All Forum Posts by: Kenny Smith

As a Realtor in the Denver market, I track where our markets numbers are on a daily basis.  With the rise of rates, home prices have fallen, just like most places.  I'm not so curious on where rates will go, because nobody has a crystal ball.  More so the affect on the market of potential falling rates.

For example, rates dropped yesterday.  The likelihood of home prices or the market changing because of a small drop is likely not very much.  At what rate percentage could we start to see home prices going back up?  And if they do, by how much?  It seems the equity growth we've seen over the last 2 years was unprecedented.  Can that continue?  Or, if rates drop just slightly, do we simply see a more balanced market and home prices plateau for a while?

@Alisha Feaster

Check out Redx.  Fantastic Real Estate prospecting platform.  They have pre-foreclosures on there which is an excellent way to find off market deals, along with other lead sources.

Good luck!

Final/Finished Numbers

Active/Coming Soon Listings - 6,027

Median Home Price - $554,000

List to Close Ratio - 99%

Average Days on Market - 34

These numbers are the story we've been seeing the last few months.  Median home prices have continued to go down, now looking at a 10% decrease since the peak in April.  List to close ratio is now under 100% so homes are selling under asking.  Days on market continue to rise, now looking at an almost 400% increase since April.  Listings are starting to drop, and whole bunch of expired listings, way more than previous months.  That time of year and rates are playing a big part.  However, mortgage rates down .34% today to a national average of 6.29% for a 30 yr fixed...

I smell opportunity!

@Steven Barr

I agree with the folks here, be careful with Craigslist.  Lots of scammers on there.

@Mollie Potts

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Anthony Torrento

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Tyler Last

Typically lenders look at these shorter lease periods as more risky than something more long term. It is the same way they look at STR's vs LTR's. I'd consider trying to talk with another credit union.

Good luck!

@Nick Lavore

Once you go under contract, just make sure your Realtor includes the title record and off record title deadlines.  These deadlines give the title company to do their due diligence and do a title search to pull up any liens or encumbrances on the property.

Title should balance this by closing, unless the seller will only sell the property as is.  Let me know if you have other questions.

Good luck!

@Han T.

I currently have 3 STR's and an LTR in Denver, but from Columbus originally! I know the area well, so feel free to reach out with any questions you may have.

Best of luck!

@Chris K.

All great responses here!  We've gone the amazon, walmart, or Facebook marketplace route.  If you are spending more for high end furniture, you're making a mistake in my opinion.  Keep in mind, your guests are not going to treat your furniture the same way you would.  It is going to get beat up, and not worth paying extra money for something high end.

Find high end looking furniture at a discounted price.  May not be the best quality, but you won't be upset when it gets beat up.

Good luck!