Denver Real Estate

Statistics released in the third quarter of 2006 show the median or middle price of a single family home sold in the Denver metropolitan area decreased from $261,750 in June 2005 to $259,500 in July 2006. Currently, the Denver metro area’s average sold price of a single family home is $290,314, with some higher-end home areas realizing average prices of $500,000 to other suburban areas averaging slightly above $200,000. Denver’s real estate market continues to be stable, and growth is slow and sustainable. Experts predict home values will appreciate from 3 percent to 4 percent locally in 2006.

The average listing goes under contract within 98 days, this figure up from 92 days a year ago, and sells at approximately 96.0% of the asking price.* Once you find a home that meets your needs it is important to make your offer as soon as possible and at the highest price you feel comfortable offering. Although the inventory of homes has increased, there can still be multiple offers on well priced homes in popular areas. Your Fuller Sotheby’s International Realty broker will help you determine a fair offer price by preparing a market analysis of similar homes that have recently sold in the area.

Because this is still an active market you may be competing against other buyers for a property. You will want to let Sellers know you are the strongest buyers for their home. This means you will need to do the following:

• You will need to be pre-approved for a given loan amount and received a “Lender Letter” from your lender which verifies your pre-approval. Your Fuller Sotheby’s International Realty broker can refer you to a reputable financial institution.


• If you need to have your current home sold before you can buy a new home, it should be under contract to a good buyer, already sold or have bridge loan financing in place. Most Sellers will not accept a contract contingent upon the sale of the Buyer’s home. If your old home is under contract, it is a good idea to have a copy of the contract with you and proof that you have strong buyers.


• You may need to meet the Seller’s possession date, which means you may need to consider temporary living arrangements. If you need temporary living arrangements, your Fuller Sotheby’s International Realty broker can provide the names of several in the area where you want to live.


• At the time you write your offer, you will need to write a check for the earnest money deposit that is approximately 5% of the purchase price. If the offer is accepted, the check will be immediately deposited.

*Source: Metrolist Inc.,Denver Board of Realtors,The Rocky Mountain News.