Archives for October 2017

Denver Realtor Reviews: Denver Real Estate News October 2017

 

Denver Realtor Reviews: Denver Real Estate News

Denver Real Estate News

www.RealtyofCO.com
Denver Realtor Reviews: Denver Real Estate News Published by
Realtor Chris Gibson
24 October 2017
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Denver Real Estate News This Week

 


Proposed 1,000-Foot Skyscraper Would Be Denver’s Tallest – 5280
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Denver Realtor Reviews: Denver Real Estate News www­.5280­.com – A New York City developer launched a $400 million project that—if approved—will be “unlike anything ever built in Colorado.” Manhattan-based development firm Greenwich Realty Capital announced plans …
Denver Realtor Reviews: Denver Real Estate Market Statistics 2017
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Denver Realtor Reviews: Denver Real Estate News www­.realtyofco­.com – Denver real estate market statistics: How much does a home cost in Denver? How long does it take to sell a home in Denver? How fast are home prices rising in Denver? All this and more answered below.…
The Best View Of Booming Denver Belongs To The Man In The Tower Crane
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Denver Realtor Reviews: Denver Real Estate News - Christopher Gibson www­.cpr­.org – An RMS Cranes tower located at 21st and California in downtown Denver. It is operated by Aaron Genova. “We got it made,” crane operator Aaron Genova says with pride. “We’ve got the best view in town.”
Denver real estate right now, explained in five numbers – Denverite
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Denver Realtor Reviews: Denver Real Estate News www­.denverite­.com – Whether it’s Amazon headquarters rumors, seasonal slowdowns or ever-present construction, the Denver real estate market remains grounds for much speculation. Cut through the “what-ifs” with this cura…
Colorado’s growing pains: From roads to water, here are 5 key issues as the state’s population swells
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Denver Realtor Reviews: Denver Real Estate News www­.denverpost­.com – At a recent town hall meeting on the state’s population growth, House Speaker Crisanta Duran paused a moment to take an informal poll: How many in the audience, the Denver Democrat asked, want Amazon…
City Park Golf Course redesign unveiled, 261 trees marked for removal
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Denver Realtor Reviews: Denver Real Estate News www­.thedenverchannel­.com – DENVER — Bright yellow bands are wrapped around trees in City Park Golf Course, indicating they are slated to be cut down. According to City of Denver officials, those trees will not be removed befo…
Denver City Council signs off on a plan – and money – for Gates Rubber site redevelopment – Denverite
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Denver Realtor Reviews: Denver Real Estate News www­.denverite­.com – The stage is now set for the redevelopment of the barren former Gates Rubber site, wedged between South Broadway and South Santa Fe Drive south of I-25. Councilman Jolon Clark, whose District 7 inclu…
What’s so bad about gentrification anyway? – Denverite
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Denver Realtor Reviews: Denver Real Estate News www­.denverite­.com – “I remember when 46th was a dirt road, and Pecos going north was a dirt road. There were dairy farms there, in my lifetime. So I’ve watched progress. This is beyond progress — this is greed.” — Sid Q…
Denver city tax support to the tune of $90 million could aid Gates redevelopment at I-25 & Broadway
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Denver Realtor Reviews: Denver Real Estate News www­.denverpost­.com – A second stab at redeveloping south Denver’s former Gates Rubber Co. site received a shot in the arm Monday with the Denver City Council’s approval of a redevelopment and tax support plan. “This site…
Downtown Denver: The Right Way To Do A Historic Neighborhood
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Denver Realtor Reviews: Denver Real Estate News www­.forbes­.com – A view of a historic warehouse in Larimer Square with modern towers in the background. Denver, CO — When it comes to neighborhood development, preserving history and embracing modernity can seem lik…
The Most Expensive Zip Codes in Denver and Colorado
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Denver Realtor Reviews: Denver Real Estate News www­.westword­.com – A new study ranking the most expensive zip codes in Colorado shows that the vast majority of them are in the vicinity of Denver and Boulder. Only three zip codes out of the top fifty fall outside tha…
These central Denver neighborhoods have seen the most growth in recent years
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Denver Realtor Reviews: Denver Real Estate News www­.thedenverchannel­.com – DENVER – As new buildings go up downtown and more businesses choose to locate in the city’s core, the number of people choosing to live downtown also has climbed. Since 2010, the downtown Denver area…
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EDUCATION
Flat Fee Denver Realtor & Real Estate Agent
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Denver Realtor Reviews – Questions to interview a buyers’ real estate agent
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Buying New Construction Homes In Denver Metro
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Denver Realtor Reviews – Denver Home Inspections
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Denver Mortgage Lenders
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The 5 Best Things to Do When You Move into Your New Home
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POLITICS
Denver gets top marks for commitment to LGBTQ residents – Denverite
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Discriminatory Lending That Once Stifled Denver Neighborhoods Now Fuels Gentrification
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Does Denver’s New Effort To Curb Evictions Go Far Enough?
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Update: Roots Elementary Moves Up In DPS Ratings – 5280
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The water under Colorado’s Eastern Plains is running dry as farmers keep irrigating “great American desert”
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Rocky Flats’ Nuclear Legacy Remains, Despite Upcoming Settlements And Trail Plans
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SUPER LOCAL
Transit-oriented development West Line Village begins construction – Denverite
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Walking down Denver’s Colfax Avenue could be dramatically different by 2021 – Denverite
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Hockey Pucks, Foam, Canopies: Inside the New Civic Center Station
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Denver moves forward with midtown plan
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20-year blueprint for Denver parks envisions 5-mile path around downtown, other changes
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As whispers of Fitzsimons Golf Course closing grow louder, old timers reminisce
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LEISURE
Your guide to fall (and winter) holiday festivities around Wheat Ridge, Arvada, Westminster
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5280’s List of Denver’s Best Restaurants 2017: Oak At Fourteenth
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Five Spooky Tours Through Colorado’s Haunted History
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5 Awesome Hot Springs Getaways in Colorado (Historic Hot Springs Loop)
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On the Ever-Shrinking Wild – 5280
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Five Family-Friendly Adventures Celebrating Fall
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BUSINESS
Denver-area home prices continue to drop heading into fall
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2017’s Best Real-Estate Markets
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Study: Soaring housing costs have renters looking to flee Denver
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City restrictions won’t let Denver mom sell home for market value
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The big decision when you retire: Should you rent or buy?
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Transit-oriented development West Line Village begins construction – Denverite
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 Denver Realtor Reviews Of Denver Real Estate Agent Christopher Gibson

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Denver Realtor Reviews – Home Inspectors

Denver Realtor Reviews: The home inspection is one of the most vital portions of the home purchase process. Qualified professionals will look for obvious and less obvious imperfections in the home and you will identify which ones are critical for repair by the seller for the deal to move forward. In addition to a basic home inspection, you may consider inspecting for risks like Radon & Lead-Based Paint & Mold. It is additionally recommended that you have a sewer scope to identify sewers that need to be cleaned or potentially repaired or replaced. A thorough inspection may help you avoid health and safety concerns a home can present or near-term big-ticket repairs relating to the roof or structure of the home.

Denver Realtor Reviews: Home InspectorsHowever, thoroughly inspecting a home is not cheap. My average Buyer invests approximately $750 inspecting the home and they may have to walk away from this investment if a mutually acceptable outcome cannot be reached regarding which items the Seller should fix or compensate the Buyer for.

Basic Inspection ~ $350

Radon Test ~$150

Sewer Scope ~$150

I no longer recommend specific inspectors. Below are some of the larger home inspection companies in Denver. You should also see reviews of Denver Home Inspectors on Yelp and the Denver BBB (Better Business Bureaus). Do not forget to check out the same sites, Yelp, and the Denver BBB (Better Business Bureaus) for reviews of sewer inspectors.

Denver Realtor Reviews Denver Home Inspectors

The home inspectors will offer the addition of a radon test. Make sure the home inspector knows your inspection objection deadline. The radon test will take 48 hours and you will want the results before your inspection objection deadline.

Pillar To Post

1-800-294-5591

https://www.pillartopost.com/

 

Axium Home Inspections

303-797-6900

http://www.axiuminspections.com/

 

RBS&K Home Inspectors

(303) 646-1131

http://www.rbskinspections.com/

 

Comfort Home Inspections

303-697-1616

https://www.comfortinspections.com/

 

Denver Sewer Scopes

Denver Realtor Reviews Home Inspector Sewer ScopeIt is recommended that you coordinate the sewer scope simultaneous with the home inspection for the convenience of you and the seller. Schedule this after scheduling your inspection.

Mainline Services LLC: Drain & Sewer Cleaning, Camera Pipe Inspection

Dewayne Melvin

303-596-5803

info@mainline-services.com

www.mainline-services.com

Pipe Spies: Drain & Sewer Cleaning, Camera Pipe Inspection

Warren Rickford

Phone: 303-795-3630

E-mail: Warren@PipeSpies.com

www.PipeSpies.com

Hydro Physics: Drain & Sewer Cleaning, Camera Pipe Inspection

Kemper Hipple

(303) 806-0622

hydrophysics@hotmail.com

http://www.hydro-physics.com/

 


 Denver Realtor Reviews Of Denver Real Estate Agent Christopher Gibson

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Denver Real Estate Market Statistics September 2017

Denver real estate market statistics: How much does a home cost in Denver? How long does it take to sell a home in Denver? How fast are home prices rising in Denver? All this and more answered below.

Denver Real Estate Market Statistics Through September 2017

These Denver Real Estate Market Statistics are based on homes in the REColorado.com MLS within 30 miles of downtown Denver. Download a pdf version of “Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017” by clicking here.

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017

Youtube Video of my Denver Realtor Review of Denver Real Estate Market Statistics through September 2017

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017

The average price for a home in Denver was $426,640 at the end of September 2017. The median price for a home in Denver was $375,000 at the end of September 2017. Sales volume in September was $2.054 billion. There were 4,814 real transactions in April 2017. There is 1.64 months of real estate inventory in and around Denver. There were 7,898 real estate listings in and around Denver at the end of September 2017. The average days on market for real estate listings in and around Denver was 24 days for September. And the median days on market was 10.

These Denver real estate market statistics are from the Denver MLS (REColorado.com) . They reflect real estate sales data for the end of December 2016. They do not reflect real estate sales that occurred off market or outside of the Denver MLS.


The average home price in Metro Denver, Colorado

The average home price in Metro Denver is up almost 8% Year Over Year from $393,908 in September 2016 to $426,640 in September 2017. The average home price in Metro Denver is down over 1% Month Over Month from $432,521 in August 2017.

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017


The median home price in Metro Denver, Colorado

The median home price in Metro Denver is up almost 8% Year Over Year from $347,500 in September 2016 to $375,000 in September 2017. The median home price in Metro Denver is 0.9% less than the median home price in August 2017.

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017

 

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017


Metro Denver real estate sales volume

Metro Denver real estate sales volume went down 18% month over month to $2.054 billion from $2.420 billion continuing the traditional seasonal patterns and was 5% higher than the $2.044 billion in sales in September of 2016.

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017


Number of Metro Denver real estate sales

There were 4,814 metro Denver real estate sales in September 2017, almost 7.8% less than September 2016 and 16% less than the prior month. For September 2017, the highest number of sales occurred in the $350,000 – $400,000 price point. What is making news the large drop in sales vs. August which is larger than the 6.8% August to September drop in 2016.

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017


Months of Metro Denver real estate inventory

There was an average of 1.641 months of inventory on the market in September 2017.

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017


Number of Metro Denver real estate listings inventory

At the end of September 2017 there were 7,898 Denver real estate listings which is about the same as the 7,996 listings at the end of August 2017 but 6% less than the 8,389 listings in September 2016.

 

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017


Average days on market for a Metro Denver, Colorado home for sale

At 24 days the average days on market for Denver real estate is 1 days more than September 2016 and is 3 days more than March 2017. The average days on market was 21 days or less for everything under $400,000. The highest days on market was in the $1.75 million – $2 million price range.

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017

 

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017


Median days on market for a Metro Denver, Colorado home for sale

At 11 days, the median days on market is 1 day more than September 2016 and 1 day less than August 2017. The median days on market was 11 days or less for everything under $400,000. The median days on market was highest over the $1 million price range.

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017

Denver Realtor Reviews: Denver Real Estate Market Statistics September 2017

Denver Realtor Reviews: Summary of September 2017 Denver Real Estate Market Statistics

The market is seasonally slowing but is there a larger change in process. The drop in the number of sales was larger than last year and days on market along with overall inventory seem to be creeping up. Anecdotally I am seeing less buyer demand over the last few months than there was for about the last year and half going into Spring 2017.

 


 Denver Realtor Reviews Of Denver Real Estate Agent Christopher Gibson

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Buying New Construction Homes In Denver Metro

Download a pdf copy of my terms to understand and questions to ask before buying new construction homes in Denver metro here. See new construction homes in Denver metro here. Also, see the recent blog by my friend Ernie Arellano, 5 first time home buyer mistakes to avoid here.

Metro Denver Homebuilder terms to understand

Lot premiums / Elevation

This is the extra amount charged by the builder for the land the home will be built on. Some lenders do not have a $0 lot. Usually, lots that offer a walkout basement or garden level windows or lots that are larger in size cost more. Some builders charge average lot premiums higher than $10,000. This is a good time to ask if there are any additional charges for the elevation choices for the house, this is the brick or stone exterior added to the front of the home.

New Construction Home Buying In Denver MetroStructural upgrades

Sometimes the models have structural upgrades such as a kitchen bump out, gourmet kitchen, basement extension, larger porch, full bath instead of half bath, doors on the study, larger sliding glass doors on the back, 5-piece master bathroom, etc.

Basements

Some builders give you the option for them to finish the basement. Make sure you understand where the builder is going to put the furnace, hot water heater, and rough in. There are a few reasons it is better for the builder to finish the basement for you. The builder is usually cheaper to finish the basement. If the builder does not finish the basement, they will usually not install sufficient heating and cooling for a finished basement, they will not install an electrical panel with enough space for a finished basement, they will not put utilities in convenient locations in the basement, etc.

Buying New Home Construction In Denver MetroElectrical upgrades

Most builders will also have options to upgrade the electrical in the home with extra outlets, extra light fixtures with or without ceiling fans or simply pre-wiring for a fan/light fixture, and pre-wiring for entertainments systems. Few or no buyers ever opt for no electrical upgrades.

Lending

Usually, the builder has a lender that they refer you to and offer a rebate for using their lender. The financial benefit of using the builder’s lender is significant. Getting a loan on new construction is different than on a resale home. A lender that does not do new construction regularly may not have methods for getting an appraisal done on an uncompleted home, and may not be able to close within a couple of days of receiving a certificate of occupancy, like a builder’s lender can and as the builder will require. You, the buyer, are charged for every delay in closing caused by the lender and delays due to lending do happen, and can be stressful. Delays caused by the lender referred by the builder are usually forgiven more easily. However, it is not all good news with the builder’s lender. You have no guarantees that the builder’s lender will offer the best rate, and you can find out when it is too late that their lender is much more expensive, and if you switch you may lose the benefit you were counting on. Also, if the builder’s lender finds out at any stage that you don’t qualify for the loan, ie a job change, and they do check in, they will notify the builder, and the builder may cancel your contract and claim your earnest money.

Design center and cosmetic upgrades

Usually, this is the largest additional expense for you the buyer. You should understand what flooring types, countertops, appliance packages, hardware, lighting, cabinets, and other finishes are standard before signing on the dotted line. If you find any of these standard features to be unacceptable you should inquire as to the cost of upgrading. Additionally, many builders do not allow you to only upgrade hardware, cabinets, light fixtures al la cart room by room. Usually, builders only offer lighting packages and hardware packages for you to choose for the entire home. If you spend above a certain amount at the design center you may have to write the builder a check for a percentage or the entire extra amount to protect the builder against the appraisal not being high enough or to protect the builder against you defaulting.

Property taxes

The builder does not know the exact amount you will spend for property taxes because this home was not a home last year. The builder should know what the mil levy is going to be and how the assessed value will be calculated to give you an estimated property tax amount.

Warranty and Pre-closing walkthroughs in Denver metro new construction

Every builder offers a warranty. As a buyer, your greatest leverage to getting the perfect new home you are entitled to is to hold the closing hostage until all work is completed. Some builders truly strive to deliver a completed product before closing. Other builders know you have scheduled movers and exert a lot of pressure on you to close with an unfinished product. If you close with work to be completed you get put in a different queue than those waiting close. The after-closing queue is much lower priority and slower than the pre-closing work queue. The after closing warranty rep is not the responsive customer focused foreman and sales rep you were dealing with before closing.

Not included

A few things you should expect to purchase after closing: refrigerator, washer dryer, window coverings, towel hangers, garage door openers, sump pumps, radon mitigation systems, AC. Some builders will include or offer an upgrade for the AC or the refrigerator or the garage door opener, and it is tempting to finance these items and have them included but are you getting the best price and selecting the best long-term product? What size garage door and garage is included, 7 ft or 8 ft? If the garage door is not 8ft and if the garage is not 22 ft deep it will not fit a large truck. Many builders do not include entire landscaping. It is important to understand what landscaping included as you may have to do some work. Also, if landscaping is not included it may affect the overall appearance of the neighborhood if neighbors don’t plant trees and do landscaping.


Metro Denver Homebuilder questionnaire

Click here to download a printable copy of this metro Denver homebuilder questionnaire.

1. How much is your average lot premium? Is there any additional charge for the elevation of the home?

 

2. What structural upgrades will I be choosing from? What structural upgrades am I seeing on the model that are not standard or free? Which structural upgrades do buyers usually opt for? How much does the average buyer pay for structural upgrades?

 

 

3. Does the builder finish the basement? How much does it cost about if the builder does finish the basement? Will the HVAC and electrical be sufficient if I finish the basement aftermarket?

 

 

4. How much does the average buyer spend on electrical upgrades? What electrical upgrades are offered? What electrical upgrades does the average buyer opt for?

 

 

6. What is the financial benefit of using the builder’s lender? Will they match the rate of competing lenders? Does the builder’s lender have any references that you can call who used this lender in this community?

 

7. What does the average buyer spend in the design center? Are there any scenarios where I will have to write the builder a check based on how much money I spend in the design center? Can you show me any completed homes that are about to close with standard finishes?

 

 

8. How much do you estimate property taxes will be? Are there any recent construction in the neighborhood that have received a tax bill that can demonstrate the estimated taxes?

9. Does the builder install a radon mitigation system standard?

10. Does the builder install a sump pit and/or sump pump standard?

11. What landscaping and exterior irrigation is standard?

12. Is a garage door opener included?

13. What size garage door and garage is included, 7 ft or 8 ft?

14. What items should I expect to need the warranty department to do after closing? How many days before closing is the pre-closing walkthrough? Can I delay closing if the I am unsatisfied with the workmanship?


Cash rebate when using Realtor Christopher Gibson with new construction homes in Denver metroWhy should you use me as your real estate agent in metro Denver new construction?

 

 

 

 

  1. You do NOT get a discount without an agent. I will rebate you $4,000 of the commission offered to us that you can usually use as part of your down payment.

  2. I will help you navigate the questions you should be asking the builder and help get to the bottom of how much the home should cost you before you sign the contract.

  3. I will advise on the resale importance of structural, electrical, and lot upgrades.

  4. I will go to the design center and advise you on resale aspects of choices you make.

  5. I will attend all pre-drywall, electrical, and pre-closing walk-throughs, take notes as to instructions made to the foreman and document agreements made.

  6. We will pay for a pre-closing home inspection and sewer scope. Ideally, these would be completed prior to your pre-closing walk-through.


 Denver Realtor Reviews Of Denver Real Estate Agent Christopher Gibson

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