Denver housing market shows signs of a cooling trend After months of overheating, the Denver housing market is finally dialing down the temperature. Active inventory is up, while prices are dropping slightly. According to the Denver Metro Association of Realtors’ (DMAR) August market report, residential inventory rose 2.78% in July over June and 3.96% over July of last year. While the Denver Post reports that inventory is still less than half of the historical average, it’s the largest supply of homes on the market in July in three years. Despite the availability of more homes, though, the number of sales dropped substantially (15.65%) from June, as well as from July of 2017 (8.54%). Meanwhile, average prices decreased somewhat, dropping 1.93% to $479,802 from June to July. The median price dropped .60%, to $417,500. Although the housing market traditionally slows this time of year, DMAR Market Trends Committee Chairman Steve Danyliw believes the numbers may represent a larger trend. “It’s not time to panic, but this market is showing signs of cooling, and Realtors need to manage seller’s expectations as market conditions change,” notes Danyliw in the monthly report. “…With inventory at a three-year high, the climate is perfect for slowing activity and price reductions as fewer and fewer homes are considered affordable.” Indeed, unaffordability may be one of the causes of the slowdown. Interest rates on a 30-year mortgage were 3.9% a year ago, notes a recent Denver Post article. “They now run closer to 4.6% and are rising, knocking more buyers out of the running.” Additionally, Zillow’s senior economist Aaron Terrazas, cited in the DMAR report, notes that rent growth in the metro area has mostly stabilized, reducing the urgency for renters to escape rising rents by buying a home. This has further lowered demand. In all, the report is a boon to buyers and perhaps a wake-up call to sellers, who are used to sitting in the catbird seat when it comes to realizing exceedingly high appreciation on their homes. “Can a cooling market be considered positive?” asks Danyliw. “To most sellers, no, but honestly, they have experienced unprecedented equity growth over the past several years. It’s time to share the love and keep home buying an option in the Denver metro area. “ Filed Under: Uncategorized

Do you know when a belly can cause problems? Do you understand when to get a scope versus when to get a clean-out? Do you even realize that we’re talking about sewers not colonoscopies? If the answer is no to all of the above, it’s time to bone up on your sewer savviness. Admittedly, it’s not a sexy topic. But knowing how your sewer works and who to call for help when it fails can save you money and stress. Sewer Lines Only, a Denver-based company, offers definitions of these terms: Main line: The main line connects your service line to the city sewage treatment center. It is the city’s responsibility to maintain. “It is typically 10 inches in diameter and runs under your street or alley,” notes Sewer Lines Only. Tap: This is what connects your personal service line to the main city line. Clay line or clay tile: If you have a Denver home built before 1975, it’s likely to have sewer lines made of clay pipes. These often are infiltrated by tree roots and “have multiple joints that can become separated or misaligned, causing leaks.” New replacement lines are made of plastic. Off-set: This is a problem that typically occurs in a clay line. Because clay lines feature joints every 2-5 feet, the joints can move. When they get out of line with each other, this is an “off-set,” which sometimes collects debris. Belly: This is a low spot in the line where water and sewage may collect. Depending on the severity, it may be problematic. Clean-out: This is a spot that offers access to your sewer line. It’s usually found in your yard near the house. Clean-outs “are used to easily access your sewer line in order to inspect or clean it out.” Sewer scope: This is when a company uses a camera to record what is happening inside the line. The camera is usually fed into the sewer pipe through a vent stack on the roof, a toilet or a clean-out and helps to find blockages and pinpoint spots that need repair. Pipe bursting: This is when the existing line is replaced by “pulling a new line through the existing line.” This method will not resolve a belly and is allowable only in uniquely difficult excavations. To keep your sewer line free of trouble, it helps to flood it with water once a month and before you leave for vacation. Turn on all the taps, fill bathtubs with water and then drain them, run the dishwasher, flush all toilets. The rush of water will help push debris through the pipes. And when problems arise, be careful to hire professionals you trust. It’s best to avoid using a company that offers to both inspect your pipes and repair them, as that company is incentivized to find problems that may not exist. Call us for referrals before spending thousands of unnecessary dollars. —   www.rmcherrycreek.com/blog Photo Copyright: Nuwat Chanthachanthuek / 123rf.com  

Deciding Between Granite & Quartz? Consider these Pros & Cons When it comes to home countertops, two materials are taking the country by storm: granite and quartz. In fact, “two out of five homeowners choose one of these two surfaces, often for durability and easy cleaning,” according to a 2017 U.S. Houzz Kitchen Trends Study. While they may have equality in public opinion, each material has distinct advantages and disadvantages. When deciding, it’s important to understand their differences. Here are some facts to consider, as provided by Houzz: Advantages of granite Longevity: Granite, notes Houzz, “is time-tested and has universal appeal.” While some colors may seem dated as time goes on, “you generally can’t go wrong with granite as a long-term investment. It almost always helps sell homes.” It comes in wide slabs: Granite can be found in slabs more than 70 inches wide, while quartz is more commonly 56 inches wide. Wider slabs generally mean fewer seams, and if only one slab is needed, this can cut costs. It’s cheaper: While “exotic” granite can be expensive, more common types cost from $35 to $55 per square foot installed – “significantly less than most quartz options,” notes Houzz. It’s natural: Since granite isn’t man-made like quartz, it has the unique patterns and textures only nature can provide. “As durable as quartz is and as innovative as manufacturing processes are becoming, it won’t ever be 100% natural, and that’s a deal breaker for a lot of homeowners,” notes Houzz. It can be used outdoors: While quartz may fade and discolor with long-term exposure to sun, granite should stay true to its original color, even in sunlight and weather extremes. Advantages of quartz It’s not porous: Spills of liquid, such as wine, can stain granite, if unattended too long. By contrast, quartz won’t stain from coffee, citrus juice, cooking oil, etc. It’s also “about as scratch- and stain-resistant as countertops get,” reports Houzz. It needs less maintenance: Because granite is porous, homeowners need to seal it every two to five years. They must also be careful while cleaning, as some soaps may stain the stone. By contrast, quartz can handle most detergents and doesn’t require sealing. It offers a clean look: For those desiring a streamlined look, quartz is the best option. Slabs of the same color won’t vary as granite does, and it doesn’t have the swirls and speckles of granite, which can look “busy.” It’s less brittle: While installing large slabs of granite, there’s always the danger of breakage, particularly if lots of angles are required. By contrast, quartz is manmade with resins and polymers that form strong bonds. Thus, it is less likely to break. Photo Copyright: dbvirago / 123RF Stock Photo From: Re/Max of Cherry Creek Blog Deciding between granite and quartz? Consider these pros and cons