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Monday, June 3rd, 2019

Mayfair’s Real Estate Market Is Still Booming – Summer 2019

The Mayfair neighborhood boundaries are Sixth Avenue Parkway to Colfax Avenue and Eudora Street to Monaco Boulevard. Mayfair overlaps two statistical neighborhoods — Hale and Montclair.

In Mayfair, the single family detached home median sales price is at $632,500 in 2019 compared to $576,250 in 2018 (comparing January 2018 to May 2018 vs. January 2019 to May 2019). Current average days on market, from list date to close date in 2019 is currently at 28 days compared to 23 days in 2018. Average price per finished square foot is at $307/sf in 2019 compared to $299 in 2018. Looking at the entire 2018 Mayfair median sales price of $595,000 versus the first five months of this year at $632,500, the market is still considered “hot.” Even with increased inventory throughout the Denver Metro Market, sales prices continue to rise with no foreseeable end in sight. Homes may be sitting on the market a little longer, but it is still a very high-demand market. Mayfair is doing better than many areas when comparing the current median home value: the Denver Metro area is at $527,244 while Mayfair is at $632,500 for 2019.

In addition to the statistics, I wanted to address a couple of topics I am frequently asked about: 1. Where do I start with my home buying experience? and 2. How to best choose a Realtor?


Where to start
: My advice to all of my new home buyers is to get your finances in order.
Work on your credit score by avoiding any late payments, lowering your debt to equity, and any other advice your lender or financial institution provides. Any Realtor will gladly refer you to lenders whom they and their clients have worked, and with whom they have had positive experiences during previous sales. If you have a relationship with a Credit Union, Bank, or Mortgage Broker, start there. Your Realtor will need you to provide a Lender letter for loan backed purchases, so it is imperative you are ready and able to provide this document at presentation of a purchase contract to a seller. If you are a cash buyer, you will need to be able to provide Proof of Funds from your financial institution. Once you know how much you can afford to spend/budget on a home purchase, then balance out how much you really want to spend. This will allow you to then set areas you want to live, home styles that fit your budget, and allow you to provide direction to your Realtor.

How to best choose a Realtor: Almost all of us know at least one Realtor or agent in our sphere. There are 22,581 licensed front range agents according to ReColorado. The total number of homes sold in 2018 was 56,254. Which means each licensee averages 2.5 closings a year. Many agents do much more than 2.5, some do less than 2.5. So how should you pick out the best representation for one of — if not the biggest — purchase of your life? I highly recommend you read more about this at the following link via Denver Metro Association of Realtors: 6 Qualities of a Great Realtor & How to Spot Them. https://www.dmarealtors.com/6-qualities.

Chances are you have a relative, friend, neighbor, or a co-worker who is an agent. Sometimes it can be difficult to decide to work with someone you know, or who is family. Often, this is driven by people not wanting to have their financial information made available to someone so close to them. It is important to note that your agent is required to keep your information confidential unless you tell them otherwise, and your agent only has access to your lender letter and proof of funds, not your entire financial portfolio. Most of my business comes from my friends and family, who either use me or refer me to others who need my services. I am very grateful they trust me with this large decision.

It is important you find the right “fit” for you when dealing with buying or selling a home – someone you enjoy working with, who will do what it takes to get you the best deal, and who has your interests in mind at all times. Any of the Realtors who advertise in the Mayfair Mirror would love to speak to you about helping you during the home buying or selling process. We are all available to help you get started and to provide you guidance throughout the entire process. We are also able to dig deeper into statistics and trends on not only single family detached homes, but also the beautiful mutli-family complexes, duplexes, and triplexes throughout or wonderful neighborhood. Once you have the right agent, he or she will guide you through the rest of the process, and hopefully make it as smooth as possible.

Merritt Pullam is licensed with Perry & Co Realtors and a Mayfair resident.

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