Denver 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.
Is it possible to buy a home in metro Denver without living in Colorado? Are you too busy to view 30 homes in person while shopping for a home? I have a virtual home buying & virtual home shopping option in metro Denver for you.
Technology provides a number tools that enable us to communicate, understand home buying priorities, view homes virtually, evaluate the home value, write offers, inspect the home, and close on the home without being in Denver or with minimal demands on your time if you are in Colorado.
If you want to shop for a home or buy a home in Denver Colorado with minimal demands on your time, or from a different state, you will want a metro Denver Realtor with a firm handle on these technology and communication tools.
Of course, we have all of the standard communication tools to utilize so that I understand your preferences. These preferences vary from home functionality to location preferences, school needs, commute times, cash flow potential, etc. We can use, Skype, e-mail, or telephone for me to understand this. Once we narrow down primary home feature and location preferences, I can begin viewing homes for you. I will do full video walkthroughs. I will note important features, how they fit your criteria, and how they impact the resale potential of the home. I will create links to these virtual home-buying tours and virtual home shopping tours that are functional for a text message as well as e-mail. My videos include a 360-degree impression of the block and neighborhood.
How do you evaluate a neighborhood if you are not here to see it in person? I subscribe to a website, www.neighborhoodscout.com that will provide 3rd party crime, demographic, and school information for any homes of interest as well. If you find a home that fits your lifestyle needs, you still want to know what it is worth. When I do a home value evaluation in Denver (See an example of my home value evaluation here) I narrow down to the most similar 3 homes in the same neighborhood that have sold in the last 3 - 6 months. I look for similarly aged homes, similar square footage, similar car storage, similar style homes, similar basement features etc. I create a price per square foot comparison, and I tell you my opinion of the price, and whether or not I believe there is a risk it will not appraise for the purchase price you are under contract for. I also generate 3 automatic values from zillow.com, realist, and realtyofco.com to compare my evaluation with.
Virtual home buying: Writing an offer on your metro Denver home.
The offer you write will be the contract the governs the whole home buying process. I use real estate software from ctmecontracts.com to allow for the seamless transmission of contracts and easy signing of contracts. The software generates links that allow for easy reference throughout the purchase process along with the seamless signing feature.
Virtual home buying: Escrow process while under contract on your metro Denver home.
The home inspection will be the second biggest hurdle to not being physically present in your virtual home buying and virtual home shopping experience. I will help coordinate the inspection, I will meet the home inspector, I will make a list of concerns raised in person, and I will walk through the inspection with you over the phone.
Virtual home buying: Closing on your metro Denver home purchase.
No electronic signing is possible to close on a house. But people do close on the purchase/sale of the home from out of state frequently. Funds are wired electronically for the downpayment, usually, in most transactions. It is very important to verify wiring instructions, and I will be available to assist with that. The title company can and will be able to overnight documents for you to sign and mail back. They will provide complete instructions and even refer a title company or notary to assist you in your location.
I will do another video walkthrough of the home prior to closing and verify the home is being transferred in the condition expected.
I hope this gives you a good idea of what virtual home shopping and virtual home buying would look like with me as your Denver Realtor. I hope I have the opportunity to work for you.
Denver Realtor Reviews Of Denver Real Estate Agent Christopher Gibson
Nice front porch. Very quiet street. East facing. Very nice entryway vaulted ceilings in the formal living room. Great eating space in the kitchen. Really good countertop space And Cabinet space. Not a fan of the countertop color. Nice slider to the backyard with blinds in it. Gas range. White appliances. Main floor has laundry and a functional bedroom and bathroom. Decent size master bedroom. There is a door on the master bathroom. 5 piece bath but the tub tile is a little bit dated not a lot of closet space. Spare bedrooms have Mountain views.
Denver Realtor Reviews: 5570 Oak Ct Price Opinion
5570 Oak Court is a two-story home in the Skyline Estates neighborhood. I want to find other two-story homes in the same Skyline Estates neighborhood that have sold in the last 90 days. I also want homes with a similar square footage to the 2009 above grade square feet in 5570 Oak Court. I came up with the following search criteria.
Status is 'Active'
Status is 'Under Contract'
Status Contractual Search Date is 11/15/2017 to 05/19/2017
Status is 'Sold'
Status Contractual Search Date is 11/15/2017 to 08/17/2017
Type is 'Detached Single Family'
Style is '2 Story'
Latitude, Longitude is within 0.57 mi of 5570 Oak Ct, Arvada, CO 80002, USA
MLS is one of 'REcolorado', 'REcolorado (ROCC)'
SqFt Above is 2, is 9 to 3009
Year Built is 1997 to 2007
Ordered by Status, Price descending, MLS descending
The average price per square foot of similar homes that have sold is $222 per square foot while 5570 Oak Ct is valued at $227 per square foot. If this home was priced at $222 per square foot it would be priced at $556,998. The average of the other homes sold is $525,686 and the highest priced sale is $545,000. Most of the other sold properties have 1 less bathroom and none of the other sold properties have a main floor bathroom and bedroom as 5570 OaK Ct does. This could be a very valuable feature to the right buyer, but the bedroom is probably not big enough to fetch a huge price difference. The condition of the home is above average in my opinion. If I was listing the home for sale, I would still have a hard time advising a price much higher than $555,000.
3 Automatically Generated Values for 5570 Oak Ct in the Skyline Estates Neighborhood
This neighborhood's median real estate price is $445,517, which is more expensive than 73.4% of the neighborhoods in Colorado and 83.3% of the neighborhoods in the U.S.
The average rental price in this neighborhood is currently $1,943, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 80.2% of the neighborhoods in Colorado.
This is a suburban neighborhood (based on population density) located in Arvada, Colorado.
This neighborhood's real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is owner occupied. Many of the residences in this neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 2000 and the present.
Real estate vacancies in this neighborhood are 4.8%, which is lower than one will find in 76.6% of American neighborhoods. Demand for real estate in this neighborhood is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.
Notable & Unique Neighborhood Characteristics
When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.
Notable & Unique: Diversity
Did you know that this neighborhood has more Brazilian and Swedish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.2% of this neighborhood's residents have Brazilian ancestry and 5.9% have Swedish ancestry.
The Neighbors: Income
How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.
The neighbors in this neighborhood in Arvada are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 78.2% of the neighborhoods in America. In addition, 7.2% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 71.4% of America's neighborhoods.
The Neighbors: Occupations
The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.
In this neighborhood, 42.6% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 31.9% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (13.2%), and 12.3% in clerical, assistant, and tech support occupations.
The Neighbors: Ethnicity / Ancestry
Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.
In this neighborhood in Arvada, CO, residents most commonly identify their ethnicity or ancestry as German (25.8%). There are also a number of people of Irish ancestry (15.7%), and residents who report English roots (11.8%), and some of the residents are also of Mexican ancestry (7.6%), along with some Swedish ancestry residents (5.9%), among others.
The Neighbors: Languages
The most common language spoken in this neighborhood is English, spoken by 90.6% of households. Some people also speak Spanish (6.5%).
Getting to Work
How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in this neighborhood spend between 15 and 30 minutes commuting one-way to work (39.1% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (84.7%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (8.7%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
Denver Realtor Reviews Of Denver Real Estate Agent Christopher Gibson
Here are my virtual home buying efforts and Denver Realtor reviews for the week of November 1. I viewed these homes with the impression that you prefer an open layout and 2-story homes. I know you like bigger lots with a functional backyard. I believe that a 2 car garage and A or B elementary schools are must have's.
Virtual Home Buying notes: Much better curb appeal than the pictures. Corner lot with the garage off of the side of the lot. Nice formal dining room and formal living to the right of the front door which gives you great entertaining possibilities. A nice front and back porch connected to the living room which will connect the outdoors to the indoors very well. Double doors to the master suite. Master bedroom is very big with mountain views. New door to the bathroom from the bedroom. The bathroom is fairly dated. Double vanity in the bathroom. Very big master closet.
Virtual Home Buying notes: Pretty good curb appeal. The street is on seems pretty quiet. Very expensive big homes just down the street. Four bedrooms upstairs. Very large Master Suite with a retreat. Very nice finishes in the kitchen with granite and glass backsplash tile floors. New carpet throughout the first and second floor. Big covered back porch. Lot size is pretty good. Mountain views from the back. Me and or off of the garage. Fireplace in the living room. My only concern is it's not maybe as open as you guys would like as far as the layout on the main floor. But lots of light and bright with vaulted ceilings on the main floor. Absolutely huge master closet. Really great floorplan.
Virtual Home Buying notes: Really nice feeling neighborhood. Location is very convenient with access to Ward Road Youngfield and I-70 easy access to everything. Curb appeal is not good. Detached garage is ugly roof looks older probably have an insurance claim. Hardwood floors throughout the main floor. It appears to have hot water baseboard heat. Really nice finishes in the kitchen and bathrooms. Great light throughout the main floor. Love that the back deck connects the kitchen and the living room. Very big Master Suite with everything anybody could want. Great closet space in the master suite. Basement has a full kitchen. Lot shape is very weird.
Virtual Home Buying notes: Nice curb appeal. Big corner lot. Good Feeling neighborhood. 32nd which is on one side of the home feels a little bit busy. You can hear I-70 from the front of the house. Nicer laminate floors when you walk in the front door. Nice double doors on the front door. Upgraded doors throughout the house. Some sort of electric fireplace when you are looking straight in from the front door. Very nice open floor plan. Vaulted ceilings and the dining and living area and kitchen. Skylights. Just amazing light throughout the house. Upgraded cabinets and countertops in all the kitchens and bathroom. No basement. Newer windows. Big lot with big functional yard and nice fence. Balcony off of the master suite. The master suite is not especially big. Master closet is huge.
Virtual Home Buying notes: Nice quiet block, can't hear 32nd st. Big lot. Next to tennis courts. Parking pad for an RV. Solar panels. Nice brick exterior. I don't like the green trim. Some nice hardwoods, but carpet is a little rough on the main floor. Great backyard. Huge deck off the back. Kitchen cabinets and countertops probably need to be replaced. Some newer windows. Great mud room between the garage and kitchen. Nice upgrades on the spare bathroom. Master bathroom pretty nice but only one vanity, bigger bathroom. Awesome walkout basement. Basement has nice upgrades if you can get past the carpet colors. Master suite in the basement. Big basement bathroom. Lots of storage in back as well. The garage is extra deep.
Nice front porch. Very quiet street. East facing. Very nice entryway vaulted ceilings in the formal living room. Great eating space in the kitchen. Really good countertop space And Cabinet space. Not a fan of the countertop color. Nice slider to the backyard with blinds in it. Gas range. White appliances. Main floor has laundry and a functional bedroom and bathroom. Decent size master bedroom. Door on the master bathroom. 5 piece bath but the tub tile is a little bit dated not a lot of closet space. Spare bedrooms have Mountain views.
Denver Realtor Reviews Of Denver Real Estate Agent Christopher Gibson
Shared driveway. Backup to apartments or condos or something. No fences in between the houses. Really open layout with vaulted ceilings great light. Nice finishes great flooring throughout the house great bathroom finishes. Nice Plumbing fixtures and light fixtures everywhere. Main floor living situation. The garage is not very deep but is extra wide. I like the cabinets in the kitchen. The appliances feel smaller something not sure. Weird that there are popcorn ceilings in this age house. Great incorporation of the back patio to add additional outdoor living space. Huge walk-in closet in the master bedroom. Nice master bathroom finishes with a double vanity and a water closet. However, there is no door from the master bathroom to the master bedroom.
Older neighborhood with mature trees. Corner lot on a cul-de-sac. Interesting tile combined with wood when you walk in trying to differentiate between the dining room and formal living room. Interesting trade ceiling with inset Lighting in the front room. Garage has a weird partition. very nice stairs with carpet in between wood. Kitchen has nice enough cabinets and countertops but the appliances are a little bit older. Weird back porch but maybe nice for using your round. Lower level has a fireplace. Drop ceiling and no egress windows in the basement. Bathrooms upstairs have a unique cabinet with an elevated countertop. Study on the second floor is a little bit weird as well. Master bedroom is not that big. Master bathroom has a very nice shower. Not a lot of closet space.
Home is on a cul-de-sac. Shake shingle roof. Ranch style home. A little bit of road noise from 58th but not a lot. The kitchen does not open to the rest of the house. Everything is dated in the home. You would need new carpet new flooring wallpapers everywhere. You would probably need new cabinets you would definitely want new countertops. Nice wainscoting in the dining area along with a wood burning fireplace. No slider to the backyard. Only a door to the backyard. Really functional floor plan. Master bedroom and master bathroom not very big bare minimum closet space in the master area. Spare bedrooms are pretty big.
On somewhat of a busy street. A little bit of wear and tear on the exterior. Solar panels. Great open floor plan. Three bathrooms or two and a half bathrooms on the main floor. Corian countertops in the kitchen. Lots of countertop and cabinet space. Laminate floors on the main floor. Two bedrooms on the main floor. Nice big master bedroom master bathroom. Huge basement with egress windows but no bathrooms in the basement. Really great Trex deck in the backyard. The backyard is kind of small. Privacy fence seems a little bit shorter than usual maybe ground cover has been raised.
www.5280.com - A New York City developer launched a $400 million project that—if approved—will be “unlike anything ever built in Colorado.” Manhattan-based development firm Greenwich Realty Capital announced plans …
www.realtyofco.com - Denver real estate market statistics: How much does a home cost in Denver? How long does it take to sell a home in Denver? How fast are home prices rising in Denver? All this and more answered below.…
www.cpr.org - An RMS Cranes tower located at 21st and California in downtown Denver. It is operated by Aaron Genova. “We got it made,” crane operator Aaron Genova says with pride. “We’ve got the best view in town.”
www.denverite.com - Whether it’s Amazon headquarters rumors, seasonal slowdowns or ever-present construction, the Denver real estate market remains grounds for much speculation. Cut through the “what-ifs” with this cura…
www.denverpost.com - At a recent town hall meeting on the state’s population growth, House Speaker Crisanta Duran paused a moment to take an informal poll: How many in the audience, the Denver Democrat asked, want Amazon…
www.thedenverchannel.com - DENVER -- Bright yellow bands are wrapped around trees in City Park Golf Course, indicating they are slated to be cut down. According to City of Denver officials, those trees will not be removed befo…
www.denverite.com - The stage is now set for the redevelopment of the barren former Gates Rubber site, wedged between South Broadway and South Santa Fe Drive south of I-25. Councilman Jolon Clark, whose District 7 inclu…
www.denverite.com - “I remember when 46th was a dirt road, and Pecos going north was a dirt road. There were dairy farms there, in my lifetime. So I’ve watched progress. This is beyond progress — this is greed.” — Sid Q…
www.denverpost.com - A second stab at redeveloping south Denver’s former Gates Rubber Co. site received a shot in the arm Monday with the Denver City Council’s approval of a redevelopment and tax support plan. “This site…
www.forbes.com - A view of a historic warehouse in Larimer Square with modern towers in the background. Denver, CO -- When it comes to neighborhood development, preserving history and embracing modernity can seem lik…
www.westword.com - A new study ranking the most expensive zip codes in Colorado shows that the vast majority of them are in the vicinity of Denver and Boulder. Only three zip codes out of the top fifty fall outside tha…
www.thedenverchannel.com - DENVER – As new buildings go up downtown and more businesses choose to locate in the city’s core, the number of people choosing to live downtown also has climbed. Since 2010, the downtown Denver area…
Denver Realtor Reviews: The home inspection is one of the most vital portions of the home purchase process. Qualified professionals will look for obvious and less obvious imperfections in the home and you will identify which ones are critical for repair by the seller for the deal to move forward. In addition to a basic home inspection, you may consider inspecting for risks like Radon & Lead-Based Paint & Mold. It is additionally recommended that you have a sewer scope to identify sewers that need to be cleaned or potentially repaired or replaced. A thorough inspection may help you avoid health and safety concerns a home can present or near-term big-ticket repairs relating to the roof or structure of the home.
However, thoroughly inspecting a home is not cheap. My average Buyer invests approximately $750 inspecting the home and they may have to walk away from this investment if a mutually acceptable outcome cannot be reached regarding which items the Seller should fix or compensate the Buyer for.
The home inspectors will offer the addition of a radon test. Make sure the home inspector knows your inspection objection deadline. The radon test will take 48 hours and you will want the results before your inspection objection deadline.
Denver real estate market statistics: How much does a home cost in Denver? How long does it take to sell a home in Denver? How fast are home prices rising in Denver? All this and more answered below. Also check out this blog about how to get a good deal when buying a househere.
Denver Real Estate Market Statistics Through September 2017
Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017
The average price for a home in Denver was $426,640 at the end of September 2017. The median price for a home in Denver was $375,000 at the end of September 2017. Sales volume in September was $2.054 billion. There were 4,814 real transactions in April 2017. There is 1.64 months of real estate inventory in and around Denver. There were 7,898 real estate listings in and around Denver at the end of September 2017. The average days on market for real estate listings in and around Denver was 24 days for September. And the median days on market was 10.
These Denver real estate market statistics are from the Denver MLS (REColorado.com) . They reflect real estate sales data for the end of December 2016. They do not reflect real estate sales that occurred off market or outside of the Denver MLS.
The average home price in Metro Denver, Colorado
The average home price in Metro Denver is up almost 8% Year Over Year from $393,908 in September 2016 to $426,640 in September 2017. The average home price in Metro Denver is down over 1% Month Over Month from $432,521 in August 2017.
The median home price in Metro Denver, Colorado
The median home price in Metro Denver is up almost 8% Year Over Year from $347,500 in September 2016 to $375,000 in September 2017. The median home price in Metro Denver is 0.9% less than the median home price in August 2017.
Metro Denver real estate sales volume
Metro Denver real estate sales volume went down 18% month over month to $2.054 billion from $2.420 billion continuing the traditional seasonal patterns and was 5% higher than the $2.044 billion in sales in September of 2016.
Number of Metro Denver real estate sales
There were 4,814 metro Denver real estate sales in September 2017, almost 7.8% less than September 2016 and 16% less than the prior month. For September 2017, the highest number of sales occurred in the $350,000 - $400,000 price point. What is making news the large drop in sales vs. August which is larger than the 6.8% August to September drop in 2016.
Months of Metro Denver real estate inventory
There was an average of 1.641 months of inventory on the market in September 2017.
Number of Metro Denver real estate listings inventory
At the end of September 2017 there were 7,898 Denver real estate listings which is about the same as the 7,996 listings at the end of August 2017 but 6% less than the 8,389 listings in September 2016.
Average days on market for a Metro Denver, Colorado home for sale
At 24 days the average days on market for Denver real estate is 1 days more than September 2016 and is 3 days more than March 2017. The average days on market was 21 days or less for everything under $400,000. The highest days on market was in the $1.75 million - $2 million price range.
Median days on market for a Metro Denver, Colorado home for sale
At 11 days, the median days on market is 1 day more than September 2016 and 1 day less than August 2017. The median days on market was 11 days or less for everything under $400,000. The median days on market was highest over the $1 million price range.
Denver Realtor Reviews: Summary of September 2017 Denver Real Estate Market Statistics
The market is seasonally slowing but is there a larger change in process. The drop in the number of sales was larger than last year and days on market along with overall inventory seem to be creeping up. Anecdotally I am seeing less buyer demand over the last few months than there was for about the last year and half going into Spring 2017.
Denver Realtor Reviews Of Denver Real Estate Agent Christopher Gibson
This is the extra amount charged by the builder for the land the home will be built on. Some lenders do not have a $0 lot. Usually, lots that offer a walkout basement or garden level windows or lots that are larger in size cost more. Some builders charge average lot premiums higher than $10,000. This is a good time to ask if there are any additional charges for the elevation choices for the house, this is the brick or stone exterior added to the front of the home.
Sometimes the models have structural upgrades such as a kitchen bump out, gourmet kitchen, basement extension, larger porch, full bath instead of half bath, doors on the study, larger sliding glass doors on the back, 5-piece master bathroom, etc.
Some builders give you the option for them to finish the basement. Make sure you understand where the builder is going to put the furnace, hot water heater, and rough in. There are a few reasons it is better for the builder to finish the basement for you. The builder is usually cheaper to finish the basement. If the builder does not finish the basement, they will usually not install sufficient heating and cooling for a finished basement, they will not install an electrical panel with enough space for a finished basement, they will not put utilities in convenient locations in the basement, etc.
Most builders will also have options to upgrade the electrical in the home with extra outlets, extra light fixtures with or without ceiling fans or simply pre-wiring for a fan/light fixture, and pre-wiring for entertainments systems. Few or no buyers ever opt for no electrical upgrades.
Usually, the builder has a lender that they refer you to and offer a rebate for using their lender. The financial benefit of using the builder’s lender is significant. Getting a loan on new construction is different than on a resale home. A lender that does not do new construction regularly may not have methods for getting an appraisal done on an uncompleted home, and may not be able to close within a couple of days of receiving a certificate of occupancy, like a builder’s lender can and as the builder will require. You, the buyer, are charged for every delay in closing caused by the lender and delays due to lending do happen, and can be stressful. Delays caused by the lender referred by the builder are usually forgiven more easily. However, it is not all good news with the builder’s lender. You have no guarantees that the builder’s lender will offer the best rate, and you can find out when it is too late that their lender is much more expensive, and if you switch you may lose the benefit you were counting on. Also, if the builder’s lender finds out at any stage that you don’t qualify for the loan, ie a job change, and they do check in, they will notify the builder, and the builder may cancel your contract and claim your earnest money.
Design center and cosmetic upgrades
Usually, this is the largest additional expense for you the buyer. You should understand what flooring types, countertops, appliance packages, hardware, lighting, cabinets, and other finishes are standard before signing on the dotted line. If you find any of these standard features to be unacceptable you should inquire as to the cost of upgrading. Additionally, many builders do not allow you to only upgrade hardware, cabinets, light fixtures al la cart room by room. Usually, builders only offer lighting packages and hardware packages for you to choose for the entire home. If you spend above a certain amount at the design center you may have to write the builder a check for a percentage or the entire extra amount to protect the builder against the appraisal not being high enough or to protect the builder against you defaulting.
The builder does not know the exact amount you will spend for property taxes because this home was not a home last year. The builder should know what the mil levy is going to be and how the assessed value will be calculated to give you an estimated property tax amount.
Warranty and Pre-closing walkthroughs in Denver metro new construction
Every builder offers a warranty. As a buyer, your greatest leverage to getting the perfect new home you are entitled to is to hold the closing hostage until all work is completed. Some builders truly strive to deliver a completed product before closing. Other builders know you have scheduled movers and exert a lot of pressure on you to close with an unfinished product. If you close with work to be completed you get put in a different queue than those waiting close. The after-closing queue is much lower priority and slower than the pre-closing work queue. The after closing warranty rep is not the responsive customer focused foreman and sales rep you were dealing with before closing.
A few things you should expect to purchase after closing: refrigerator, washer dryer, window coverings, towel hangers, garage door openers, sump pumps, radon mitigation systems, AC. Some builders will include or offer an upgrade for the AC or the refrigerator or the garage door opener, and it is tempting to finance these items and have them included but are you getting the best price and selecting the best long-term product? What size garage door and garage is included, 7 ft or 8 ft? If the garage door is not 8ft and if the garage is not 22 ft deep it will not fit a large truck. Many builders do not include entire landscaping. It is important to understand what landscaping included as you may have to do some work. Also, if landscaping is not included it may affect the overall appearance of the neighborhood if neighbors don’t plant trees and do landscaping.
1. How much is your average lot premium? Is there any additional charge for the elevation of the home?
2. What structural upgrades will I be choosing from? What structural upgrades am I seeing on the model that are not standard or free? Which structural upgrades do buyers usually opt for? How much does the average buyer pay for structural upgrades?
3. Does the builder finish the basement? How much does it cost about if the builder does finish the basement? Will the HVAC and electrical be sufficient if I finish the basement aftermarket?
4. How much does the average buyer spend on electrical upgrades? What electrical upgrades are offered? What electrical upgrades does the average buyer opt for?
6. What is the financial benefit of using the builder’s lender? Will they match the rate of competing lenders? Does the builder’s lender have any references that you can call who used this lender in this community?
7. What does the average buyer spend in the design center? Are there any scenarios where I will have to write the builder a check based on how much money I spend in the design center? Can you show me any completed homes that are about to close with standard finishes?
8. How much do you estimate property taxes will be? Are there any recent construction in the neighborhood that have received a tax bill that can demonstrate the estimated taxes?
9. Does the builder install a radon mitigation system standard?
10. Does the builder install a sump pit and/or sump pump standard?
11. What landscaping and exterior irrigation is standard?
12. Is a garage door opener included?
13. What size garage door and garage is included, 7 ft or 8 ft?
14. What items should I expect to need the warranty department to do after closing? How many days before closing is the pre-closing walkthrough? Can I delay closing if the I am unsatisfied with the workmanship?
Why should you use me as your real estate agent in metro Denver new construction?
You do NOT get a discount without an agent. I will rebate you $4,000 of the commission offered to us that you can usually use as part of your down payment.
I will help you navigate the questions you should be asking the builder and help get to the bottom of how much the home should cost you before you sign the contract.
I will advise on the resale importance of structural, electrical, and lot upgrades.
I will go to the design center and advise you on resale aspects of choices you make.
I will attend all pre-drywall, electrical, and pre-closing walk-throughs, take notes as to instructions made to the foreman and document agreements made.
We will pay for a pre-closing home inspection and sewer scope. Ideally, these would be completed prior to your pre-closing walk-through.
Denver Realtor Reviews Of Denver Real Estate Agent Christopher Gibson