Still a Seller’s market
The Denver metro real estate market started to pick up again in October, after a noticeable slump in September. Median prices for single family homes are up 5.45% from last year, and 3.49% for condos. Even if prices are lower than they were in the Spring, it’s important to compare apples-to-apples, which means comparing October 2018 to October 2017. This is good news for fix and flippers because prices are still increasing, but the bad news is that the number of listings that will compete against your flips are also increasing. New listings were up 35% from a year ago. That means more days on market, so work it into your numbers. We still have a ways to go before it becomes a Buyers market, so go find a deal!
Not red or blue, it’s about the $GREEN$
The election is over and we are all looking forward to moving on with our lives and moving forward in our businesses. As an investor, it’s not about emotion, it’s about strategy. The Democrat party now controls our entire state government. So what does that mean for real estate? Time will tell, but let’s not worry about the sky falling, locally or nationally. Very little will change in the short run, so keep moving forward. Down the road, here are a few things to put on your radar: rent control measures, Airbnb regulations, property tax increases and real estate transfer taxes, and the revocation of TABOR (Tax Payer Bill of Rights). Removing TABOR will allow lawmakers to skip voter approval and raise taxes as they see fit. Maybe you’re cool with that, maybe not. The important thing to remember is that you can make money regardless of the political climate. Just remember to keep an eye on government so that you don’t get into a deal without realizing important changes that affect your bottom line.
QUOTE OF THE WEEK
“We would all like to vote for the best man, but he is never a candidate.“
See you soon,