make sure your Realtor goes over your offer with a fine-toothed comb to make sure that the message is clear that you want that home. Don’t be afraid to put a lot of your cards on the table (not all of them – you want to be able to negotiate later)!

Please contact Justin if you are not already working with a top-notch Realtor and getting the results you want.

Contact Justin Phillips today to see what an award-winning Realtor can do for you!

3rd Annual Pumpkin Carving Contest

Carve for cash!

Have you ever carved a pumpkin into a really scary jack-o-lantern or super unique design and thought it would win an award? This year could be your year to get recognized! Just submit a picture of your carved pumpkin

Amazon gift cards

Pumpkin Carving Contest Prize

to Justin’s Facebook page as a comment to this thread: Facebook Page Post. This year’s contest is awarding $25 gift cards for most creative/original and for scariest.

Make sure to get your pumpkins entered into the contest by midnight on Halloween. I will announce the winners the week after Halloween!

This contest started out as a client appreciation event but this year I’m opening it up to all people that connect with me on social media! With my architecture background, I like to put my creative talents to the test and carve some pretty sweet jack-o-lanterns. This year I am going to be carving one pumpkin in the spirit of our cousin that lost her battle to cancer a few years ago on my birthday. She posted a picture of a pumpkin she carved with a wooded scene and I am excited to replicate that in my one of my carvings. I’m hoping to do a time lapse video of the carving! Stay tuned! Here is a video with some more details on the contest:

Denver market is shifting

It’s true! As temps drop, so do prices!

The Denver market is seeing it’s typical seasonal slow down a little earlier this year. This is thanks in part to the 1,000’s of buyers that were extremely frustrated this summer and for the past 3 years with rising prices, bidding wars and lack of homes to buy. Usually Denver sees a slow down in home purchases in mid to late November, but this year, the slow down started in July! After dealing with bidding wars and waived contingencies, buyers were so frustrated that a lot of them decided to stay put and possibly remodel or improve their current residence. Craigs Menear, chairman, CEO and president of Home Depot stated, “We were pleased with our results this (2nd) quarter as our customers rewarded us with the highest quarterly sales in company history.” A lot of my buyers contributed as they hung up their “house buying” hat and put on their “house updating” hat. Sellers, of course, reaped the benefits by getting higher prices for their homes, buyers waiving contingencies, and being flexible on the closing date so the sellers could make their moving plans. That historic market has definitely affected today’s real estate in Denver.

For the past 3 weeks, the Denver Metro MLS has shown 1100-1500 price reductions on available properties for sale! This means that sellers (and their agents) have not gotten the message yet about the cooler market. They are listing their homes with summer prices and expecting a bidding war in a very short time, and that is simply not happening. Sellers are also counting on desperate buyers that will do anything just to buy their house, such as waiving their rights to inspection, covering low appraisal values and letting the sellers stay in the house rent-free after closing! Those times are on hold for the moment!

Don’t get me wrong, prices are still going up and all signs point to continuing price increases for the next couple of years. Denver still has a super-low unemployment rate with several companies moving their businesses to Denver and the Front Range in the coming years. We also have an insane amount of activities, concerts and sporting events as well as an awesome view of the Rockies. Our weather is super desirable by those that love sunshine while still experiencing all 4 seasons (sometimes all in one day!).

So what does all this mean to home buyers and sellers? Now is an awesome time to move up in house value! Properties priced under $400,000 are still in pretty high demand, but overall around Denver, buyers can expect to purchase a home at or slightly under the list price. There are always exceptions: for instance, if it is in a highly desirable neighborhood or priced lower than market value. Since their are still some buyers out there trying to get into their first home, selling your home and buying a home at a higher price point where there is less competition, means you can maximize the value of your home and the bargain you can get on a more-expensive home! People looking to downsize will experience the opposite effect and so I don’t recommend doing that this winter! The other factor driving buyers to act now instead of waiting until next spring/summer is the fact that the FED is going to slow down their purchases of mortgage backed securities thus making the interest rates finally start rising as promised.

Historically, Denver has always seen an increase in prices on average. Waiting until next year to purchase your home only means you will have to pay more and may not be able to afford the house that you want to buy this year. This fall and winter will be the ideal time to sell your starter home and buy a more expensive home! If you are thinking about building a home, lock in the price now so that you will close when the market is hot and gain instant equity! I personally have done that and it is a great feeling when you close on a house and know that it is worth more than you are paying! Check out my YouTube Channel to find out more about building a home as that is my speciality!

If you want to get in touch with me to run some numbers, fill out the form below and I will get in touch with you ASAP!

Let’s see what happens to the Denver Market

Should we wait to buy?

I hear that time and time again. I don’t want to buy right now because the Denver Real Estate Market is inflated and I don’t want to overpay. In fact, that is one of the main worries among all the buyers I have talked to in the past couple of years. It is the one worry I do not have a crystal ball for. Buyers are also worried about buying a lemon of a house, but that is what inspections are for.

Everyone wants to know what the market will do in the upcoming years so they can begin to plan their housing strategy now. I know buyers are not getting as good of a deal than if they had bought last year or anytime in the last 10 years, but they are just going to have to bite that bullet if they want to move on.

Here is what we do know:

Waiting to buy is bad

It will cost you more to wait!

  1. Historically, prices have been increasing on average since homes were first being bought and sold by our ancestors. There may be some downfalls in price and season slow-downs, but overall they will continue to increase.
  2. Denver continues to see more large companies moving their operations here. People are enjoying more of our parks, mountains and many other outdoor activities and finding they want to stay here.
  3. More people are moving to Denver than there are houses being built. We have an incredible shortage of homes for sale. As the law of supply and demand shows us, the constant high demand for housing creates more value in the houses that are available and in turn the prices go up.
  4. Interest rates on mortgages are going to increase. The government has warned us over and over that they are raising rates. While their rate increases do not directly affect mortgage rates (as seen by the recent reduction in interest rates), we do know that eventually they will balance out and increase.

If you have ever thought about buying a home, now is the time. Please let me help you or anyone else you know that is considering buying a home in Denver. You may not be the early bird catching the worm, but the longer you wait, the harder it will be to swallow the worm you get!

 

Upcoming Denver Listing

I have been contacted by the owners that have inherited this little house in Denver to possibly sell it in the near future. It is a very small 1-bedroom, 1-bathroom ranch house located on the edge of the College View Neighborhood just south west of downtown Denver. There is a ton of potential in this house for whoever fixes it up and then re-sells it. Please subscribe to this blog and send me a message if you want to be kept in the loop about this one!

Where are all the homes for sale?

I thought I would write a quick blog post about the lack of inventory out there for my buyers. If you have ever considered selling your home and either buying something bigger or moving out of state, now is definitely the time! I have five buyers actively looking for homes all round Denver down to Colorado Springs, and we are having quite a hard time! Properties are flying off the market and getting bid up way more than they are worth. This causes problems not only for buyers, but also for the sellers when they have to deal with being inundated by buyers and real estate agents and then figuring out what to do when their house does not appraise for the agreed purchase price. I just attended a great class about how to “help” the appraiser so that all parties to the transaction can move forward confidently.

When working with my buyers, I have several strategies to help them get their offer accepted over competing offers. Working with sellers, I help ease the stress that comes with the frenzy of buyers in this market by providing a simple breakdown of the competing offers and my professional opinion backed by 10 years of experience of what the advantages and disadvantages of each offer. I prefer to work in Jefferson County as I know that area best and that is where I spend most of my time, but I have clients all the way east out to the airport and south to Colorado Springs. Please call me if you or anyone you know has talked about selling their home – I would love to meet with them, and chances are I might already have a buyer for their home (which would save them money and time!).

La Fondue – downtown Denver

We had the opportunity to go out to dinner in downtown Denver for my daughter’s birthday on New Year’s Day. My daughter wanted to go to a fondue restaurant, and since her first choice (The Melting Pot) was closed on New Year’s Day we easily made reservations at La Fondue. We had seven in our party and the place was not overly crowded because it had apparently been quite the party spot the night before. All of the staff seemed to be still recovering! The food was excellent and we had a plentiful amount of Lobster and Steak for our fondue. The only thing lacking was the clearing of the dirty dishes and glasses. Overall we had a great time and will go back in the future.

New Featured Listing in Lakewood!

674 South Youngfield Court

Come and check out this remodeled town home! This home is move in ready! The great neighborhood is quiet with great views of the mountains! This home also has it’s own detached 2-car garage and maintenance-free living! The HOA covers the water/sewer, building and grounds maintenance and removal of trash and snow! With a smaller comp right around the corner at a similar price, this one has great value!

 

 

For more information or to set up a private showing, please fill out the form below: