Colorado Real Estate News & Denver Real Estate Statistics Blog

In addition to being a collector of Denver real estate news and a generator of Denver real estate statistics, I will use this to share my experience, view point, and advice as a Denver Realtor & Denver real estate agent.

Nov. 30, 2023

Insightful Guide on FHA and Conventional Loans for New Homebuyers

 

Insightful Guide on FHA and Conventional Loans for New Homebuyers

Embarking on the homebuying journey, new buyers often face the challenge of choosing between FHA and conventional loans. Our guide elucidates the intricacies of each to enhance your decision-making process.

Detailed Exploration of Property Condition Standards

In-depth Analysis of FHA vs Conventional Property Standards

Homes financed via FHA loans must meet rigorous safety and habitability criteria, addressing issues such as deteriorating paint and ensuring fully functional kitchens and bathrooms. In contrast, conventional loans, while generally more lenient, may still necessitate significant repairs for defects like damaged roofing or faulty mechanical systems as identified during appraisals.

Rules for Non-Occupant Co-Borrowers in FHA and Conventional Loans

FHA loans typically require that non-occupant co-borrowers be family, with a maximum LTV of 96.5%. Conventional loans, offering a bit more leeway, generally set the LTV maximum at 95% when including co-borrowers.

Breaking Down Down Payment and Gift Fund Provisions

Overview of Down Payment for FHA and Conventional Loans

With FHA loans, a minimum down payment of 3.5% is required, originating from the borrower's resources or through assistance programs. Conversely, conventional loans provide the opportunity for the full down payment to be gifted, offering a degree of flexibility appealing to many first-time purchasers.

Comparative Overview of DTI and Housing Expense Ratios

FHA loans are often more lenient, allowing for higher DTI ratios, potentially up to 57%, as opposed to conventional loans which typically cap at 49%. This factor is particularly significant for borrowers managing various income and debt elements.

Evaluating Costs: FHA Versus Conventional Mortgages

FHA loans include a 1.75% upfront mortgage insurance premium and ongoing insurance for loans with less than a 10% down payment. Unlike FHA, conventional loans do away with mortgage insurance automatically as the LTV ratio hits 79%, without necessitating an upfront insurance fee.

Rate and Credit Score Comparison Between FHA and Conventional

FHA loans usually offer more favorable interest rates and accommodate lower credit scores, presenting an accessible option for new buyers, particularly in scenarios with higher LTV ratios.

Loan Limit Differences: A Key Consideration

The limits for FHA loans are calculated as a percentage of conventional loan limits, impacting the maximum amount that can be financed. For instance, if a conventional loan has a limit of $766,550, the FHA counterpart would likely be near $498,257.

Commence your mortgage adventure with our application process.

Ascertain your home's market value using our Home Value Estimator.

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Reach out to Christopher Gibson for expert advice:

Investigate reverse mortgages as alternative options.

Secure your perfect property with Realty of Colorado.

© 2023 Christopher Gibson. All rights reserved.

Nov. 29, 2023

2024 Colorado Conforming Loan Limits: FHFA Changes

Understanding the 2024 Colorado Conforming Loan Limits from FHFA

The Federal Housing Finance Agency (FHFA) plays a pivotal role in the U.S. housing market, particularly in setting the 2024 Colorado conforming loan limits. These limits are crucial as they dictate the maximum loan amounts for standard mortgages backed by government-sponsored enterprises like Fannie Mae and Freddie Mac. Learn more about Conforming Loan Limits from FHFA.

 

 

What are the 2024 Colorado Conforming Loan Limits from FHFA?

For 2024, the FHFA has set the conforming loan limit at $766,550, a 5.5% increase from 2023. This adjustment reflects changes in the average U.S. home price, allowing borrowers in areas like Colorado to access higher loan amounts under favorable terms. Start your mortgage application today.

High Balance Loans: A Closer Look

In high-cost areas, the conforming loan limits are stretched to accommodate the higher property values. For 2024, the high balance limit is set at $1,089,300. However, these loans often come with higher interest rates due to the increased lending risk. Get a home value estimate.

 

Metro Denver's Unique Position

Metro Denver stands out with a conforming loan limit of $816,500 for 2024. Other high-cost counties in Colorado may experience even higher limits, reflecting the diverse real estate market within the state. Search homes for sale in Colorado.

 

Understanding Jumbo Loans

Loans exceeding the conforming limits are categorized as Jumbo Loans. These are significant for luxury properties or high-cost areas, requiring stringent borrowing criteria due to the absence of government backing. Use our payment calculator to explore options.

 

Act Now: Closing 2024 Loans in 2023

Interestingly, borrowers can close on these 2024 loan limits right now in 2023, offering a unique opportunity for those looking to invest in Colorado's dynamic real estate market. Contact us for personalized assistance.

 

2024 Colorado Conforming Loan Limits Table

 

County Name One-Unit Limit Two-Unit Limit Three-Unit Limit Four-Unit Limit
ADAMS COUNTY $816,500 $1,045,250 $1,263,500 $1,570,200
ALAMOSA COUNTY $766,550 $981,500 $1,186,350 $1,474,400
ARAPAHOE COUNTY $816,500 $1,045,250 $1,263,500 $1,570,200
ARCHULETA COUNTY $766,550 $981,500 $1,186,350 $1,474,400
BACA COUNTY $766,550 $981,500 $1,186,350 $1,474,400
BENT COUNTY $766,550 $981,500 $1,186,350 $1,474,400
BOULDER COUNTY $856,750 $1,096,800 $1,325,800 $1,647,650
BROOMFIELD COUNTY $816,500 $1,045,250 $1,263,500 $1,570,200
CHAFFEE COUNTY $766,550 $981,500 $1,186,350 $1,474,400
CHEYENNE COUNTY $766,550 $981,500 $1,186,350 $1,474,400
CLEAR CREEK COUNTY $816,500 $1,045,250 $1,263,500 $1,570,200
CONEJOS COUNTY $766,550 $981,500 $1,186,350 $1,474,400
COSTILLA COUNTY $766,550 $981,500 $1,186,350 $1,474,400
CROWLEY COUNTY $766,550 $981,500 $1,186,350 $1,474,400
CUSTER COUNTY $766,550 $981,500 $1,186,350 $1,474,400
DELTA COUNTY $766,550 $981,500 $1,186,350 $1,474,400
DENVER COUNTY $816,500 $1,045,250 $1,263,500 $1,570,200
DOLORES COUNTY $766,550 $981,500 $1,186,350 $1,474,400
DOUGLAS COUNTY $816,500 $1,045,250 $1,263,500 $1,570,200
EAGLE COUNTY $1,149,825 $1,472,250 $1,779,525 $2,211,600
ELBERT COUNTY $816,500 $1,045,250 $1,263,500 $1,570,200
EL PASO COUNTY $766,550 $981,500 $1,186,350 $1,474,400
FREMONT COUNTY $766,550 $981,500 $1,186,350 $1,474,400
GARFIELD COUNTY $1,149,825 $1,472,250 $1,779,525 $2,211,600
GILPIN COUNTY $816,500 $1,045,250 $1,263,500 $1,570,200
GRAND COUNTY $766,550 $981,500 $1,186,350 $1,474,400
GUNNISON COUNTY $766,550 $981,500 $1,186,350 $1,474,400
HINSDALE COUNTY $766,550 $981,500 $1,186,350 $1,474,400
HUERFANO COUNTY $766,550 $981,500 $1,186,350 $1,474,400
JACKSON COUNTY $766,550 $981,500 $1,186,350 $1,474,400
JEFFERSON COUNTY $816,500 $1,045,250 $1,263,500 $1,570,200
KIOWA COUNTY $766,550 $981,500 $1,186,350 $1,474,400
KIT CARSON COUNTY $766,550 $981,500 $1,186,350 $1,474,400
LAKE COUNTY $766,550 $981,500 $1,186,350 $1,474,400
LA PLATA COUNTY $766,550 $981,500 $1,186,350 $1,474,400
LARIMER COUNTY $766,550 $981,500 $1,186,350 $1,474,400
LAS ANIMAS COUNTY $766,550 $981,500 $1,186,350 $1,474,400
LINCOLN COUNTY $766,550 $981,500 $1,186,350 $1,474,400
LOGAN COUNTY $766,550 $981,500 $1,186,350 $1,474,400
MESA COUNTY $766,550 $981,500 $1,186,350 $1,474,400
MINERAL COUNTY $766,550 $981,500 $1,186,350 $1,474,400
MOFFAT COUNTY $766,550 $981,500 $1,186,350 $1,474,400
MONTEZUMA COUNTY $766,550 $981,500 $1,186,350 $1,474,400
MONTROSE COUNTY $766,550 $981,500 $1,186,350 $1,474,400
MORGAN COUNTY $766,550 $981,500 $1,186,350 $1,474,400
OTERO COUNTY $766,550 $981,500 $1,186,350 $1,474,400
OURAY COUNTY $766,550 $981,500 $1,186,350 $1,474,400
PARK COUNTY $816,500 $1,045,250 $1,263,500 $1,570,200
PHILLIPS COUNTY $766,550 $981,500 $1,186,350 $1,474,400
PITKIN COUNTY $1,149,825 $1,472,250 $1,779,525 $2,211,600
PROWERS COUNTY $766,550 $981,500 $1,186,350 $1,474,400
PUEBLO COUNTY $766,550 $981,500 $1,186,350 $1,474,400
RIO BLANCO COUNTY $766,550 $981,500 $1,186,350 $1,474,400
RIO GRANDE COUNTY $766,550 $981,500 $1,186,350 $1,474,400
ROUTT COUNTY $1,012,000 $1,295,550 $1,566,050 $1,946,200
SAGUACHE COUNTY $766,550 $981,500 $1,186,350 $1,474,400
SAN JUAN COUNTY $766,550 $981,500 $1,186,350 $1,474,400
SAN MIGUEL COUNTY $994,750 $1,273,450 $1,539,350 $1,913,000
SEDGWICK COUNTY $766,550 $981,500 $1,186,350 $1,474,400
SUMMIT COUNTY $1,006,250 $1,288,200 $1,557,150 $1,935,150
TELLER COUNTY $766,550 $981,500 $1,186,350 $1,474,400
WASHINGTON COUNTY $766,550 $981,500 $1,186,350 $1,474,400
WELD COUNTY $766,550 $981,500 $1,186,350 $1,474,400
YUMA COUNTY $766,550 $981,500 $1,186,350 $1,474,400

 

How is high cost determined for 2024 Colorado Conforming Loan Limits

The Housing and Economic Recovery Act of 2008 (HERA) requires annual adjustments to the Federal Housing Finance Agency's (FHFA) conforming loan limit (CLL) to reflect changes in the national average home price. Using the House Price Index (HPI), the FHFA's 2024 CLL increase is calculated at 5.56%. HERA also establishes high-cost area limits, set at a percentage above the baseline. For 2024, the maximum high-cost area limit is $1,149,825, 150% of the baseline $766,550.

 

Conclusion

Understanding the 2024 Colorado FHFA Conforming Loan Limits is vital for anyone looking to navigate the real estate market, whether it's opting for a standard, high balance, or jumbo loan.



2024 Colorado FHFA Conforming Loan Limits

Nov. 19, 2023

Chaffee & Lake Counties Real Estate Update: October 2023 Insights

 

Real Estate Chaffee and Lake Counties: October 2023 Deep Dive

Introduction

Immerse yourself in the October 2023 real estate landscape of Chaffee and Lake Counties, Colorado. This detailed analysis offers a comprehensive look at the real estate dynamics and unique natural features of these counties.

Exploring Chaffee County

Chaffee County's landscape, marked by the Arkansas River and the Sawatch Range, offers a unique mix of natural beauty and real estate potential. Explore Salida, the county's most populous city, and its surrounding areas, each with its distinct elevation and lifestyle.

Discovering Lake County

Lake County, known for its elevated living experience in Leadville, stands as a beacon of high-altitude living and a rich historical tapestry. This section of Colorado merges its mining heritage with modern-day recreation and tourism.

Chaffee and Lake County October 2023 Market Report

Median Close Price Trends

Reflecting on the real estate climate, October 2023 saw the median closing price in Chaffee and Lake Counties climb to $654,500, showing significant growth over the previous year and month, indicating a thriving market.

Median Close Price Trends

Snapshot of Active Listings

Tracking the active listings reveals a subtle rise to 52 in October 2023 from 49 in the same month last year, offering a broader scope for potential buyers in the current market landscape.

Active Listings Snapshot

Volume of Sales

Comparing sales volume, there were 248 transactions in October 2023, marking a noticeable increase from October 2022 and a slight dip from September 2023, showcasing a dynamic and active market.

Sales Volume Analysis

Price Ratio Insights

An intriguing aspect of the market is the close price to original price ratio, which slightly declined to 95% in October 2023, suggesting a nuanced shift in buyer-seller negotiations compared to the previous months.

Price Ratio Insights

Guidance from a Real Estate Connoisseur

Christopher Gibson brings a wealth of knowledge and expertise to the table for anyone navigating the real estate landscape of Chaffee and Lake Counties...

Christopher Gibson - Real Estate Expert

NMLS: 1910430
Phone: 720-449-6622
Email: C@ChrisRayGibson.com

Engage With Us Online

Keep up with the latest updates and insights by following us on our social platforms: Facebook, Instagram, LinkedIn, and Threads.

Further Resources

Nov. 19, 2023

Market Insights for Park, Gilpin, and Clear Creek - October 2023 Review

 

 

October 2023 Market Review: Park, Gilpin, and Clear Creek Regions

October 2023 Market Overview for Park, Gilpin, and Clear Creek

Market Overview

Uncover the key trends shaping the real estate market in the Park, Gilpin, and Clear Creek areas in October 2023. Our report dives into the nuances of market movements and their implications.

Spotlight on Local Regions

Explore the distinctive characteristics of the key locales within Park, Gilpin, and Clear Creek Counties, each contributing uniquely to the overall market dynamics.

Analysis of Property Pricing

Gain insights into the median pricing trends across these counties in October 2023, shedding light on the evolving real estate values.

October 2023 Property Pricing Analysis in Park, Gilpin, and Clear Creek

Inventory Insights

Delve into the active listing statistics for October, offering a perspective on the supply dynamics within these markets.

Inventory Analysis for October 2023 in Park, Gilpin, and Clear Creek

Sales Activity Overview

Analyze the sales activity in the region, highlighting the market's vibrancy and buyer-seller interactions in October 2023.

Sales Activity in Park, Gilpin, and Clear Creek for October 2023

Market Pricing Strategies

Examine the strategies behind pricing in these markets, based on the close to original price ratios observed in October.

Market Pricing Strategies in October 2023 for Park, Gilpin, and Clear Creek

Your Colorado Consultant

For expert insights into the Park, Gilpin, and Clear Creek real estate markets, contact Christopher Gibson. Christopher Gibson - Your Guide to Park, Gilpin, and Clear Creek Markets
NMLS 1910430
Phone: 720-449-6622
Email: C@ChrisRayGibson.com
More Info: gibsonreverse.com

Discover Real Estate Opportunities

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Nov. 11, 2023

Insights into Denver's Real Estate Market - October 2023 Analysis

Analysis of Denver's Property Market - October 2023

October 2023 has been a pivotal month for Denver's property market, showcasing trends and shifts crucial for investors and homeowners alike.

Exploring Metro Denver's Real Estate Landscape

Covering areas from Adams to Douglas County, Metro Denver's real estate scene is as diverse as it is dynamic. The region, encompassing cities like Boulder and Centennial, is known for its mix of urban appeal and scenic beauty, supported by esteemed school districts.

October 2023: A Detailed Market Breakdown

Denver's median housing price saw an uplift to $589,990 in October 2023, a modest increase from the previous year’s $575,000. This change signals a consistent rise in property value. On the other hand, a slight dip from September 2023's $591,000 median price points to a stabilizing trend.

October 2023 Denver Housing Price Trends

Inventory and Listings: A Shift in Dynamics

With a drop to 8,577 active listings in October 2023 from October 2022's 9,586, Denver’s market is tightening, making it more competitive for buyers. This trend is further emphasized by a decrease from September 2023’s figures.

Denver Property Market Listings Analysis - October 2023

Sales Figures: Interpreting the Numbers

The total sales in October 2023 reached 3,375, down from the previous year, hinting at a potential cooling phase in the market. However, the slight decrease from September's sales suggests a steady market.

October 2023 Denver Sales Volume Trends

Negotiation Patterns: Seller and Buyer Dynamics

October 2023's close price to original price ratio indicates a seller-favorable market, with homes selling closer to their listed prices. The market seems to be slightly shifting in favor of buyers compared to the previous month.

Denver Property Pricing Negotiation Trends

Explore mortgage solutions tailored for you at our mortgage application and assess your home value at Home Value Estimate.

The market patterns observed in Denver for October 2023 are crucial for understanding the future trajectory of the real estate sector. These trends not only affect purchasing decisions but also influence broader economic factors.

Staying updated with the latest market movements is key to making well-informed property decisions, whether you're involved in buying, selling, or investing.

For the latest property listings, visit Realty of CO. Check out reviews of our services at Find a Mortgage Broker and Google Maps.

Utilize our financial planning tools and connect with us at Gibson Home Loans for detailed guidance.

Nov. 3, 2023

Colorado Appraisal Incentive: Fee Waivers on Home Purchases

 

Waiving Appraisal Fees in Colorado for Real Estate Partnerships

Unlock Appraisal Fee Waivers in Colorado for Your Clients

We’re rolling out an enticing proposition for real estate professionals across Colorado. Direct your buyers to us, and we’ll waive the appraisal cost, imparting immediate savings for their home purchase journey.

Enhancing the Home-Buying Process

Appraisals set the stage for a well-informed home purchase. Our simple rule: for mortgage amounts exceeding $200,000 and chosen lender compensation plans with United Wholesale Mortgage, we eliminate the appraisal cost.

Benefits for Agents and Buyers

Realtors and buyers benefit mutually from this initiative. It's designed to reinforce the value you deliver, ensuring a smoother transaction from start to finish.

Accelerated Closing

Our appraisal fee waiver is tailored to speed up the mortgage cycle, which is key to faster closings, giving you an advantage in the fast-paced Colorado real estate market.

Streamlined Deals

Offer a seamless buying experience with our promotion, reducing the closing costs and enhancing transaction efficiency for your client.

Empowered Purchasing Decisions

Eliminating upfront appraisal costs grants buyers more leeway in their budget, which might be the decisive element for those deliberating their purchase. This flexibility can widen their property search and possibly uplift your commission prospects as their realtor.

Deepened Trust With Clients

Agents who extend appraisal cost waivers solidify client relationships, establishing trust. Such gestures contribute to client retention and referrals, cementing your status as a dedicated professional.

Elevate your client's buying capacity. Apply for their mortgage here. Alternatively, assess a home's worth promptly.

Project mortgage expenses using our calculator or converse with us directly here.

Discover our client-first philosophy at our About Us page.

To survey Colorado real estate listings, visit here.

This promotion applies to loan amounts over $200,000 with United Wholesale Mortgage selected for lender compensation. Exclusions may apply for FHA and reverse mortgages. Valid for closings within 2023. This offer is NOT limited to Colorado.



Nov. 2, 2023

Colorado Home Loan Traps

 

 

5 Pitfalls in Colorado Home Loan Process

Securing a home loan in Colorado is a pivotal financial step. While it's an exhilarating journey, there are certain traps that prospective homeowners should sidestep. Being well-informed about these colorado-home-loan-traps can shield you from potential hurdles during the property acquisition phase. Here are five essential pitfalls to steer clear of:

Avoid Frequent Job Changes

Having a consistent employment record is crucial when seeking a home loan. Financial institutions might perceive regular job transitions as a sign of economic unpredictability. If you've recently changed professions, it could raise concerns. Demonstrating a steady employment trajectory assures lenders of your reliable income stream for mortgage commitments. Stability in employment not only reflects your financial reliability but also your commitment to long-term endeavors, a trait that lenders value immensely.

Refrain from Large Purchases

The allure of decking out your new home with furniture or upgrading to a new vehicle is undeniable. However, substantial expenditures can endanger your home loan application. Such purchases, especially when made on credit, can alter your debt-to-income ratio, making you appear as a high-risk applicant to lenders. It's essential to maintain financial discipline during the home loan process. Any significant financial outlay can be misinterpreted as financial recklessness, which can jeopardize your loan approval.

Hold Off on New Credit Applications

Each new credit application can momentarily dip your credit rating. Financial institutions might interpret this as you grappling with your existing financial duties. It's prudent to delay any new credit pursuits until your home loan process reaches its conclusion. Every credit inquiry can shave off points from your credit score, and multiple inquiries in a short span can be detrimental. It's always a good strategy to space out your credit applications and be judicious about the credit you seek.

Ensure Timely Bill Payments

Stay updated with all your dues, be it loans, bills, or credit card settlements. A solitary delayed payment can dent your credit rating, complicating your home loan approval. Regularly monitor your financial obligations and set up alerts to never overlook a due date. A stellar payment history can significantly boost your creditworthiness, making you an attractive prospect for lenders. On the other hand, missed payments can linger on your credit report for years, serving as a red flag for potential lenders.

Clarify Any Unusual Funds

Unaccounted, substantial deposits in your banking records can evoke queries. Lenders need confirmation that down payments and closing costs are sourced legitimately. Any significant financial influx should be duly documented and rationalized. Whether it's a gift from a family member or proceeds from a sale, always have the necessary paperwork in place to substantiate the source of the funds.

When contemplating a home loan in Colorado, thorough knowledge and preparedness are paramount. Dodging these typical traps ensures a seamless and fruitful property buying experience. For further insights into navigating the Colorado home loan terrain and evading these colorado-home-loan-traps, reach out to our seasoned team. Delve deeper about our services, initiate your loan application, or browse properties on sale. If you're assessing your property's worth or formulating your budget, avail a property value assessment or utilize our payment estimator.

Typical Home Loan Traps in Colorado



Oct. 5, 2023

Colorado Real Estate Market Report & Statistics for September 2023

Metro Denver (Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, Jefferson)  (RECOLORADO)

Metro Denver Real Estate Market Statistic September 2023

  • Average sale prices are up 3.2% from 2022 and up just over half a percent from August. 
  • Median sale prices are up almost 1.4% from 2022 and up just over half a percent from August as well. 
  • Average days on market are 5 days longer than 2022 and 4 days longer than August. 
  • Median days on market are 2 days shorter than 2022 and 3 days longer than August.
  • Number of available homes for sale is down over 14% from 2022 and relatively even with August. 
  • Number of closed sales is down almost 24% from 2022 and down over 17% from August. 

Larimer / Weld County  (RECOLORADO)

Larimer & Weld County Real Estate Market Statistic September 2023

  • Average sale prices are down less than 1% from 2022 and down 2.7% from August. 
  • Median sale prices are up just over half a percent from 2022 and up just over 1% from August.
  • Average days on market are 13 days longer than 2022 and 5 days longer than August. 
  • Median days on market are 9 days longer than 2022 and 5 days longer than August.
  • Number of available homes for sale is down over 40% from 2022 and 22% from August. 
  • Number of closed sales is down almost 24% from 2022 and almost 11% from August. 

Park / Gilpin / Clear Creek County  (RECOLORADO)

Park County & Clear Creek County & Gilpin County Real Estate Market Statistic September 2023

Sept 2022 must have had an outlier because it significantly deviated from August & October.

  • Average sale prices are down over 27% from 2022 but just 1% from August. 
  • Median sale prices are up just over 23 percent from 2022 and down just over 9% from August.
  • Average days on market are 8 days longer than 2022 and 13 days longer than August. 
  • Median days on market are 10 days longer than 2022 and 20 days longer than August.
  • Number of available homes for sale is up almost 25% from 2022 and down 3.3% from August. 
  • Number of sales is down almost 19% from 2022 and 11% from August. 

Chaffee / Lake County (RECOLORADO)

Chaffee County & Lake County Real Estate Market Statistic September 2023

  • Average sale prices are up almost 11% from 2022 but down 2.5% from August. 
  • Median sale prices are up just over 3.8% percent from 2022 and even from August.
  • Average days on market are 22 days longer than 2022 and 2 days shorter than August. 
  • Median days on market are 11 days longer than 2022 and 9 days shorter than August.
  • Number of available homes for sale is up over 17% from 2022 and down 7% from August. 
  • Number of sales is down almost 26% from 2022 and 23% from August. 

El Paso / Teller County (PPAR)

El Paso County & Teller County Real Estate Market Statistic September 2023

  • Average sale prices are up over 6% from 2022 and flat compared to August. 
  • Median sale prices are up almost 6% percent from 2022 and up over 3% from August.
  • Average days on market are 13 days longer than 2022 and 9 days longer than August. 
  • Median days on market are 2 days longer than 2022 and 6 days shorter than August.
  • Number of available homes for sale is down over 11% from 2022 and even from August. 
  • Number of sales is down almost 31% from 2022 and down over 14% from August. 

Summit County (Summit MLS)

Summit Real Estate Market Statistic September 2023

  • Average sale prices are up over 3% from 2022 and down almost 3% compared to August. 
  • Median sale prices are up over 12% percent from 2022 and up over 5% from August.
  • Average days on market are 14 days longer than 2022 and 2 days longer than August. 
  • Median days on market are the same as 2022 and 4 days longer than August.
  • Number of available homes for sale is down over 5% from 2022 and down almost 3% from August. 
  • Number of sales is even with 2022 and August.

 

 

 

 

 

Feb. 8, 2023

Flat Fee Denver Realtor

Christopher Gibson is a full-service flat fee Denver listing real estate agent. What does flat fee mean? A flat fee refers to a fixed charge that a client pays to a real estate broker instead of a percentage-based commission.

Flat fee real estate pricing offered by Denver Realtor Christopher Gibson

Most real estate agents will offer to charge home sellers 6% of the sales price to list a home on the MLS and provide marketing services to a metro Denver home seller. Of this 6%, they will offer to pay 2.8% to the buyer's agent to encourage Buyer's Agents to bring their buyers and show the home and compensate for bringing an offer. The listing agent will then retain 3.2% of the sales price as their eventual compensation.

Denver Realtor Christopher Gibson's flat fee real estate pricing charges home sellers $9,800 + 2.8%. He then compensates buyer's agents with the 2.8%. See how this flat fee real estate model breaks down below for Denver home sellers. Christopher Gibson never offers less than 2.8% to Buyer's Agents because along with top-notch marketing we want the price of the home isolated as the only variable in the home sale equation.

How much sellers usually pay to Denver real estate agents compared to my flat fee

Flat Fee Denver Realtor Fee Comparison

As you can see this model results in a $12,600 savings with a $700,000 sales price. But is this a case of "you get what you pay for"?

Denver Realtor Christopher Gibson offers full service for his flat fee real estate listings

Full service / flat fee real estate marketing and services offered by Denver Realtor Christopher Gibson includes the following.

1.     Professional photography from Virtuance includes a virtual tour that goes out to all Denver real estate agent web sites that pull from the MLS.

2.     Aerial exterior photography, possibly twilight, performed by FAA 107 certified Aerial Photography of Colorado professional photographer Christopher Gibson.
*Complimentary for the opportunity to interview for the listing*

3.     In addition to listing on the MLS my listings are also put on Zillow.com, Trulia.com, and Realtor.com.

4.     Ability to list in the Colorado Springs MLS (PPAR) or the Boulder MLS (IRES) in conjunction with the Denver MLS (RECOLORADO), if deemed appropriate.

5.     Reverse prospecting: email blast to reverse prospect agents and personal touches to favorite and possibility matches.

6.     Luxury sign and signpost if permitted by HOA.

7.     High-quality color flyers.

8.     Floor plan printed for showings and included in online tour.

9.     A dedicated web URL and web site like www.123MainSt.com that is included on all printed materials and for which I create a custom sign.

10.  Open houses hosted by partners or myself as desired.

11.  Showing coordination assistance from ShowingTime.com, one of the premium showing services in the United States; enabling seamless showing coordination with agents and a high level of feedback.

12.  Electronic lockbox which changes codes daily, and logs what agents visited and when they visited.

13.  Contract addition which allows you to cancel it at any time, risk-free from any marketing costs I have spent.

14.  Contract addition which entitles you to the entirety of the earnest money should a deal fall through; usually the listing agent is entitled to half.

If you are interviewing other metro Denver real estate agents I challenge you to find one who offers all of this without the flat fee option, let alone with it.

Even with a flat fee, Denver Realtor Christopher Gibson is always a Seller's Agent and never a Transaction Broker. 

Many of the flat fee real estate agents will enlist themselves as Transaction Brokers, which means they do not offer any of the services below that Denver Realtor Christopher Gibson offers when he enlists himself as a Seller's Agent.

  • Promoting the interests of Seller with the utmost good faith, loyalty, and fidelity;
  • Seeking a price and terms that are set forth in this Seller Listing Contract; and  
  • Counseling Seller as to any material benefits or risks of a transaction that are actually known by Broker. 

Jan. 27, 2022

Denver Realtor Reviews: Colorado Real Estate Market Report December 2021

Denver Realtor Reviews: Colorado Real Estate Market Statistics for December 2021

Real Estate Market Statistics for the metro Denver area, Colorado Springs Pikes Peak region, and Northern Colorado. 

Metro Denver Colorado Real Estate Market Statistics as of December 2021

Denver metro is generally composed of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson Counties. Metro Denver in Colorado saw a 62.6% decrease in the real estate inventory, which is the number of homes available for sale. Additionally, the Denver front range which includes Denver, Aurora, Lakewood, Thornton, Arvada, Westminster, Centennial, and Highlands Ranch as the largest cities in the area saw a 12.0% decrease in new listings and a 9.8% decrease in closed home sales. The median home price in Denver metro increased by 19.4% from $452,001 to $539,748.

Colorado Real Estate Market Report South Metro Denver REALTOR Association December 2021

Southern Front Range Colorado Real Estate Market Statistics as of December 2021

Colorado Springs is generally composed of El Paso County and Teller Counties. The Pikes Peak region in Colorado saw a 9.2% decrease in the real estate inventory, which is the number of homes available for sale. Additionally, the southern front range around Colorado Springs, which includes Colorado Springs, Monument, Falcon, Fountain, Manitou Springs, and Woodland Park saw a 4.9% increase in new listings and a 21.3% increase in closed home sales. The median home price in Colorado Springs metro increased by 20.0% from $400,000 to $480,000

Colorado Real Estate Market Report Pikes Peak MSA December 2021

Northern Colorado Real Estate Market Statistics as of December 2021

Northern Colorado is generally composed of Boulder, Larimer, Logan, Moran, and Weld Counties. The Northern Front Range region in Colorado saw a 67.2% decrease in the real estate inventory, which is the number of homes available for sale. Additionally, the northern front range area that includes Boulder, Broomfield, Fort Collins, Greeley, Longmont, and Loveland saw an 11.4% decrease in new listings and a 10.7% decrease in closed home sales. The median home price in northern Colorado increased by 16.5% from $420,000 to $489,265.

Colorado Real Estate Market Report Northern Front Range MSA December 2021