Temps are Rising in Denver Area Real Estate

The good folks over at Zillow (www.zillow.com) rate the current Denver Metro Real Estate market as “Very Hot.”

Home values in Denver Metro have risen 7% over the past year, and Zillow predicts a rise of 1.6% over the next year. So what does a HOT market mean for you as a potential buyer or seller of Real Estate? 

Sellers – now is your time to shine! In this market there are more buyers than homes available, and you can take advantage of that factor to sell your home in a timely manner, and for a price you can be happy with. 

Buyers – Don’t go it alone! If you want or need to buy a home, the right home, for a price you can afford, is out there. But you’ll need an experienced Realtor to help you navigate the Seller’s Market we are experiencing right now. 

Renters – Median rental rates in the Denver Metro area range from $1300-1500, depending on which area of town you are seeking a rental. Depending on your situation you may need or want to rent temporarily, but with single family homes (3 bedrooms) in South Suburban Metro Denver renting for $1800-$2000 and beyond, you owe it to yourself, and your family if you have one, to consider a home purchase. The $2000 you hand over to a Landlord each month could be buying equity in a home you call your own. 

So how HOT is the market in your neighborhood? Give me a call and we’ll run the numbers. Every suburb is unique, and every neighborhood has its own unique set of circumstances that will affect the value of a home you may want to sell, or the next home you’d like to buy. 

Jack Meyers
jackestate@aol.com
303.263.3050
Twitter: @jackestate

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Top Ten Defects Your Home Inspector is Looking For: Part II

That last article was a real cliffhanger! I won’t keep you hanging any longer – here are the additional 5 defects your home inspector will look for – and a bonus category for those of you who really want to get your Real Estate facts on.

6. Lead Based Paint

If you’ve fallen in love with a 1950’s ranch house, or any home built prior to 1978, for that matter, you are likely to encounter Lead Based Paint. If you are planning on renovating your home, you may ask your inspector to perform x-ray analysis of painted wall surfaces to determine the condition of existing paint. Cutting into walls and sanding surfaces containing LBP requires special precautions, and you’ll want to know what additional costs could come into play if your home contains this substance.

7. Structural Integrity

Irregularities in exterior or interior wall framing, door frames, or cracks in the foundation could be signs that there is a problem with the structural integrity of your home purchase. If this is the case, you may want to consider hiring a licensed Engineer, or request a referral for one from your home inspector or Realtor.

8. Electrical

Your inspector will remove the cover of the electrical panel to ensure there is no damage such as loose wiring or burned circuits. Depending on the age of your home, the inspector may check for aluminum wiring from the ‘60s-‘70s (which can usually be retrofitted) or knob and tube wiring, which is old and unsafe by current standards. Replacing this type of wiring can cost thousands of dollars, but is necessary to prevent fire hazards.

 9. Plumbing

A qualified inspector will check not only the condition and potential deterioration of pipes in your home, but also the type of material used and the distribution of plumbing throughout the home. Lead or galvanized pipes may require replacement – a hefty investment. He or she should check the flow of water to all fixtures as well as carry a moisture meter to check for moisture in walls and flooring near plumbing fixtures.

10. Heating and Air Conditioning

The inspector will check both the heating and air conditioning systems to ensure they are in proper working order, and also confirm that heat is appropriately distributed throughout the home and that ductwork is in good condition. In addition they should check to ensure that on/off switches and emergency shut offs are in good condition. If you know the home has less common systems in place such as radiant floor heat, be sure to mention this to your inspector so other systems are investigated as well.

 

Bonus:

Deferred Maintenance

Obvious deferred maintenance is a potential red flag in any home purchase. If home owners have clearly left work undone at the time of sale, imagine what hidden issues may exist. In addition, your inspector should examine any obvious DIY projects with a keen eye: structural additions and renovations, amateur plumbing or electrical work. Interior design as a hobby is one thing, but correcting improper or unpermitted work can be time-consuming and expensive.

 

The best advice for your Home Inspection and all of your Real Estate needs? Hire a professional. When you are ready to make a move, give me a call.

 Jack Meyers
jackestate@aol.com
303.263.3050
Twitter: @jackestate

 

 

 

Top Ten Defects Your Home Inspector is Looking For

Home Inspections Matter – I’ve said it before, and If you stick around long enough, I’ll say it again.

Final Price of the Home: Negotiable.

Appliances: Negotiable.

Closing Date: Negotiable.

Professional Inspection: NON-Negotiable.  

Even if you are buying a brand new home, you need an inspection to ensure your property is in good working order, and to protect the value of what is likely to be your biggest financial investment.

So what types of things is a property inspector looking for? Let’s take a look at the Top Ten Defects that might be uncovered in a home inspection. This is not a comprehensive list by any means, but is a list of some of most common issues an inspector might uncover.

Home Inspection: Top Ten Defects – Part I

1.     Roof and Siding

An experienced, certified inspector will look beyond the exterior appearance of the roof to determine the roof’s age, which will let you know how much life if left in your roof.

2.     Windows

Replacing windows throughout a home can cost thousands of dollars, but knowing their condition up front may give you leverage in negotiating a lower price for the home or a shared expense with the seller in replacing worn out windows.

3.     Grading

The grading of the land around your potential home is vitally important. Does the backyard and surrounding landscape slope away from your home appropriately to divert water from your property? An experienced inspector can help you reduce or avoid major water related damage and expense due to improperly graded earth around the foundation of your home.

4.     The Basement

If your basement is a potential flood zone or has had moisture issues in the past, you’ll want to know before you buy. Inspectors are trained to find signs of past water damage or current moisture issues.

5.     Insulation and Ventilation

Inadequate ventilation can affect the structure of your home, including breakdown of material in your roof, and if you buy a home in the summer and certain rooms are lacking in insulation, you’ll be sorry when winter hits. Insulation and ventilation may be unseen by the naked eye of you, the buyer, but this is an item your inspector should examine on your behalf. 

Come back soon for Part II – the additional 5 of the Top Ten Defects your Home Inspector is looking for.

Jack Meyers
jackestate@aol.com
303.263.3050
Twitter: @jackestate