The FTC just slapped Opendoor with a $62 million fine for 'misleading' customers about the true costs of its home buying business

The Federal Trade Commission is fining home buying company Opendoor $62 million for "cheating" home sellers. In a settlement announced on Monday, the FTC said Opendoor told customers that they could make more money selling their homes to the company than they by selling homes traditionally. The FTC found that, in fact, most people who sold their homes to Opendoor made less money than they would have selling to regular buyers via a real-estate agent. Opendoor, which bought 36,908 homes in 2021, is an instant buyer, or "iBuyer", which buys homes directly from owners and then resells them, sometimes making small renovations to

Real Estate Market Update For Parker Colorado

Here are the stats for Parker's housing market, effective May 24, 2022.  The market has seen a slight slowing with the rise in interest rates over the last number of weeks, but demand still appears to be stronger than inventory levels can support.  However prices appear to have leveled out a bit, and even with the talks of inflation and recession, the housing market is still moving forward as home buyers look to enter the market.  If you are looking at buying or selling, now is still a good time if you have a long term time horizon.  In all previous recorded recessions, other than the one in the late 2000's brought on by the housing market, housing prices have continued to climb and rates have historically

What Is The Difference Between A Denver Home Warranty and Homeowners Insurance

When purchasing a new home, it’s important to do in-depth research on all facets of the home buying process. One thing you’ll need to understand is how to best protect yourself and your investment if anything were to go wrong. Check out the information on home insurance versus home warranty below to educate yourself on your options.

Home Insurance

Homeowners insurance pays for any accidental damages and loss that are caused by fire, lightning strikes, windstorms, and hail, however, damage from earthquakes and floods is typically not covered. It also covers the replacement of personal property in case of theft or damage and liability if a person were to get injured in

Things You Can Do To Get Ready For Retirement In Denver

For most people, retirement feels like a long way off. But, if you don’t start preparing as early as possible, you may find yourself in a place of financial insecurity when the time does come. To avoid this, consider implementing the following tips.

1. Calculate your target savings. In general, it’s recommended that you save between 10 to 15 percent of your income for retirement. However, you can always use an online savings calculator to determine the amount you need to save for your specific needs and goals.
2. Contribute to your employer’s retirement savings plan. Does your job offer a 401(k), traditional IRA, or Roth IRA? Sign up and start saving as soon as they allow you to. It’s

Greater Denver Housing Market Data For December 2021

HOMES CLOSED

In the Denver Metro area this December, 4,616 homes sold, a 12% decrease compared to last December and down 12% from last month. The number of contracts written on homes also saw a decrease. Throughout December we saw 3,312 listings move to the Pending status, down 4% from last year, and a seasonal 26% decrease compared to last month.

PRICES

Home prices in the Denver Metro area are up year over year but stayed relatively steady compared to last month. In December the Average Closed Price for a home was $622,740, up 15% from December 2020, but down 1% month over month.

Single-Family Residences sold for an average of $700,461 in December, up 15% year over year.

The price of

STORING WINE IN YOUR DENVER HOME

If you are a big wine connoisseur or just saving a few bottles to crack open on special occasions, it’s important to understand how best to store them safely until you’re ready to partake. Follow the guidelines below!

Ambient Temperature

To ensure each wine bottle maintains the proper flavor and aroma, storing it at the correct temperature is essential. Regardless if it is red, white, or sparkling, storing your bottles at 53°F to 57°F is most ideal. Keeping your bottles in a room where the temperature is much warmer than that may cause the flavor to become flat. Keep your wine in the dark and away from direct UV rays as much as you can to protect the wine’s flavor. If you have a basement with storage closet, that

WHAT TO DO WITH AN UNFINISHED BASEMENT IN YOUR DENVER HOME

Although currently dimly lit and a little rough on the eyes, your unfinished basement still has a lot of potential to turn it into an eye popping space that you'll want to spend time in. With just a little love and the help of the following ideas, you can crank it up in no time and get some great use out of the space.

1. Add a pop of color to the walls. Give your basement a whole different look without a big renovation by adding some color to space. Consider painting and sealing the floors, opening up the room by painting the rafters white or a light color, or creating a bold accent wall.

2. Divide the space into distinct areas. Want to make your basement a multi-use room? Partition out

Homes For Sale In Denver Hit New Record Highs

The stats for June 2021 Denver home sales are now in from REColorado MLS.  The numbers are showing new records for the real estate market across the entire greater Denver area.   Here is a recap of the stats:

• 6420 Homes Closed in June 2021
• Average Price: $642,167 - Up 21% since June 2020
• 7691 new listings came on the market
• Average days on market to contract: 10 - down 15 days from June 2020
• Absorption rate: 2 weeks (with no new listings, all homes will be sold within two week at current rate)

Inventory is still very low, and home builders cannot keep up with demand.  Overall demand for housing is fairly average, however because inventory of both new construction and resales in the

Selling A Home With Opendoor In Denver Is Not All It Is Cracked Up To Be

Opendoor in Denver is now offering to sell a home the “traditional” way for a 5% commission, which is what they are considering a “discounted fee”. Of course, they claim all other Realtors are charging 6%, which we all know is not true in most areas, as I only charge my clients 1.5% to list their home, plus 2.75% to the buyer's agent for a total of 4.25%.  However, Opendoor offering traditional real estate listing agreements is an interesting move on their part as they have typically tried to buy homes under market value and then charge the owner a bunch of fees just for the pleasure of choosing their closing date.  If you read my prior blog post, you'd see that most homes around

65% Of Denver Homes Are Selling Over Asking Price

Home prices in the Denver area have been on the raise, but is now being exacerbated by a huge influx of buyers from other states, driving prices even higher as inventory wains.  We were one of the hotter housing markets before COVID hit, and now with more people working from home, home buyers are moving from inner city areas to more spacious homes in the suburbs, of which Denver is a huge draw.

Active Single Family Home Listings In Denver

Data provided by the Denver Metro Association of Realtors shows a severe drop in available inventory for home buyers to choose from.  Inventory in the Metro Denver area fell from 8677 active listings in March of 2020 to 1749 active listings in March of 2021.  New