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Thinking Denver? Why consider the community of Applewood?


 Maple Grove Reservoir in Applewood

Beautiful Maple Grove Reservoir in Applewood


The Outdoors are waiting with Ranch Style homes for sale in Applewood

This week we dive into what will be a series of posts showcasing Denver. Each week we will focus on the recent activity in each of the specific neighborhood searches found on DenverHomesMarket.com under the ‘Denver Neighborhoods’ tab. The first on the list is the community of Applewood. Before we get into the numbers on the graph way down there, let’s discuss why Applewood? I mean why, out of all the wonderful places that Denver has to choose from, why consider moving to Applewood? Well that all depends on what you consider important to you and where you want to live.

Not too close or too far

If you love being close to the city of Denver but not too close to a heavy population, this is the ideal location for you to buy a home for sale near Denver. If you love parks and recreation ,click here for the top Parks and forests near Applewood and, if you love hiking and biking trails look no further than right here and review the various hiking trails in the area. Looking for Homes for sale with mountain views. It is needless to say that if you love the outdoors, finding a home in Applewood should be your priority. You might think with all the open space, wilderness and being “The Gateway to The Rockies” , that you’ll spend an hour getting to the always active Downtown Denver. Well, you might be surprised there are a couple different routes to get you to downtown. (via the I-70 or take US-6) Applewood is less than 15 miles out from downtown’s’ Union Station. So, with the commute and the distance from downtown addressed what else? What other reasons to consider houses for sale in Applewood? You may want to check out some of the eateries, bars and shopping. The community page on Facebook might have some insight for you. check out the Applewood community’s Facebook page for yourself.

Houses for sale in Applewood near Denver?

Now the Applewood neighborhood may be on your radar as a place to call home near Denver. So, let’s look at some of the real estate stats.

Ok, great a bunch of lines! What does all this mean to  a home buyer or home seller in the 80215 area code. The red line represents the selling price while the gold line speaks to the Inventory. As the inventory goes down, soon after the prices will begin to rise. Conversely, as the the inventory rises you”ll notice that there is a delay before the prices start to drop. (I call this the seller denial delay) There is a period of time even after the inventory has risen to a high level where sellers are in denial of where the market actually is. Many times we figure if our neighbors bought a house a few months back and they paid a certain price, then our home is almost certain to be worth thousands more. However, if you read the chart you will see that seller denial. Look at May of this year for a perfect example. You’ll see that in late April / early May the inventory was quite high but the prices took another month or so to start falling. Then when word hit the street they plunged, the prices went from roughly 475k to about 290K as a median price. Now, does that mean that the same house that sold in April for 475K is worth 290K in July? Not necessarily and not in this case. What this does show is the trend. That’s what I want to you to focus in on. Do not get too tied up with the actual numbers but look at the trends and the delays in the prices rising and falling in relation to inventory throughout the year. The homes that were sold in April in large part were simply more expensive homes being sold (on average) compared to the homes that were sold during July.

On the flip side

Now, you can also flip this chart and look at the prices and what might be considered “Buyer’s Denial”. When inventory is very low there is not much by way of Denver homes for sale on the market. That delay of in price rise suddenly erupts as multiple buyers start competing for the same homes. The prices, after a lull, will sharply start to rise as escrows start closing and the actual sales prices start to present themselves. As we close out this year you see Applewood has a healthy housing market. Inventories rise and fall as seller’s put their homes on the market and new construction projects come to completion. Prices, although fluctuating, are showing healthy volume and good correlation to inventory.

In Short

Applewood is a community that is away from the hustle and bustle of downtown Denver and away from the traffic, yet close enough to be have homes for sale with convenient commute. There is a small yet active business community with eateries and bars along with a bowling alley nearby. Outdoor activities abound with Golf, fishing, hiking etc. Our Real Estate website is designed to allow you to search all homes for sale in Applewood and others active on the MLS in specific neighborhoods. If you want to search the area for available homes you can search our listings of  the Applewood community here..

Next week we will cover in detail the community of Baker and all that is great about living in the walkable neighborhood of Baker. In the mean time if you have any questions or need help with buying or selling a home in Denver Metro please call or shoot me an e-mail. 720-688-5110 or rickyschoonover@gmail.com.

Do you have what it takes to be a first time homebuyer Denver?

Logo for Denver Home Market source for first time home buyers

Check out my site of available properties and Hot Topics on the Real Estate market of today. for previous and first time home buyers.

Last week we talked about Fall or Fall . As we find ourselves with higher inventory in recent months would the fall season equate to falling prices in housing here in Denver. The jury is still out on the prices and inventory and only time will tell. When we hit winter we will look back and see how it plays out. But for now. Let’s address this weeks Hot topic. “Do You Have What it takes?”. This is mostly for first time home buyers, but everyone can benefit from this advice.

I always get calls like this from Denver first time home buyers:

“Hey, I’m online now. I’m looking at the house listed at 1234 w 29th ave. Is it still available?” To which I respond, “Yes, it’s still available. No offers on the table as of yet .” The buyer then asks me “Great! Can we go take a look at it?” I said, “Sure, I’d love to set you up with an appointment. Let me call my seller and see if we can get into the home this afternoon. Would 6pm work if they can confirm?”. The buyer replies, “Yes, that will be great. Oh! Let me ask you a few questions before I let you go. Are you currently working with another broker?”

This is usually when I know it is a first time home buyer. I reply “No,” and I go on to ask “and who do you have your pre-approval with? The buyer gives me the bad news, “Oh, no we are not pre-approved yet, we have not called our bank, we are just looking saw this home, and it looks perfect but we are not ready to call our bank yet.” So, here is where we shall begin.

We are living in a fast paced world

Today’s Market moves fast! More so now than ever we as a society “want it now!”. In fact I get more views from my website on mobile devices rather than laptops. That goes for Facebook and Google analytics in addition to my website tracking. Sellers are no different. They want to sell their home. What they do NOT want to do is accept an offer from an unprepared buyer. They have spent time and money getting ready for the market. The last thing they want is to get into escrow and lose the buyer due to the buyer not having all their ducks in a row. The list price you offer is important, sure, but it’s not nearly as important as being prepared with being pre-approved (not pre-qualified).

Is there really a difference?

There is certainly a difference. Pre-approval, when done correctly, is when your lender has already obtained your financials and looked at your front and back end ratios. Per-qualifying is you simply had a 15 minute phone conversation (in most cases have not even provided documentation). It’s important you start with your lender. If you don’t have a lender you want to use, start with your Real Estate professional and ask for a referral. Different lenders have different parameters and programs depending on your situation.

Often before we become first time home buyers, the only other thing we have to compare such a huge purchase was when you bought your car. That was a much different tactic but, even car dealers have become more prepared. When you ask to test drive a car they get your license and check your credit ASAP. They want you to fall in love with the car however they can really care less if you can afford it. Get you in love with it, then they later get into financing it. However, that isn’t  how buying a home works or should work.

Preparing to buy a new home?

The very first step after deciding you want to buy a home is to get that pre-approval call done and get the letter confirming your loan. With the new lender guidelines, some lenders are actually running clients through more of the approval process to save time once you do get an accepted offer. With your pre-approval, you now have a good idea of what your payment will be, how much money you’ll need for down payment,  closing costs, and which home you can afford to buy.There are many more things first time home buyers can do before ever stepping foot into an open house or calling on a house you saw on the internet. However, this is the biggest mis-conception. Just because you contact a bank and go through the pre-approval process does not mean you are ready to go out and buy a home.

I have been there before!

Shoot, when I bought my last property in Denver. I went with a lender I had used in the past. This lender advised me two weeks into escrow that they were back-logged with appraisers. It would be impossible to get my home appraised before I was scheduled to close. The seller had other interested buyers and had already set themselves up to move out because they did not want to extend the contract. I had to switch to another lender and, thought it was tight, but we got it done on time. I do recommend though, if you are not sure who to use for a lender ask a few questions of your own before you decide on them to start the pre-approval process. Things like;

“How many days are escrows typically taking?”
“If I get an accepted offer, how quickly are appraisals being completed? Not just completed but completed and submitted.”

Lenders may come out to look at the home, but then take another 3-5 days to submit the findings. Ask about fees and rates but always keep in mind that these rates are tied to the market and can change multiple times a day. Use these rates and fees as a reference but at this stage, don’t get too hung up on these numbers. The day of the month you close, when taxes are due, the insurance policy you choose will all will change your payment and closing costs along with many other minor variables. I had property insurance quotes from 1,600 to 740.00 annually on the same property all with the same deductible. So, it’s smart to shop around.

Let me help you find a new home in Denver, Colorado

First time home buyers who want an in-depth look at what to plan for before making an offer give me a call at 720-688-5110. Go to the link below and scroll down to the Affordability Calculator on my website and it will give you a full report. For sellers looking for an evaluation of their home please fill out this form on my website.

Want to live in a specific Denver Neighborhood? Click here: http://www.denverhomesmarket.com

Next weeks Hot Topic “I’m thinking about selling my home, now what?”