Tag: Jim Smith

Price Reduced on 1904 Home in Denver’s Capitol Hill

     You’ll love the updates to this 3-bedroom home at 1240 N. Downing St., a short walk from Cheesman Park in Denver’s historic Capitol Hill — from the dream kitchen with white quartz countertops, stainless steel appliances and rolling island to the fabulous primary suite in the basement! The price was just reduced to $950,000. My narrated video tour will give you a taste of it and inspire you to request a showing. You can view more pictures plus that video tour (with drone video footage) at www.DenverHome.info. Or call me, Jim Smith, at 303-525-1851 to schedule a private showing.

Here’s Why I’m Not a Fan of Tankless Water Heaters

    Tankless water heaters have been promoted as an energy-saving appliance. The reasoning is simple. A traditional water heater is tasked with keeping a large tank of water hot — typically at 120º F.  A tankless water heater only heats water as needed. 

    The development of heat pump water heaters has changed that calculation. And they are the only water heaters that can earn you a 30% federal tax credit in addition to the $600 to $800 rebate earned by Xcel Energy customers. Xcel says heat pump water heaters are 65% more efficient than standard electric water heaters and can save you $900 in energy costs over 12 years.

    There’s a secondary reason that I don’t like tankless water heaters.  With a tank water heater (whether heat pump  or conventional electric/gas), you can install a recirculation line, allowing you to have instant hot water at even the farthest faucet from your water heater.

     A plumber has installed a recirculation line in every house I’ve owned for 20 years. Here’s how it works. Let’s say your water heater is in the basement and your primary bedroom is on the second floor. You might draw a gallon or more of cold water before hot water reaches your faucet. And that’s water that had been heated but cooled off sitting in your pipes. By running a return line from your sink to the bottom of the water heater, your faucet becomes the “top” of your water heater, and hot water rises to the top of the tank. Voila! Instant hot water on tap. (Note: You are saving water, too, by not running the tap until hot water arrives.)

Running that recirculation line can involve a lot of drywall opening and repair if you have a finished basement and need to snake the line through ceilings and walls to a higher floor. If you have a ranch home with an unfinished basement (no drywall on the ceiling), you’re spared this expense. It helps to save heat loss and energy if you install insulation on the copper pipes going from the water heater to your distant faucet, assuming those pipes are accessible. The return line should be PEX, which is plastic and does not need insulating.

Installing a hot water recirculation line is a job that any plumber can do.

Selling Your Home and Renting Might Be the Answer for You, As It Was for Us

This past weekend I had an interesting conversation with fellow “seniors” who are contemplating their next step in life.

They own a single-family detached home with lots of yard work to keep it looking beautiful. They love their home but feel the need to simplify their life as they age. (They’re in their 70s.)

Their options vary from downsizing to a patio home, moving to a 55+ rental (which Rita and I did last year), or moving out-of-state or out of the country.  Our nation’s political turmoil is what’s behind the last option, and Portugal and Mexico have caught their attention.

This couple is also feeling an urgency to choose, because they know this is the time of year when the landscaping looks its best, and they don’t want to miss that window of opportunity.

Putting my “consultant” hat on, I had some insights of my own to share with them.

My first insight was that you don’t want to wait until you have to sell, such as from illness or death of a spouse. This couple is in excellent health, and that’s what you want when you undertake such a serious (and exerting) life change.

My second insight was that renting is actually a great way to procrastinate, taking the pressure off choosing those other options. As a renter, you get to decide a year from now when your one-year lease expires. At that time you can buy that patio home, move locally, out-of-state or to Portugal — or you can renew your lease and put off the decision for another year. 

As a renter, especially in an apartment building or 55+ community, you are free to travel and check out all those options. And, since you will have sold your house already, you could be a non-contingent buyer if buying is what you decide to do.

Selling your current house and buying a replacement home at the same time can be really strenuous and stressful in terms of moving. If you rent, you can take your time to move out of your current home, and you can take your time again when you decide to buy next year or the year after.

A third insight is financial. This couple owns their house “free and clear.” When they sell, they’ll have nearly a million dollars that they can invest (as we did), adding another income stream. That equity isn’t earning them anything sitting in their home, and the income they earn from investing their proceeds will likely exceed the cost of renting.

Lastly, they’ll be able to enjoy worry-free vacations. As a renter, they’ll be in a “lock-and-leave” environment like Rita and I are — able to go on cruises or other trips without any concern about break-ins, snow-shoveling, lawn care or frozen pipes. 

As a Realtor and homeowner, I never thought that I’d be a renter again, but I could tell that we were at the top of the market and that by “cashing out” on our single-family home in Golden, we’d have the freedom to make another decision at any time later on and not have to worry about anything. And because we had to downsize to sell our 4,000-sq.-ft. home and move into an 1,100-sq.-ft. apartment, that hard work was behind us. It was a great feeling when that downsizing was complete. Another benefit is that our heirs will have less to sort through and dispose of when we die, because we already did most of that work.

I’d like to hear your thoughts or questions about this topic. Email me at Jim@GoldenRealEstate.com.

Metro Real Estate Market Exhibits Seasonal Cooling

Starting this month, I am partnering with Megan Aller of First American Title, in providing a statistical analysis of the prior month’s real estate activity in the Denver metro area. Megan is renowned for her diligent and in-depth analysis of the market, so, while this is under my byline, I am really conveying what she has told me.

As the Denver market enters a cooler season, the landscape is undergoing a notable shift with rising inventory and falling demand. This phenomenon, known as retraction, is causing a seasonal decline in prices as the balance between supply and demand evolves.

Recent data reveals a decline in the occurrence of multiple offers. For detached single-family homes, the percentage of properties selling for over asking price dropped by 4.7%, settling at 41.1%. Similarly, attached residences experienced a 2.0% decrease, with 37.4% of homes selling for over asking price.

While attached single-family home prices experienced a minor dip of 0.1%, averaging $480,656, detached single-family home prices rose by 1.7% month over month, reaching an average price of $796,702.

Both attached and detached homes currently have a supply of 1.3 months, indicating limited inventory. However, experts predict supply will likely increase in the coming months.

The shift towards a cooler market creates a favorable environment for prospective buyers. With a decrease in multiple offers and the potential for price adjustments, buyers have an opportunity to make their move in a less competitive market. Whether they are first-time homebuyers or looking to upgrade, the current market conditions present an opening for strategic decision-making.

If you’re interested in learning more about the metro Denver real estate market, my broker associates and I can provide valuable insights tailored to your specific needs. Our contact information is below.

The data in this report covers the following metro area counties: Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson. This representation is based in whole or in part on content supplied by Metrolist Inc., d/b/a REcolorado. REcolorado does not guarantee nor is it in any way responsible for its accuracy. Data from REcolorado may not reflect all real estate activity in the market. All data above is for the month of June 2023.

The ‘Styrofoam Corral’ Needs a New Home!

For over 15 years, Golden Real Estate has operated a “Styrofoam Corral” behind its former office at 17695 S. Golden Road. During that time, the general public has brought us so much Styrofoam to recycle that we estimate we’ve kept over 40,000 cubic yards of the material out of landfills.

At least twice a month (including tomorrow!) we fill our box truck with what has been left in the Corral and take it to Atlas Molded Products in Denver, where it is densified for reuse to manufacture new products. It’s not shipped elsewhere.

In January 2022, Golden Real Estate moved to its downtown Golden storefront (shown above), and our former office building is now pending sale to another Golden business. (More about that later.) The contract of sale requires that the Styrofoam Corral be removed by August 31st, so we need to find another business which can take over this popular service.

If you or someone you know would like to host the Styrofoam Corral, we will make it easy for you/them, moving the chain-link enclosure and signage plus the motion-detecting enunciator which gives instructions to visitors. I will also personally train you/them, and our box truck will be available for every trip to Atlas Molded Products or another recycler.

We know that the public values this service. We have a donation box attached to the corral which receives over $100 per month in cash donations from visitors, more than covering the cost of bags and gas for the truck.

If you can help avoid terminating this valuable public service, please call me, Jim Smith, at 303-525-1851. Thanks!

Just Listed: 4-Bedroom Green Mountain Ranch with Finished Basement

You won’t find a better maintained or better loved home than this one at 13598 W. Alaska Drive on the northeast slope of Green Mountain. It was just listed by Jim Smith for $590,000. Because the neighborhood backs to the mountain, there is no through traffic, making it a quiet, peaceful place to live. There’s also no HOA, so you can park an RV on gravel next to the garage. The home has three main-floor bedrooms and another one in the finished basement, with a full bath on both levels. The backyard features a pergola and swing, above-ground pool, and patio furniture, all of which are included. The sellers welcome a quick closing but request 60 days’ post-closing occupancy to find their replacement home. You can view more pictures at www.GreenMountainHome.info. Open house Saturday,  July 8, from 11 to 1.

Learn What It Takes to Make a Building Net Zero Energy

This Thursday, July 6th, from 5:30 to 7:30 pm, I’m hosting an open house at The Net Zero Store, 17695 S. Golden Road (our former office), where I’ll show visitors the steps we took to make that 1,318-sq.-ft. building net zero energy.

By installing heat pump mini-splits to heat and cool the building, and a tankless electric water heater, we had the gas meter removed, saving $50/month in connection charges. The building is now fully powered by the 20-kW solar array, no matter how much electricity is used both by the occupant and to charge up to three electric vehicles at once.

Refreshments will be served.

At Golden Real Estate, Our Brokers Focus on What Is Important to Homebuyers

We are a listing brokerage, but, like any successful real estate firm, we also represent buyers. While we have particular competence in the listing and marketing of homes for sale, we are also successful in helping buyers find homes to buy, get them under contract, and then shepherd those buyers through closing and move-in, all the while bringing our years of experience and acquired competence to each stage of the process.

We know that, first of all, buyers’ agents need to be good listeners — find out what’s important to the buyer. That can and does vary from buyer to buyer. In this article, I’ll describe what I’ve found is typically important beyond those very personal needs and wants.

Buyers need and want to know what the real estate market is like and what their money can buy. The best way to learn that, I’ve found, is to set up an MLS email alert early on, matching their search criteria.

While buyers can do their own searching on consumer-facing websites, not all MLS fields are search-able unless you’re a member of the MLS. A good example of that is searching for a main-floor primary suite. That is not a searchable field on any consumer website that I’m aware of. On Zillow you can search for single-story homes, but many 2-story homes also have main-floor primary suites.

Think of other features important to you. Almost every MLS field can be a search criterion, but only for an MLS member agent, who can include them in an MLS alert that he or she sets up for you.

Do you want a fenced yard?  RV parking? Do you want mountain and/or city views? Solar panels? A particular elementary school?

You can receive an alert about homes matching your personalized search criteria as soon as they go on the market. Daily or monthly emails are also an option.

Such MLS alerts can give the buyer a sense of the market, whether or not he/she is ready to start looking at homes and/or make an offer on one they like.

Financing is critical, of course, and a buyer’s agent needs to know the financial capabilities and limitations of his or her buyer and have an excellent loan officer who can let the buyer and agent know the price range for which the buyer is qualified. Some loan officers, such as ours, are more creative than others at solving problems and matching a buyer with the best loan.

Knowing whether a particular home is priced correctly and what a proper offering price would be is important to any buyer. When you find a home you want to buy, we have three valuation tools, not just Zillow, that can provide guidance on what a proper offer should be. What did comparable homes sell for, how long were they on the market, and did they sell above or below the listing price? That’s easy for us to research and show you.

If you have lost bidding wars and don’t want that to be in another one, you can ask your agent to send only listings that have been on the market more than a week or 10 days. By then the chance of competing with other buyers is much reduced.

Homes in newer subdivisions may have significantly higher property taxes because they are in a metropolitan tax district. Although the MLS displayus the property tax for each listing, it doesn’t include the all-important mill levy. The tax rate for a home in a metropolitan tax district can be up to double that of a home outside that tax district, and we can make sure you know when that’s the case.

Some buyers, especially those with RVs, want to avoid listings that are in an HOA that limits RV parking. That’s another criterion that can be specified in email alerts, as is the availability of on-site RV parking.

These are just some of the things which we have found are important to homebuyers. What’s important to you? Knowing the value of an experienced agent in helping you find homes which meet your needs is a good reason to work with one of us at Golden Real Estate.

Cost-Effective Improvements to Help Your Home Sell Better

When it comes to improving your home to sell for more money, there are several improvements that experience has taught us can make a significant impact. Here’s our checklist for you:

1. Enhance curb appeal: First impressions matter, so focus on improving the exterior of your home. Trim the lawn, prune bushes, plant flowers, and add fresh mulch. (I have a vendor to recommend for yard cleanup.) Our handyman can repaint the front door, clean windows, and handle other cosmetic repairs.

2. Declutter and deep clean: Clean and clutter-free homes appear more spacious and are appealing to buyers. We can recommend a professional house cleaner, and we provide a free staging consultation to guide you on the rest. Pay special attention to kitchens and bathrooms.

3. Repaint and touch up: A fresh coat of paint can give your home a renewed look. Stick to neutral colors that have broad appeal. Our handyman can patch any holes and deal with peeling paint. Ensure that all surfaces are clean and well-maintained.

4. Upgrade lighting: Good lighting makes your home brighter and more inviting. Replace incandescent and CFL bulbs with LEDs. Focus on key areas such as the kitchen, living room, and bathrooms. (Batteries + Bulbs has great deals on LEDs.)

5. Improve your home’s energy efficiency: Buyers favor energy-efficient homes. Consider installing weatherstripping, sealing air leaks, and adding insulation if needed. Upgrading to energy-efficient appliances, such as refrigerators and water heaters, can also be appealing. We can guide you on this and recommend honest vendors.

6. Update kitchen and bathrooms: If a major renovation is not feasible, focus on small updates such as replacing cabinet hardware, upgrading faucets, and installing new light fixtures. Consider painting or refinishing cabinets. Flooring is important, too!

7. Enhance storage: Ample storage space is so important! Increase the functionality of closets and cabinets by adding organizers or shelves. Our staging consultant can provide guidance on this topic, too.

8. Improve landscaping: Clean up flower beds, and consider some strategic landscaping improvements such as a patio.

9. Address minor repairs: Our handyman (available only to clients) can fix any visible issues like leaky faucets, broken tiles, or squeaky doors. It’s important to fix what I call “eyesores” — anything that draws negative attention during a showing.

10. Stage strategically: Our stager can help you rearrange furniture to maximize space, remove personal items, and add tasteful decorations.

Hiring Golden Real Estate is a good first step. Like our handyman, our free stager is a benefit that comes with hiring us, but even before hiring us — in other words, during a listing appointment — my broker associates and I are happy to provide our own advice based on our years of experience listing and selling homes. Call us! Our phone number is 303-302-3636 or email info@GoldenRealEstate.com.

It’s Still a Seller’s Market in Metro Denver – If Homes Are Priced Right

Here’s this week’s report on the real estate market in the Denver Metro Area.  Unlike others, I define the metro area geographically, not by county — as an 18-mile radius of Downtown Denver (see map), which includes Lone Tree but not Parker or Castle Pines to the South and Superior and Louisville but not the City of Boulder to the North.  To the west it goes to El Rancho, but not Evergreen, and to the east it goes to DIA but not Watkins.

In that area, there are currently 4,210 active listings with a median Days on MLS (DOM) of 28.  Only 830 of them are 7 days or less, which is the median DOM of the listings that closed in the last 7 days. Two-thirds of the active listings have been active over 14 days, and over 11% of the listings have been active over 120 days!  In short, we have a HUGE surplus of over-priced active listings.  (If you want to make a lowball offer, ask me or your agent to show you only listings that have been active over a month!)

Of the nearly 4,000 listings currently under contract within 18 miles of downtown Denver, the median days before going under contract was 9.  Of the listings that closed in last 7 days, the median days on the MLS was 7.  What does that say about the 80% of currently active listings that have been on the MLS over 7 days.  Not good!

There has been a big shift in Median Days on MLS this spring. Until last August, the median DOM had been under 10 throughout the pandemic, but between August 2022 and Feb. 2023, it ranged from 10 to 32 median days on the MLS.  But, surprise! Starting in March of this year, the median DOM is again under 10.  Happy days are here again — IF the home is priced right!