Every Spring, Denver experiences a boom in home sales, and this year is no different. Single-family homes increased in value tremendously last month as buyers and sellers raced to make deals. In February, average home prices were in excess of $500,000, and they continued with a substantial increase of 3.8 percent the following month, up to $522,227. In fact, single-family real estate has increased by 11.7 percent since New Year's Day.
The decision to buy or sell a home is never an easy one to make. After all, most Colorado residents will want to sell their homes at the highest value and buy their homes at the lowest value. Aside from finding an eager seller in a buyer's market, or an eager buyer in a seller's market, the price a home is sold at will largely depend on current market indicators. With this in mind, home prices in the Denver area have skyrocketed, making it feel like a seller's market in Denver.
Homeowners' associations (HOAs) are great for making sure your neighborhood stays safe, clean and respectable. However, HOAs, with their fees and other requirements, can also represent a serious difficulty and challenge for certain neighborhood residents. As such, before you purchase a property in a neighborhood with an HOA, you'll want to understand everything you can regarding the HOA -- especially when it comes to the fees you'll be required to pay.
Eagle County real estate has slowly recovered from the real estate collapse following the 2005 to 2007 real estate bubble. In fact, the real estate market in Eagle County saw its best year since 2007 -- for the number of transactions and sales volume. It's been a long road to recovery, and Eagle County is finally there.
If you are preparing to list your property on the market or are starting a search for a new home or commercial property, you should know the basics of a real estate transaction. You don't need to be well-versed in the mechanics of the transaction, but you should have some knowledge so you know what to expect. Today, we will discuss the basics of a real estate transaction in Denver.
When you buy a home in a short sale, a bank will allow the owner of the home to sell you the property at a discounted rate in order to pay off the existing mortgage. However, just because the home seller accepts your offer, it doesn't necessarily mean that the bank will accept it. Ultimately, the seller will need to qualify for the short sale through the bank before the transaction can be carried out.
When you own a condominium property, it's likely that you belong to a Homeowners Association (HOA). You may also belong to an HOA if you live in a neighborhood. While there are many benefits to belonging to an HOA -- such as rules that require neighbors to keep their houses beautiful so property values stay as high as possible -- there are some disadvantages, too. These disadvantages become particularly apparent when a homeowners association is in a bad state of financial health.
In September, the online retail giant Amazon announced that they are seeking to build a second corporate headquarters and are waiting on competing bids from state and local governments. The New York Times named the Denver area as the best choice for the new headquarters, which promises to bring up to 50,000 jobs and $5 billion in local investments.
If it looks like your home will be foreclosed by your lender in Colorado, you may still have some options that you could employ as an alternative to the foreclosure process. This article will take a look at three potential foreclosure alternatives, which you can discuss with your lender to determine if you qualify.