As Denver (as of May 2020) is reopening from shelter-in-place orders, you might be thinking that now is the time to reconsider plans that may have been on hold to buy or sell a home. The post-Covid-19 time is a unique moment in history and real estate and we’ve outlined some tips to help you stay proactive so you can make your real estate goals come true.
For both: Know the market
As the United States faces a challenging economic time, real estate trends are shifting. Across Colorado, and in Denver, the market is considered cool according to Zillow, favoring a buyers’ market. If you wanted to buy before Covid-19, now may be your moment and the current median home value in Denver is $465,466 according to Zillow. Real estate agents in Denver are noting how home values have gone up 1.7% over the past year and Zillow predicts they will fall -1.7% within the next year. For sellers, keep an eye on the trends and talk with your agent to see what is projected for your specific neighborhood.
For buyers: Stay up-to-date about mortgages
As a buyer, you are probably wondering what the deal is with low mortgage rates. Mortgage rates were already low before the coronavirus hit the U.S.: 30-year fixed mortgage rates averaged 3.47% in February 2020, compared with 4.37% in February 2019. In March 2020, the Federal Reserve dropped interest rates to nearly zero. This caused mortgage rates to hit a low of 3.2%. Since March, rates have been bouncing up and down and that was also when ...
Denver, Colorado is a very desirable place to live in the United States. For this reason, it is not particularly the cheapest place to live. However, it is very affordable when compared to many other places primarily on the coasts. Below are some facts about the cost of living in Denver in 2020 with data provided by Nerdwallet. One of the most important factors when determining where to live is the average salary of residents in a given city. Some quick facts:
- The average salary for people who live in Denver is approximately $47,499 per household.
- Per person, the average salary is actually $32,051. For comparison the average income per capita nationwide is $27,915.
- Out of 268 total cities, this makes Denver the 40th most expensive place to live.
Housing costs is another essential thing to consider when looking at the cost of living in Denver.
- The average cost of a 2-bedroom apartment in Denver is $1,538. This number puts it at the 12th most expensive city nationwide.
- Buying a 3-bedroom, 2-bathroom house will cost $501,929.
- Utilities in Denver will run a household $139 per month.
Staying healthy is another essential consideration when looking at the cost of living.
- In Denver, a doctor's visit will average about $125.43.
- A trip to the dentist will cost $105.11.
- Seeing the optometrist will cost $102.57.
Then of course you'll need to consider all of the extraneous costs that come with the basics of living.
- Gas costs roughly $2.60 per gallon in Denver.
- The cost of taking the train is actually the second most in the country....
Being a landlord can be a difficult job. When you’re a landlord, there are several things to know to ensure you comply with the law. One of the many laws that you need to be aware of is known as warranty of habitability. We spoke to local Denver attorney Kyle Bachus of Bachus & Schanker about everything landlords should know about this essential law for property owners.
What Is the Warranty of Habitability?
The warranty of habitability states that a landlord must provide a tenant with a place that’s fit to be occupied. In other words, a rented property must meet minimally acceptable standards. There cannot be a condition on the property that endangers the life, health, or safety of the tenant. The warranty of habitability is a law that requires the landlord to keep their property in acceptable condition for the tenant.
Colorado Warranty of Habitability Laws
The Colorado warranty of habitability law is the stated in Residential Tenants Health and Safety Act, Colorado Revised Statutes 38-12-503, and Colorado House Bill 1170. The law requires landlords to guarantee that a property is a fit place to occupy. The warranty of habitability is implied between every landlord and tenant. The Colorado warranty of habitability law requires the property owner to fix any dangers to life and safety...
