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  • The Terrell Davis Group at EXP Realty, LLC Blog

    Monday, July 23, 2018   /   by Kevin Schumacher

    Front Range Real Estate Market June Newsletter

    Market Updates by County
    Northern Colorado
    The summer housing market is in full swing and there is an overstock of buyers in the Northern Colorado market. Compared to this time last year, Single-Family home prices have increased 8.9% in Larimer County bringing the average home price to $462,358. The average home price has increased by 7.9% in Weld County to $381,489. While average home prices have increased we are seeing a lower inventory of homes for sale in both counties compared to 2017.
    Click Here to read the full report for Larimer County
    Click Here to read the full report for Weld County
    Denver
    Similar to the Northern Colorado market, home inventory for buyers is the biggest hurdle Realtors® are facing. Earlier this year the average home price in Denver crossed the 1/2 a million mark. Home values are still on the rise with the average home price in Denver currently at $578,670, an 11.6% increase from 2017-2018. 
    Click Here to read the full re ...

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      championship real estate, colorado real estate, front range, terrell davis group

    Monday, July 23, 2018   /   by Kevin Schumacher

    Lack of Listings Slowing Down the Market

    As the real estate market continues to move down the road to a complete recovery, we see home values and home sales increasing while distressed sales (foreclosures and short sales) continue to fall to their lowest points in years. There is no doubt that the housing market will continue to strengthen throughout 2018.
    However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory!
    Here’s what a few industry experts have to say about the current inventory crisis:
    Lawrence Yun, Chief Economist for the National Association of Realtors
    “Inventory coming onto the market during this year’s spring buying season…was not even close to being enough to satisfy demand, that is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.”

    Sam Khater, Chief Economist for Freddie Mac
    “While this spring’s sudden rise ...

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      championship real estate, colorado real estate, front range, terrell davis group, market trends

    Friday, July 20, 2018   /   by Kevin Schumacher

    What You Need to Know About the Mortgage Process [INFOGRAPHIC]

    Some Highlights:

    Many buyers are purchasing a home with a down payment as little as 3%.
    You may already qualify for a loan, even if you don’t have perfect credit.
    Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.

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      championship real estate, colorado real estate, front range, terrell davis group, buyers, first time homebuyers

    Monday, July 16, 2018   /   by Kevin Schumacher

    Busting Real Estate Myths: You NEED a 20% Down Payment to Purchase a Home

    One of, if not the BIGGEST, misconception about real estate is that you must have a 20% down payment in order to purchase a home. We are here to tell you that is not the case. In fact, the Realtors Confidence Index from the National Association of Realtors just released that 61% of first-time homebuyers purchased their home with down payments below 6% in 2017. Just in March, 71% of first-time buyers and 54% of all buyers put less than 20% down! 
    The Denver Post released an article two days ago titled "Saving for a down payment could take Colorado renters nearly 12 years." The article uses simple math to estimate that with an average home price in Denver of $398,000 that a 20% down payment that you would have to bring to the table is $79,600. A large and rather scary number, especially to the first time homebuyer! This information alone can have buyers disqualifying themselves without even trying.
    The Aspiring Home Buyers Profile from ...

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      championship real estate, colorado real estate, front range, terrell davis group

    Monday, July 02, 2018   /   by Kevin Schumacher

    How A Lack of Inventory Impacts the Housing Market

    The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. The market will continue to strengthen in 2018.
    However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. Buyer demand naturally increases during the summer months, but supply is not keeping up.

    Here are the thoughts of a few industry experts on the subject:
    Lawrence Yun, Chief Economist at National Association of Realtors
    “The worsening inventory crunch through the first three months of the year inflicted even more upward pressure on home prices in a majority of markets. Following the same trend over the last couple of years, a strengthening job market and income gains are not being met by meaningful sales gains because of unrelenting supply and affordability headwinds.&rd ...

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      championship real estate, colorado real estate, front range, terrell davis group, sellers