Home ownership – lowest in 19 years

Home ownership – lowest in 19 years

Home ownership in the U.S. hit a peak in 2005 and began a long slide in 2007 leading into the recession. Currently home ownership is at its lowest rate in 19 years. The Census Bureau released a report Tuesday showing that home ownership is down. The seasonally adjusted home ownership rate in the first quarter of 2014 was 65.0 percent. Though only a slight drop from the 65.1% rate the Census reported for most of last year, it’s officially the lowest rate since the second quarter of 1995. Home ownership has twice surpassed 69%, once in 2004 and once more in 2005. Those were the highest (seasonally adjusted) rates recorded since 1980. Starting in 2007 the rate began to drop and has continued to do so ever since. With home ownership down, the availability of rental space has tightened. The rental vacancy rate has dropped from 11% in mid-2009 to 8.3% in the first quarter of this year. That’s up one tenth since the final quarter of last year. The rental vacancy rate was below 8% for most of the 1990s and even lower during the 1980s.  by JOHN SEXTON 1 May...

Is it the Correct Time to Sell your Home?

… Seven years after the housing market began to collapse, rising prices and thinner inventories are presenting new opportunities for home sellers. Some hot markets are even seeing multiple offers for the same property—a phenomenon rarely seen since the boom years—as buyers become more confident and seek to take advantage of today’s near-record-low mortgage rates. Home prices nationally climbed 8.3% in December from the same period a year earlier, according to CoreLogic, CLGX +3.14% a real-estate analytics company. The increase was the largest since May 2006 and the 10th consecutive monthly gain. The CoreLogic figures include foreclosures and other distressed sales. The gains are good news for would-be sellers who have been stranded on the sidelines since home prices peaked in 2006. Nearly one in four homeowners and renters say now is a good time to sell a home, according to a survey released this month by Fannie Mae,FNMA +0.71% the government-backed mortgage company, up from 11% a year earlier. “You will unambiguously see more people test the water,” says Thomas Lawler, an independent housing economist in Leesburg, Va. He expects home prices to rise another 3% this year. Thinking about selling? You are likely to find a buyer more quickly and at a better price if you factor in local market conditions and recent sales before setting an asking price, burnish your home’s Internet profile and plan ahead for a home appraisal. Acting soon may pay off as well. While trends vary by region, buyer search activity generally peaks in March and April, while seller listings peak in July, says Jed Kolko, chief economist at real-estate website Trulia.com. “Most sellers would be better off if they pushed...

It’s becoming a Seller’s Market

In Denver, it’s been a seller’s market in many neighborhoods since April, 2012.  Find out if it’s a good time to sell in your neighborhood by contacting me for a free analysis. ~ Rick Janson, Realtor for Denver Article By Nick Timiraos Wall Street Journal National Association of Realtors The National Association of Realtors said on Thursday what home buyers in many parts of the United States have known for months: it’s becoming a seller’s market. The number of homes listed for sale in January fell by 4.9%, leaving 1.74 million properties on the market. That’s the lowest since December of 1999, when there were 1.71 million homes on the market. By contrast, there were 2.91 million homes on the market two years ago at this time. After adjusting for seasonal factors, home sales rose by just 0.4% in January, to an annual rate of 4.92 million units. Still, that’s up from 9.1% one year ago. The upshot is that there’s a growing pool of buyers chasing a shrinking supply of homes. If the trend holds, prices will keep going up. At the current pace of sales, it would take just 4.2 months to sell the current supply of homes available for sale, down from a 6.2 months’ supply one year ago. While inventories typically increase in the spring, the Realtors’ group has expressed growing concerns that sales volumes are being held back by the lack of choice. This is good news for homeowners who have watched home prices drop over the last six years, but it’s bad news for buyers—and for anyone that makes their living selling real...

New Construction News Feed

The DenverInfill Blog provides news, ideas, and commentary about urban development in the Mile High City. The DenverInfill.com website was created in 2004 by Ken Schroeppel, an urban planner who lives and works in Downtown Denver. The primary purpose of the blog and website is to track the numerous urban infill developments in the greater Downtown Denver area. 1500 Market Update #5 The great little infill project at 15th and Market Street in Lower Downtown has gone up at an incredible pace and is nearing completion. We first reported that 1500 Market, formerly 1510 Market, was under construction just under nine months ago. As a refresher, this is a four-story building with 16,000 square feet of office space. Let’s start out with the exterior of the project. The facade is complete and the finishing touches are being made on the ground floor. The structural steel is integrated into the facade versus being covered up by another material, such as brick or glass. See our first update for more details on how this went through the Lower Downtown Design Review process. For the next part of this update, we are going to take a look inside the project. A big thank you to Fred Glick of Seed Acquisitions LLC for inviting DenverInfill on a tour! Let’s start on the roof and go down from there. Both the Rocky Mountain Seed Building, which will be integrated into this project (more on that later), and 1500 Market feature a rooftop patio. The rooftop gives you a great view of Denver’s most modern skyscraper cluster. GoSpotCheck is going to be tripling their space...

Brookfield Homes close to opening first homes in Midtown

A rendering of a model at Midtown of Clear Creek Highlights: Brookfield Homes building biggest urban infill development this close to downtown in decades. Homes in Midtown of Clear Creek near Highland at a fraction of the cost. Homes are super-energy efficient. Brookfield Homes of Colorado next month is scheduled to officially showcase its 184-acre Midtown of Clear Creek community, which it believes is the largest urban infill development underway in the Denver area. Brookfield Homes, a division of Brookfield Residential, will have 50 homes in the first phase of the community at 67th Avenue and Pecos Street, which eventually will have 1,300 homes. “We think this is the largest single-family development built within five miles of downtown in 40 years plus,” said Perry Cadman, general manager of Midtown at Clear Creek. The energy-efficient homes Brookfield is building will be priced from the high $340,000s and will range in size from 1,793 square-feet to 2,188-square-feet, Cadman said. A community open house is scheduled for March 9. David Weekley Homes also is building at Midtown, with homes priced from $290,990 to $340,990 and ranging in size from 1,497 square feet to 2,303 square feet. Cadman, a 30-year veteran of home buildings in Colorado, said he has never seen a stronger reaction by consumers for a new community than at Midtown. Part of the interest may be the unprecedented lack of inventory of resale homes in the Denver area. There were only 7,094 unsold homes on the market in the Denver area at the end of January, according to Metrolist, which may be the  lowest inventory level since the 1970s. Cadman, who...
Denver Real Estate Trends 2013

Denver Real Estate Trends 2013

“It tough to make predictions, especially about the future.” Yogi Berra Wouldn’t the real estate business be so much easier if we had a crystal ball? Guess what? You do have one if you choose to pay attention to everything around you. Use it and you’ll be better off in 2013 and beyond. Here are some reasonable predictions about what we might see in 2013, and more importantly, how you might capitalize on them. Interest rates will begin to rise slowly. Let me say right up front, I’m not an economist but many of them, along with lots of other industry analysts, say there’s little doubt rates will rise. And by the fourth quarter of 2013 we’re liable to see them a full point higher than they are right now. How do you capitalize on this? You have to go at your business with a stronger sense of urgency. Yes, you’ll find some sellers who’ll tell you they want to wait till prices raise more. The thing they’re not taking into account is that the longer they wait, the more they themselves will be paying in interest for their new home. So it works both ways. Buyers – and sellers – need to have a sense of urgency during low interest rates. Home sales will rise between six to eight percent. Bullish analysts predict upwards of 10 percent increases; bears say go as low as two percent. Somewhere in the middle is reasonable. Now, how do you cash in on this information? It’s easier to sit on a stool with three legs instead of one. If you broaden your base with some...