In The News

Denver: Fewer Homes Selling Faster | Golden Lenders

Denver: fewer homes selling faster.

Decline continues in homes for sale and time on market.

Though the total number homes sold in the Denver metro declined in April, the average price for a single family home in the area climbed, according to the Denver Metro Association of Realtors’ May 2017 market trends report.

The average sale price for Denver homes in April was $487,974. That price is 4.2% percent higher than March’s average price and over 10 percent higher than April 2016. The average sale price for condos was also higher but, at $318,478, only saw a 0.94% increase from March.

Homes sold in the highest price ranges can skew the average price figure higher. The median sold price for Denver metro single family homes was $420,000 in April, $60,000+ less than the average price but still 3.32% higher than the March median price.

The number of homes sold in April, 4,389, was down 7.39% from March and 4% from one year ago. That number is surprising given that the number of homes and condos on the market by the end of April increased 8.94% over that time to 5,361 residences.


Denver: Fewer Homes Selling Faster | Golden Lenders

Denver: fewer homes selling faster.

Decline continues in homes for sale and time on market.

If you are looking to purchase a home in Denver, your choices and your window of opportunity are shrinking. If you’re looking to sell, the market may be in your favor.

According to a March 17 report on national housing published by RE/MAX, an international real estate company headquartered in Denver, Denver ranked in the top three for lowest number of homes for sale and days those homes were on market in February 2017.

Nationally, the number of homes for sale in February was down 2.2% from January 2017 and a sizable 17.9% down from February of last year. According to RE/Max, a 6.0-month supply indicates a market that is equally balanced between buyers and sellers. A supply above 6.0 can be considered a buyer’s market.

In February, Denver had a 1.0 supply, tying with Seattle, WA for the lowest supply of inventory. San Francisco, CA edged into second place at 1.1.

Homes for sale in Denver were on the market for an average of just 38 days in February. Homes in San Francisco and Omaha, NE were snatched up just slightly faster at 32 and 34 days, respectively.

Nationally, homes for sale spent an average of 68 days on the market, up from January 2017’s 66 days, but a full week shorter than the February 2016 average. For RE/MAX’s reporting, Days on Market is calculated as the number of days between when a home was first listed and when a sales contract was signed.



Helping close deals faster
  1. Special relationships with Underwriters
  2. WE get BUYER’S to the closing table
  3. 23 Years of experience
  4. Closing loans in 21 days
  5. EXCELLENT customer service
Program Announcement
  • FHA with a 57% back end DTI with an AUS approval
  • 1% down conventional purchase with NO MI option
  • 500 credit score with derogatory credit in the last 12 months OK
  • 1 year self-employed ok with AUS approval
  • Limited credit ok

Denver Home Value Growth Among Highest In US | Golden Lenders

Report on national home value appreciation places Denver in Top 10!

Good news for Denver area homeowners!

Denver area homes appreciated at the ninth highest rate among U.S. metro real estate markets over the last year. According to real estate website Zillow’s January 2017 market report, Denver homes appreciated 9.3 percent in the past year, bringing them up to a median value of $356,900.

Topping the list of metros with the highest rates of growth are Nashville, TN (12.4%); Portland, OR (12.1%); Tampa, FL (11.9%); Dallas (11.2%), and Orlando, FL (10.8%). Coming in just ahead of Denver in eighth place is Las Vegas with a 9.8 percent appreciation rate.

Nationally, home values rose 7.3 percent to an average Zillow Home Value Index (ZHVI) of $195,300 in January. If this rate of growth continues, home values are projected to exceed the all-time high average of $196,600 from April 2007, according to the report.

In a departure from previous years, many of the areas with the highest appreciation rates are now located in the South, rather than the West Coast. In 2015, four of the top ten metros were located on the West Coast; this year, only two remained in the top ten. The South, however, boasts five of the top-ten markets in home value appreciation.

The inventory of homes for sale nationwide in January was 2.9 percent below January 2016 levels. This continues a 24 month decline in nationwide inventory levels.



Helping close deals faster
  1. Special relationships with Underwriters
  2. WE get your BUYER’S to the closing table
  3. 23 Years of experience
  4. Closing loans in 21 days
  5. EXCELLENT customer service
Program Announcement
  • FHA with a 57% back end DTI with an AUS approval
  • 1% down conventional purchase with NO MI option
  • 500 credit score with derogatory credit in the last 12 months OK
  • 1 year self-employed ok with AUS approval
  • Limited credit ok

Denver Area Homes: What Your Salary May Buy | Golden Lenders

How much do I need to earn to afford an average house in the Denver metro?

That’s a question a report out this month from HSH.com® aims to tackle along with the salaries required to afford median-priced homes in 26 other U.S. metro areas.

The report calculates that to afford everything that makes up a mortgage payment (home loan principal, interest, taxes, and insurance payments) for a median-priced Denver metro area home a homebuyer needs to earn a salary of $72,772. The median price for a home in the Denver metro area was $381,600 in the fourth quarter of 2016.

The salary needed to purchase a median Denver metro home increased $2,031 from the third quarter of 2016. That is slightly more than the national average increase in salary needed of $1,583 over that same time period.

The salary calculation is based on a 3.97 percent 30-year fixed mortgage rate and monthly payments of $1,698 and assumes a 20 percent down payment. If a homebuyer were to put down only 10 percent, the required salary would increase to $85,948.

Denver is ranked 20th out of the 27 metro areas for salary needed to afford a median-priced home, between #19 Portland at $70,895 and #21 Washington DC at $80,230. Pittsburgh required the lowest salary at $32,374 for a $130,000 home. The highest salary required was $160,590 for a median home price of $837,500 in San Francisco.

The national median home price is $235,000 with monthly payments of $1,212, requiring a salary of $51,963. The salary needed to purchase median homes rose in all but five of the 27 markets.


Saved deal of the week

Situation: FHA Borrower under contract for 2 weeks, 2nd lender turns down
Problem: Borrower was in consumer credit counseling, late payments during consumer credit counseling
Solution: Golden Lenders was able to take over the file and close within the initial contract dates of 30 days saving the dream home for the borrower and the Realtor that worked so diligently to find a home in a light inventory market

*Please keep in mind every borrower has a different set of circumstances and Golden Lenders stands out above other lenders to get your more challenged clients into home


Helping you close deals faster
  1. Special relationships with Underwriters
  2. WE get your BUYER’S to the closing table
  3. 23 Years of experience
  4. Closing loans in 21 days
  5. EXCELLENT customer service
Program Announcement
  • FHA with a 57% back end DTI with an AUS approval
  • 1% down conventional purchase with NO MI option
  • 500 credit score with derogatory credit in the last 12 months OK
  • 1 year self-employed ok with AUS approval
  • Limited credit ok

Many Denver Homes Selling In Under Two Weeks | Golden Lenders

Many Denver homes selling in under two weeks

Real estate market in mile high metro among fastest in nation. 

With fair market homes consistently selling in under two weeks, the Denver real estate market is one of the quickest in the nation, according to a March 27 report from Clear Capital, a real estate data provider.

The median marketing time for homes listed in Denver, measured by the number of days homes spend on market, is nearly a month faster than the national rate of 43 days. Raleigh, NC and Lincoln, NE also clock in below the two week mark.

Five major markets have seen homes consistently selling in less than three weeks: Seattle, Portland, OR, and San Francisco, Fresno, and San Jose, CA.

The fast turnaround of homes for sale is a plus for homeowners looking to sell but can make things harder for people looking to buy in certain metro areas.

"Along with an increase in temperatures, the spring season also brings out the buyers and an increase in demand to the housing market, which most often translates to faster price growth and a decrease in marketing times," states Alex Villacorta, Ph.D., Vice President of Research and Analytics at Clear Capital.

"But what's great news for homeowners -- particularly those looking to get out of negative equity or sell outright -- is unfortunately bad news for prospective buyers. This springtime uptick in demand is likely to put buyers in a major time pinch in areas where marketing time is already lightning fast.”

Nationally, the median marketing time for homes has been decreasing for the past five years. The current median days on market of 43 days is roughly half the January 2012 peak of 85 days.


Saved deal of the week

Situation: Conventional NEW BUILD buyer under contract for 4.5 weeks, and BIG bank says we cannot use your retirement income
Problem: Borrower not yet to the age of 59 1/2 was using a mutual fund to draw against for monthly income to qualify with draws starting 1 month prior to closing
Solution: Golden Lenders was able to take over the file and use the retirement draw that started 1 month before closing. We were able to close within the initial contract date of 60 days saving the NEW BUILD dream home for the borrower and the Realtor that worked so diligently to find the perfect home for her client *Golden Lenders is originating many loans homeowners didn’t think they could qualify for. In fact, Golden Lenders prides itself on helping future homeowners that were turned downed by the banks or other lenders, and in amazing fashion turn the hopes of homeownership into reality. Please keep in mind every borrower has a different set of circumstances and Golden Lenders stands out above other lenders to get your more challenged clients into a home.


Helping you close deals faster
  1. Special relationships with Underwriters
  2. WE get your BUYER’S to the closing table
  3. 23 Years of experience
  4. Closing loans in 21 days
  5. EXCELLENT customer service
Program Announcement
  • FHA with a 57% back end DTI with an AUS approval
  • 1% down conventional purchase with NO MI option
  • 500 credit score with derogatory credit in the last 12 months OK
  • 1 year self-employed ok with AUS approval
  • Limited credit ok

Having a strong lender matters!

When other lenders say NO, GOLDEN LENDERS can say YES. I have SAVED many deals that other lenders have turned down at the 11th hour. It would be my pleasure to help any of your family or friends that are having trouble with their current lender. Rates are still low, please call today to inquire about refinancing your home to see how much money I can save you on a monthly basis.


DJ Robbins
303-482-482-2361

Individual License LMB100017931/NMLS 6176
Company NMLS 2106
303-482-2150 (fax)
"OPENING MORE DOORS TO HOMEOWNERSHIP"
Individual License LMB100017931/NMLS 6176
Company NMLS 2106
2015 & 2016 5280 Magazine Five Star Mortgage Professional in Denver
2015 TOP 1% of Mortgage Loan Originators in Nation according to National Mortgage News
2016 Expert Network Distinguished Mortgage Professional