The Madison Report: Quarter 1 2017

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Competitive Denver Market Ideal for Sellers

165 Cory-MerrillDenver is one of the nation’s hottest markets. Low inventory paired with the high demand of this popular city mean homes are staying on the market for fewer and fewer days and going under contract faster than anywhere else in the country.

A year ago the average days on market was 43, now it has dropped to a record low of 23 average days on market. One of the three best markets for home sellers, Denver homes are going faster than homes in other highly competitive cities like San Francisco and Seattle.

Denver is one of the fastest growing cities in the nation. Colorado was the fastest growing state from July 2014 to July 2015, with a 1.9% increase. From July 2015 to July 2016, Colorado had a 1.7% increase, adding 91,726 people, according to the Denver Post.

The city’s remarkable popularity and rapid growth means a highly 269 LoHicompetitive housing market. The desirable market paired with low inventory means homes are going at record speeds…and often for above asking price. Approximately one quarter of Denver homes sold in January went for above asking price.

Low inventory, a competitive market, and record low mortgage rates mean one thing: this is the ideal market for those looking to sell or begin investing in new properties. In such a hot market, homes often go for over asking price and are sometimes under contract within just two weeks of listing!

If you’ve been thinking of selling or are just interested in seeing what your home could go for, reach out to your Madison Realtor®! We’re here to help you. Our expert Realtors® will be with you every step of the selling and buying process, rest assured you and your home are in good, capable hands.

Featured Neighborhood: Chaffee Park

(20 of 20) Chaffee ParkWith perfect proximity to almost anywhere in Denver, this North Denver neighborhood is ideal for families, business professionals, singles and everyone else looking to preserve the “cool” factor of Downtown Denver and the Highlands without the higher cost of living.

Spectacular views of the city, beautiful parks, and a welcoming neighborhood community make Chaffee Park a wonderful place to settle down and call home. Neighbors host regular events, encouraging friendship among the lively neighborhood that borders the Sunnyside neighborhood, with I-70 and I-25 easily accessible. Its proximity to the Highlands, Downtown Denver, and LoDo means endless options for popular restaurants, bars, coffee shops, retail and more.

The serene neighborhood is characterized by charming, older homes with large yards perfect for kids, gardening, and backyard parties on warm Denver days. A unique blend of historic Italian and Latino influences give Chaffee Park a vibrant and diverse culture.

This quiet, family-friendly neighborhood is loved by residents for its convenient location paired with a friendly, urban setting.

(18 of 20) Chaffee Park

Tax Breaks: 6 Things Every Homeowner Needs to Know

calculator-385506Tax Day, April 15, is around the corner, and that means it is time to start getting taxes in order.

 

Whether you’re a new homeowner, or taxes just aren’t your thing, here are the deductions, credits, and tax breaks for homeowners you need to know about.

 

Going Green

In addition to the environmental impact and saving money on bills, going green can qualify you for both state and local tax breaks and credits. Visit your state, county, and city government websites to learn more about the tax breaks and credits you could qualify for.

 

 

Mortgage Interest Write-off

Not only can mortgage interest for your primary home be written off on your taxes, but in most cases a second home as well. Refinancing as well as home equity loans and home equity lines of credit of under $100,000 are also fully deductible.

 

Property Taxes

Homeowners can also write off all property taxes paid during the tax year they are filing for. These are the taxes already paid by the prior homeowner, and will be shown on the settlement sheet when you purchase the home.

 

Points

Any points paid when you purchased the home are also tax deductible. The IRS considers points to be prepaid interest, and one point is equal to 1% of the principal loan amount. Some points cannot all be deducted at once and must be deducted over the lifetime of the loan.

 

Reverse Mortgages

Reverse mortgages received as loan advancements are not considered income by the IRS. Thus, the amount you receive isn’t taxable. However, any interest that builds on the loan cannot be deduced until the loan is paid off, differing from traditional mortgage interest.

 

If You Sell

office-620822While some restrictions apply, proceeds on the sale of a house are tax-deductible if they meet the ownership and residency requirements. These include, but are not limited to, living in the property for two of the five years before the sale and owning the property for two years. If the home is sold prior to meeting the requirements, the IRS may still provide tax relief if the sale was due to unforeseen circumstances such as health or employment.