The real estate market is constantly changing, especially in the local Denver market. We like to keep an eye on it for you, so we can let you know whatâs going on! Hereâs the latest update:
Data from ReColorado from November 1, 2020 to November 30, 2020.
At 5,236, monthly sales are up 22% from this same time last year in the Denver metro area. While the sales are up from November 2019, they are 19% lower than sales in October. A decrease in monthly sales between October and November is fairly common.
Data retrieved from RE Colorado.
November saw 3,695 new listings in Denver. This is a 1% increase from the previous November and a 40% decrease from October of this year, continuing the trend of a slow down as we move into the colder months.
Data retrieved from RE Colorado.
The average sale price for homes in the Denver metro area in November was $547,094. This is a 13% increase from November 2019 and just a decrease of 2% from October of this year. Single-family homes are selling for higher prices than multi-family residences, such as townhomes and condos. The average sale price for a single-family home was $224,195 higher than multi-family residences.
Data retrieved from RE Colorado.
Days on Market (DOM)
The number of days on market continues to drop, with an average of 22 days and a median of six days during November. The average is a 13-day decrease from last Novemberâs average and a 2-day decrease from this October, while the median is a 13-day decrease from last November and a 2-day decrease from this October.
Single-family residences spent an average of 6 days fewer on the market than multi-family residences.
Data retrieved from RE Colorado.
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Get more tips on navigating the Colorado real estate market!
5 Tips to Help You Afford Your First Home
Common Home Buying Fears and How to Overcome Them
Can You Buy and Sell a Home at the Same Time?
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The post Homieâs Denver Housing Market Update November 2020 appeared first on Homie Blog.
The coronavirus has galvanized many die-hard city dwellers to pack up and flee for the suburbs or beyond. But how easy is it to pull off such a drastic move during a pandemic?
Just ask Angela Caban, a former Broadway dancer and decorative painter who, after 28 years of living in New York City, reached her breaking point in April. Quarantined in a cramped apartment in Queens, hearing sirens wailing all night, she decided to buy a house in Charleston, SC,Â an area she’d grown to love during her frequent work trips there over the years.
Yet since Caban was on lockdown in New York, she had to shop for homes remotely and make offers without seeing places in person. Here’s what it was like to buy a house sight unseen, and the lessons she learned that might inspire other longtime urbanites and first-time home buyers to make the leap themselves.
Location: Hanahan, SC House specs: 1,804 square feet, 4 bedrooms, 2 baths, separate barn List price: $234,000 Price paid: $232,000
How did the pandemic play into your decision to leave NYC?
You give up a lot to live in New York because it has a lot to offer, but when those things go away, you start to question why youâre giving up so much.
Once COVID-19 hit in March, April, and May, I was stuck in my apartment for three months straight with no work. I wasn’t getting unemployment because that hadnât kicked in. I had no outdoor space to speak of. I just wanted to have some room to roam, be in nature, and not feel desperate. Thatâs what put me over the edge.
I felt like no matter how difficult New York had been in the past, this was a whole new ball of wax. I was there for 9/11 and Hurricane Sandy. When other tragedies had hit New York City, people were saying, “Weâre in this together.”
When COVID-19 hit, all of a sudden there was suspicion. Everybody was frightened of everyone else.
Watch: Listing Agents Answer Our Burning Questions About the ‘Silence of the Lambs’ House
The ambulance sirens were nonstop. Plus, my small apartment was directly on the street, with the garbage cans right outside my window. So when I tried to open the windows during the pandemic, there were roaches coming in. I was like, “I can’t do this anymore.”
What made you choose Charleston as your new home?
Iâd have work meetings down here, and I had fallen in love with the area. I liked the sense of history, the weather. And financially it was doable. My mortgage now is less than half my rent for my tiny apartment in New York City.
How did your house hunt go?
I started looking near the end of April. I put an initial offer in on a house that fell through after the home inspector I’d sent to look at it said it would fall down in two years. Then I was in a panic because Iâd already given notice on my New York apartment. So basically I had six weeks total to find another house and close on it.Â
What were your biggest challenges?
There was no inventory. Every house I looked at and said, “Oh, that’s a possibility,” would be gone by the time I called. An hour after being listed, the house would no longer be accepting offers!
How did you find the house you eventually bought?
Lucky for me, this house had been on the market for 60 days. I don’t know if it was because the photos were crappy, or the fact that the neighborhood was considered a little dicey. But Iâm from New York, so the neighborhood seemed comfortable to me. I put an offer in within 48 hours of losing the other house.Â
Wasn’t it scary to buy a house you hadn’t seen in person?
I was emboldened because I could always back outâyou have two weeks to do so when bidding on a house. So I got in the car and drove down to look at it two days after my offer was accepted. I literally did it all in one day; it took me 12 hours to drive down. I saw the house and drove around for about two hours, and then I drove back because I had to start packing! I literally didn’t sleep for 26 hours. It’s probably why I have more gray hair now than I should.
How did the house look once you saw it, compared with the photos online?
It was much better than I thought. There is a lot of detailing, dental molding, wainscoting, and paneling in the living room, along with 16 windows that let in a lot of light. Plus, there’s the barn in the back that is another 600 square feet or so. My eventual plan is to make a workshop and a place to make art and teach.
How was the mortgage process?
It was a nightmare. Nobody wants to give mortgages to a single, female, sole proprietor who does not have pay stubsâespecially during COVID-19, when theyâre afraid people may default on their loan. They had also enacted new COVID-19 regulations that meant I had a boatload more paperwork. I had to submit letters from clients, proposals for work that was going to happen, invoices for work that I was still waiting to be paid for. … It was insane. I joked with them that I had to give them everything except a bone scan.
How did you finally secure the loan?
Thanks to the help of my real estate agent, John Bell of Southern Bell Living, and his mortgage broker, Ethan Lane at Mortgage Network. They were amazing, and I was an absolute basket case: “What else do you want from me? I have no place to go. I’m going to be homeless!”
I look forward to giving them both a hug someday after COVID-19 is under control.
How did you close on the house during the pandemic?
That is a whole additional saga. I was finishing up a painting job in New York when all of a sudden on Friday they said, “You’re closing on Monday,” so I had to get an attorney to attend the closing for me. To get that, I had to get a statement notarized. In the middle of COVID-19! I met the notary on the street, but then I had to have two witnesses! It took me asking 18 strangers to find two people who said they’d help.
How did you pull off a move during the pandemic?
I couldnât get a truck in New York. So I packed my car and drove down to Charleston, where I dropped off my cats in the new house. Then I rented a U-Haul and drove it back to New York, hired two guys who then met me at my old apartment, packed the truck. Drove it back down to South Carolina, where I hired two more guys to help me unload the truck, and voilÃ .
Was leaving New York hard after living there for 28Â years?
Leaving was difficult because you almost feel like itâs a badge of honor that you’re a survivor in New York City. But down here, I finally feel like I can actually live my life instead of just trying to make it from one month to the next. I can think big thoughts and make big things happen, for which I simply didnât have the energy in New York.
Now that you’ve lived in Charleston for a few months, how are you feeling?
It’s like I can finally breathe, and I absolutely love it. I sit every morning out on my back patio and watch woodpeckers, blue jays, and cardinals. I have roses that are blooming that I planted.
What advice would you give first-time home buyers and others looking to move now?
When you’re looking at homes online, don’t immediately discount a property just by how it looks in its photos. It’s like online dating that way. You need to see how it feels once you’re face to face and interacting with the space. Luckily, though, the minute I saw it in person, I knew I would be very happy here.
The post ‘I Bought This House Based on Listing Photos Alone’: Was It Worth the Risk? appeared first on Real Estate News & Insights | realtor.comÂ®.