Keller Williams Preferred Realty - The Vicki Chen Team

03/01/2023

🎉🎉 BIG CONGRATS to this sweet friend and 3-peat client on another smooth closing! Here's to a fun moving day and many wonderful memories to come. Thanks again for thinking of me! 🥰🥂

02/08/2023

UPDATE: RENTED!

FOR RENT! - 10528 ASHFIELD ST , HIGHLANDS RANCH, CO 80126 (2 BR | 3 BA | 1,699 SF | $2,600/MONTH)

Beautiful Highlands Ranch townhome featuring:

* Lovely spacious floor plan with granite counters and kitchen island, stainless steel appliances, dining area, living room, gas fireplace, 5-piece master bath, gleaming hardwood and tile floors, relaxing patio and more!
* Washer/dryer provided for tenant convenience
* 2-car attached garage
* Wonderful neighborhood in highly desirable Highland Walk community. Short walk to grocery store, restaurants, shops, banks...
* Free access to Highlands Ranch recreation centers (4 total)
* Easy commute to C-470, I-25, Park Meadows, and Inverness (about 15-20 minute drive to DTC).

NO PETS OR SMOKING OF ANY KIND PLEASE. 12+ month leases available. Rent = $2,600/month. Security deposit = $2,800. Application fee = $30 per tenant. Available 4/1/2023 - contact me for more details or to schedule a showing!

https://www.zillow.com/homedetails/10528-Ashfield-St-15B-Littleton-CO-80126/67454122_zpid/?view=public

01/12/2023

SELLER TIP! Over 500 listings have hit the Denver market since 1/1. If you're preparing to sell this spring, be sure to price to the CURRENT MARKET and help your home look its best:

✅ Tackle larger projects now
✅ Spruce up paint
✅ Make repairs
✅ Assess flooring
✅ Key areas are kitchen and bath
✅ Consider curb appeal

Despite higher interest rates and slowing sales, Denver area realtors say the spring selling season may already be firing up.

01/10/2023

UPDATE: RENTED!

FOR RENT! - 4100 E ILIFF AVE #1, DENVER, CO 80222 (3 BR | 3.5 BA | 1,885 SF | $3,495/MONTH)

Gorgeous, modern, and spacious duplex for rent in prime central Denver location (near I-25 & Colorado). Features:

* Bright, open concept floorplan with high ceilings, open tread stairs, and a beautiful electric fireplace
* Timeless, sleek finishes with custom white cabinetry, quartz countertops, waterfall island, and stainless steel appliances
* Private bathrooms for all 3 bedrooms
* Large rooftop deck with gas hookup and mountain views
* Full washer/dryer provided for tenant convenience
* 2-car attached garage
* Easy access to I-25, close proximity to Colorado Station (light rail/RTD), and a convenient commute to Downtown, DTC, DU, and Cherry Creek. Numerous restaurants, cafes, grocery stores, and businesses are just a short walk/bike ride away!

NO PETS OR SMOKING OF ANY KIND PLEASE. 12+ month leases available (special rate for leases of 15+ months). Rent = $3,495/month. Security deposit = $3,600. Application fee = $30 per tenant. AVAILABLE NOW - contact me for more details or to schedule a showing!

https://www.zillow.com/homedetails/4100-E-Iliff-Ave-UNIT-1-Denver-CO-80222/318397263_zpid/?view=public

12/03/2022

JUST LISTED! – 3855 S MONACO PKWY #266, DENVER, CO 80237 (2 BR | 2 BA | 1283 SF | $310,000)

Perfect residence or income property at a great price! Come check out this open and spacious end-unit condo in South Denver featuring:

* Bright living room with natural light and a lovely wood burning fireplace
* Large bedrooms including a master suite with full bath
* White kitchen cabinets, tiled floors/countertops, and stainless steel appliances
* Mountains views from the private western facing balcony
* Laundry room with washer/dryer included
* 2 dedicated parking spaces (1 covered, 1 outdoor)
* Access to the clubhouse and outdoor pool
* Nearly all utilities included (less electricity/internet)!
* Prime location near I-25 & Hampden/I-225! Steps to the Southmoor RTD/light rail station, easy commute to DU, Downtown, DTC, grocery store/shops/restaurants, parks, and schools.

Call 970-690-3636 with questions or to schedule your showing today! :)

09/17/2022

UPDATE: RENTED!

LOVELY FRESHLY PAINTED DTC CONDO FOR RENT! - 2 Bedrooms | 2 Baths | 863 SF | $1,750/Month

Features:

** Master bedroom with private bath, stainless steel appliances, tiled granite kitchen counters, gas fireplace, in-unit washer/dryer, balcony with west facing views, and more!

** Feeds into top-ranked Cherry Creek schools (Heritage Elementary, Campus Middle School, Cherry Creek High School)

** Prime location within walking distance (or a quick drive) to Arapahoe Light Rail Station, Home Depot, Starbucks, Target, shopping/restaurants/banks/parks, etc. Easy commute to I-25, I-225, and Inverness/Park Meadows area as well.

** Rent includes water, trash, snow removal, and access to community pool and fitness room.

AVAILABLE NOW!

For rent This 863 square foot condo home has 2 bedrooms and 2.0 bathrooms. It is located at 6380 S Boston St Englewood, Colorado.

09/15/2022

And just like that, summer's coming to an end and buyer power is on the rise…

CURRENT TRENDS:
--> Denver continues to cool as prices drop and homes stay on the market longer
--> August 2022 month end stats:
* 6,939 active listings (up 93% from August 2021 but overall, inventory is still low)
* Average sales price = $657,284 / median sales price = $579,900 (DOWN 4.53% and 2.54%, respectively, from July)
* 4,221 sold homes (DOWN 5.93% from July and 30.21% from August 2021)
* Close-price-to-list-price ratio = 99.41% (1st time below 100% since July 2020)
* Average days in MLS = 19 days (compared to 11 in August 2021)

BUYERS:
--> More inventory and time to shop for a home
--> Seeing less covering of appraisal gaps and waiving inspections
--> Able to ask for concessions (e.g. inspection repairs, buying down your interest rate, etc.) and purchase home despite current home sale contingency

SELLERS:
--> May see more deals requesting seller concessions
--> DO YOUR RESEARCH! (if a home has been sitting on the market for awhile, may be listed too high)
--> Base pricing on the last 60 days, NOT the last 6 months
--> Equity is still growing but at a slower pace (medium sales price still up 8.49% compared to August 2021)
--> Remember, market shift may benefit your next home purchase as well!

Got more questions on buying or selling? Happy to chat anytime! :)

Additional sources: DMAR

After two years of chaos in the real estate market, buyers and sellers are starting to see a shift to something more… normal.

06/08/2022

MANAGING EXPECTATIONS... Median home prices may have fallen by 0.24% between April and May, but overall, the market is still booming.

CURRENT CONDITIONS:
🏘️ Still a sellers market (not a reversal) despite rising inventory and higher mortgage rates which have cooled demand.
🏘️ Home prices/showings have finally slowed, but still far from the price drops of 2008 (year-over-year increase is still likely to hit double digits).
🏘️ Institutional buyers (large companies who have been driving up prices) are starting to calm down.

SELLERS:
⚠️ The market is not the reckless frenzy that it was before (prices that were set artificially high are becoming more realistic).
⚠️ You can still achieve a great sale...just be aware of the "shift" (decreased activity, possibility of more terms negotiation) so as not to lose a solid buyer.

BUYERS:
⚠️ Higher supply, less panic buying, and the seasonal "summer slump" means more opportunity to think a minute before waiving rights and submitting an impulsive offer.
⚠️ Market still favors the seller, however, so make sure your financing is up-to-date and you're ready to go when the right home presents itself.

Feel free to give me a shout if you ever need assistance! 😉

Home prices in the Denver area have risen 41% recently, but the Denver Metro Association of Realtors with its latest report out indicates prices have finally slowed and average prices even fell by a quarter percentage point.

06/01/2022

WOW…June already?!! This last month was packed and zipped right on by so apologies for the delay, but here are the “DENVER MARKET WATCH” highlights from April 2022:

--> Listings/closings see more seasonal increases with sellers selling investment properties, moving out of state, or finally jumping into this crazed market.

--> # of listings actively available for sale reached 2,904 (first time above the 2,000 mark since November 2021).

--> Mortgage interest rates are up = affordability challenges, more moderate growth in home prices, and a slowdown of bidding wars.

--> Inventory increased but showings also decreased significantly (9.7 showings/property after Easter weekend vs. 25.6 showings/property from Super Bowl weekend).

--> Average price of a single-family detached home = $825,073 (a 3.93% increase from March). Close-price-to-list-price ratio jumped slightly to 108.45%, up just 0.39% from March.

--> Luxury Market (properties selling for $1 million+) seem less impacted by rate increases with many still selling for hundreds of thousands over asking price.

--> First-time homebuyers are trying to offset mortgage payments by looking into income generating opportunities (e.g. house hacking, multi-units, garage/ADU renting, etc.).

Overall, we’re seeing SIGNS OF COOLING and shifting to a more responsible market. May stats are just around the corner so check back soon for more updates!

Sources: REColorado, DMAR, SMDRA

05/12/2022

FOOD FOR THOUGHT! With the recent rezoning of 3 Denver area neighborhoods (Villa Park, Barnum and Barnum West) and financial assistance from the West Denver Renaissance Collaborative (WDRC), homeowners can now build detached secondary residential structures called ADUs (Accessory Dwelling Units...AKA carriage houses, mother-in-law units) on their primary lots.

ADUs have long been a popular method for generating rental income, offsetting mortgage payments, and creating separate spaces for extended families. With housing affordability on the forefront, could ADUs be something for buyers/current homeowners to consider in their next purchase or addition?

The rezoning allows homeowners to build Accessory Dwelling Units, or ADUs, commonly known as carriage houses or mother-in-law suites, on their property.

04/30/2022

More insights on the impact of rising interest rates...

🏘️ Some markets around the U.S. including Toledo, Rochester, Detroit, Pittsburgh, Springfield, Tulsa, Los Angeles, Memphis, Chicago, and Richmond have starting seeing a decline in sales prices.

🏘️ Denver is still up 20% compared to last year, but some offers may not be as high or there aren't as many offers on the table which presents a WINDOW OF OPPORTUNITY FOR BUYERS.

🏘️ We're not in "bubble bursting" territory since unlike 2008/2009, there isn't enough inventory available so good deals are hard-pressed.

🏘️ SELLERS: If you price your home properly and manage expectations, you will be fine (homes do not need to sell within a weekend as the average days on market in the Denver area is 11 days 😉).

The wild ride also known as the real estate market is starting to shift gears. Surging interest rates have led to lower competition for some homes in Denver.

04/26/2022

Speaking of this month's most popular question from clients, here's Kelly Moye, spokesperson for the Colorado Association of Realtors, providing an overview of the impact of mortgage rate increases in the Denver housing market. Key points include:

🏡 Changes in buyer purchasing power (e.g. a rate increase from 4% to 5% means a 10% decrease in purchasing power, so a buyer who once qualified for a $600k purchase may now only qualify for $540k).

🏡 Fewer showings being observed or houses not selling the first weekend (bidding wars remain but are less intense, so annual growth is expected to continue but may not reach double digits like before).

🏡 Still a seller's market but a little calmer, so a good time for buyers to stay watchful of market activity and get in before rates (which are still historically low) go up further.

🏡 No indication of a bubble bursting in Denver, just the natural progression of interest rates helping to slow down growth and keep things more balanced and affordable.

Kelly Moye with the Colorado Association of Realtors discusses where Denver’s housing market stands right now and how rising interest rates are playing a role.