Times were tough for metro Denver commercial and residential real estate businesses in 2009, but not as bad as in many other U.S. cities. The constricted debt market remained one of the biggest problems for all real estate businesses, including commercial developers and homebuilders. The federal government’s $8,000 first-time homebuyer tax credit did what it was supposed to — stimulating sales of both newly built and existing homes in lower price ranges. “For Denver’s housing market, 2009 was a year of so many industry changes, from short sales to new loan and appraisal rules,” said Leeann Iacino, president/CEO of Re/Max Professionals. “It was a year for not only the real estate professionals to retool their business, but also for the consumer to really understand all the changes.”
Monday, December 28, 2009
Sunday, December 27, 2009
Tuesday, December 22, 2009
- Move up, move down, move sideways; it just doesn't matter - buyers may still qualify for the new tax credit available to current homeowners. It is unfortunate that the credit has too often been characterized as a credit for "move-up" homeowners
Monday, December 21, 2009
- Cancellation rates for buyer contracts on newly built homes were down by half in late 2009, and the rate of home shoppers who buy was up, indicating an improving Denver-area housing market. Weekly cancellations in November and December averaged roughly 22%, compared to 40% to 45% for the same months of 2008, according to Metrostudy Inc.
Tuesday, December 8, 2009
The extension of the tax-credit for home buyers seems to have removed a sense of urgency. Last month, 3,444 Denver-area homes were placed under contract - a 29.9% drop from the 4,910 homes placed under contract in October. .