January 2024 Housing Update

January 2024 Housing Update

“You are never too old to set another goal or to dream a new dream.” ~ C.S. Lewis. 

January Brings a Boost in Inventory
Denver Metro home shoppers saw a boost in inventory levels in January as sellers brought 3,414 fresh listings to the market, 17% more than last January and nearly twice as many as we saw in December. At the close of December, there were 167% more home listings actively available for sale as compared to last year at this time.

Uptick in Buyer Activity Noted
The Denver metro area kicked off the year with a notable uptick in buyer activity with 3,271 contracts executed on homes, 6% more than last year and 42% more than last month.

Median Home Prices Up 
Median home prices saw their biggest gains since April of 2023 thanks to strong performance in the luxury market. The number of closings of homes priced at $1M or more was up 20% from last January.

Sellers Continue to Test Pricing
Sellers are continuing to test the market as they price their homes for sale. At the same time, buyers are pushing back. In January, 48% of homes sold at less than original list price. The average price decrease was $21,000. At the close of the month, approximately 40% homes actively for sale reflected an updated asking price that was lower than the original list price.

Commentary
The Denver housing market in 2024 is poised for continued growth, albeit with some moderating factors. The city’s strong economy and job market continue to attract newcomers, which may lead to increased demand for housing, putting upward pressure on prices. However, concerns about affordability and limited inventory may temper this growth slightly. Additionally, factors such as interest rates and overall economic conditions will play a significant role in shaping the market dynamics. Overall, Denver is likely to remain a competitive market with opportunities for both buyers and sellers.

If you would like to chat about Real Estate or Property Management please click here to reach us.

Real estate is more than transactions; it’s about building relationships and helping dreams come true. Your confidence in our services means the world to us, and we are committed to continuing to provide you with the highest level of expertise and service.
 

Thanks ReColorado for the information/stats

Central Business District in Denver, Colorado

1555 California St. Denver Colorado

Scan QRcode above for more information and pictures!

 

This is a must see! Downtown living at its finest with your own 450sf private terrace! Outdoor space downtown, at this price point, is unheard of. Walk to literally everything that downtown Denver has to offer. The Convention Center, the Pavillions, tons of restaurants. Light rail is across the street! This unit is light & bright. 3 huge windows plus a skylight. Beautiful hardwood floors. Nice sized, very workable kitchen with great updates and appliances. And the patio! Did I mention the patio? It is HUGE. Just imagine evenings enjoying a beverage and watching the sunset. How about New Years Eve fireworks or the 4th of July. Your friends will love to come over. The Denver Dry Goods building is steeped in history. Set your showing today and start living your best urban life.Buyer to verify the accuracy of any information provided in the MLS listing including, but not limited to: square footage, bedrooms, bathrooms, lot size, HOA information, parking, taxes or any other data that provided for marketing purposes.

Broker: Willie Walters (303) 908-2330

MLS#4515131

Home For Sale in Parkhill Colorado

 

 

Home For Sale 1532 Olive Street Denver Colorado

Click Here for More Information Today

NEW PRICE on this inviting Bungalow nestled in the heart of Denver* Boasting 3 bedrooms, 2 bathrooms, 1 car attached garage and Large Professionally Landscaped Front and Back Yard* The well-appointed Kitchen features Contemporary finishes with Stainless Steel Appliances and Direct Access to the AMAZING back yard* The Open Living Spaces create an ideal environment for both Daily Living and Entertaining*The Basement has Options: The pictures present it as a Large Primary Suite* The Current Owner used it as the Primary and a Prior Owner used it as a Media Space* You cannot forget all the Natural Light, Cherry Flooring and updated Bathrooms*Step outside to discover the large, Meticulously Manicured Backyard, providing a Private Oasis for outdoor Activities and Gatherings* Combined with the Attached Garage there is extra parking available on the extended driveway* With thoughtful Updates throughout, this Home offers the Perfect combination of Modern Living and Loads of Denver Charm* Great South Park Hill location one block to Fiction Brewery, walkable to Oneida Park shops and restaurants, easy access to Central Park and City Park*Don’t miss the opportunity to call this Denver gem your own* Some notable updates: Basement Projector and Screen, Stamped Concrete Patio, Outdoor Shed newly Painted, Newer driveway – 2021, Newer insulation in the attic – 2021, Newer paint throughout 2020-2021, Tankless Hot Water Heater and Newer Sewer Line and water supply line – 2021*

Broker: Willie Walters (303)-908-2330

 

MLS # 9162727

2024 Denver Real Estate Market Predictions

Bold Predictions Commentary for 2024

“This is not the way it will always be” -Unknown

This Post is filled with predictions/guesses for what you can expect in Real Estate next year. As click-bait fills your inboxes, social media and televisions we want to give you some real data and ideas collected from smarter people than us for what we think is coming in 2024. Let’s get to it!

 

Existing Sales/Transactions

It is wildly thought that next year’s transactions will mimic 2023. We saw the number of transactions fall to levels we have not seen since 1998-1999. Transactions dropped over 22% from 2022 to 2023. In the stock market that would be considered a Bear Market, and you would see stock prices move lower, however home prices have remained mostly the same year over year (supply and demand see below). To say that Real Estate has been all over the place in 2023 is not an exaggeration. While some smarties are predicting home sales to remain the same, some are calling for a 12-18% increase if mortgage rates get below 6%.


Mortgage Rates

Lawrence Yun, Chief Economist for NAR, is calling for 4 rate drops next year bringing mortgage rates to 6.5%  for a conventional 30 year loan. He believes while our GDP is holding strong for now, that when analysis comes out for Q4-2023 and Q1-2024 we will see a weakened economy. This coupled with a continued reduction in inflation will be the main drivers for the Fed to begin reducing its benchmark rate in 2024. There are others that say by mid year mortgage rates will fall below 6% possibly to 5.75%. If this happens you can expect the housing market to take off again. This theory has been tested time and time again this year by Home Builders. When they buy down the mortgage rate for homebuyers  below 6% their inventory disappears. With confidence we think this can be applied to the existing home sales market as well.

Pent Up Buyer Demand

I know we have been talking about Supply and Demand all year, quite frankly for a couple of years now. The graphs we are sharing today will draw a very clear picture of what we are talking about. Millennials, new construction, foreign buyers and those that “love the rate” are the key contributors to our supply and demand issue. The average age a child leaves home in the Millennial Generation is 26 years old. Their household formation average went from 32 years old to 35 years over the last year or so. In 2024 there will be 45 million people 35 years old, the largest amount of people at home buying age ever in our history. What is notable and should not be ignored is the generation coming right behind them. They are every bit as big as the baby boomers in size and will also have an effect on our housing markets for years to come. When we came out of the Covid Era we were 5 million homes short for the amount of buyers that were active in our market. We continue to be short as building homes has become difficult business mainly because of labor (costs and bodies) and supplies continue to be inconsistent. Another weight on our supply issue is the amount of people buying Real Estate from Canada (along with other foreigners) in the US. Canadians buying Real Estate in the US was up 31% in 2022 and another 20% in 2023. Finally, we have commented on repeat month over month about folks with super low mortgage rates sitting on their real estate afraid of moving up or down, in or out. If the predictions are correct and we get below that 6% number you can bet those people will take their appreciation and run into better homes, vacation homes or smaller homes. It is inevitable.

Commentary

We always say that predictions are silly and at our core we believe that. What we have gathered here for you today is something better than blind predictions, it is educated guesses taken from data shared by many industry professionals. These are all national numbers that don’t always apply directly to the Denver Housing Market, but often do because of our quality of lifestyle and age of population (at least over the last 7-10 years). We think that Denver may keep with the National trend in 2024 and 2025- stay tuned. There are more predictions, guesses and information in the full article in our Blog.

Thank you again for supporting our business and our family. As we are rounding year 10 in business with our partner companies we are beyond grateful for awesome clients and awesome employees. Willie and I are excited to see what 2024 brings in for us and for you!

~We wish you and your families, Peace and Health for the Holidays and all the year through~

We wanted to thank Buffini and Company, and The National Association of Realtors for sharing their data and information with us. 

September 2023 Housing Update

 

“Focus on Time In the market not Timing the Market”-unknown

In the 11-county Denver Metro area, September brought about a typical seasonal slowdown in the residential real estate market, impacting both buyers and sellers. Here’s a breakdown of the key indicators:

  • Closings Down 17%: The number of home closings in the Denver Metro area saw a decrease, down 17% from the previous month. This dip in closings is a usual characteristic of the summer market transitioning to fall.
  • 25% Fewer Closings Compared to 2022: When compared to September 2022, there were even more pronounced changes. This year, there were 25% fewer closings, indicating a shift in the market dynamics over the past year as interest rates remain at higher levels.
  • Stable Home Prices: Home prices; however, remained relatively stable, with the median closed price of a Denver Metro home increasing by less than 1% when compared to the previous month. On a year-over-year basis, September’s median closed prices were up just 1% compared to the same month last year, as demand leveled off. 
  • Fewer Newly Listed Homes: The number of newly listed homes in September decreased by 5% when compared to August. Additionally, compared to the same period last year, sellers brought 12% fewer homes to the market. This reduction in listings may impact choices for buyers and the overall competitiveness in the market.
  • Buyer Activity Declines: Buyer activity slowed in September, with fewer contracts executed on homes as compared to August. The number of listings pending sale was down 8.5% compared to the previous month. The median number of days it took for a home to move to pending status increased by 5 days, suggesting that potential homebuyers are taking more time to make decisions.

 
Commentary
 

What we are seeing now is the traditional seasonal slowdown. If you are buyer this translates into, go time. Yes, there is less to choose from but there are also less buyers to compete with. We saw the same market activity last Fall, changing leaves brought deals and negotiations. As we came into the new year the opportunities to deal fizzled and we stayed this way until late August of this year. This has been our experience with our clients, first-hand knowledge not regurgitated from headlines. Seller’s, our advice to you is price your properties in range of reasonable and make those homes shine from the front door to the back door. No detail should be missed when readying your home for the market.
Mortgage rates are climbing still, when reading all the talking head commentary I feel like I am in the middle of an opinion tsunami. The predictors have been 100% wrong in terms of mortgage rates this year. They continue to spout all kinds of predictions and at this point the thing to do is ignore it all. Pay attention to time in the market as opposed to timing the market. Ask people who you know and trust what their experiences have been. We can say with a fair amount of confidence, that over time, people have generated more wealth using  real estate or the stock market than if they had not. As always, we thank you all for your continued support of our businesses. Willie and I are very grateful for each and every one of you. 
 

If you think The Walters Group can be helpful please don’t hesitate to Contact Us!

Thanks ReColorado for the information/stats

July 2023 Housing Market Update

Elevated Interest Rates begin to impact Appreciation

-Housing market activity in the 11-county Denver Metro area remained constrained in July. Closings of existing homes were down 14% compared to last year. July typically brings a decrease in closings due to summer vacations and the July 4th holiday. Compared to June, there was a 12% decrease in closings.

-The median price of a Denver Metro area home was $591,200 in July, which is less than 1% lower than last year at this time. After 5 consecutive month-to-month increases, home prices dipped 1% from June to July.
-In July, homes moved off the market in a median of 9 days.
-There was a slight dip in buyer activity in July. The number of listings Under Contract was 4,080, which is 3% less than last year and 1% lower than last month.
-Sellers brought 4,817 fresh listings to the market, down 24% from last year and 12% fewer than last month.

Commentary

When we examined stats for the last couple months and compared them with 2019. We are well below 2019 activity in every way except for interest rates. Interest rates were in the 5% range and the housing market was starting to look like it was headed to a more balanced place. We go back to 2019 because that was the last time the market was not influenced by the pandemic and non-sustainable interest rates. What does this mean for us now? We don’t really know. Everything we know about our housing market feels upside down. Lower inventory usually means higher prices (prices are starting to dip again) and reduced inflation usually means lower interest rates (rates are the same or higher). We are facilitating more cash transactions than ever, and we are seeing more and more buyers being priced out of the market because of interest rates. The road ahead is too hard to predict but we are working hard to keep our clients up to date with all that we know.

In Other News

The Colorado General Assembly recently passed a new radon bill, effective now, requiring more transparency about radon during real estate transactions. The law requires further disclosure from Agents and Sellers about the gas similar to the lead based paint disclosure we use. Our contracts now give Agents and Sellers a formal way to address radon. If you would like to know about the bill that has been passed please click here to read more.

Solar Panel Removal 

Some folks are experiencing difficulty getting their Solar Panels removed and put back on while getting their roofs replaced. If this is happening to you please give us a call we have some ideas that might get that new roof on sooner than later!

Coming Soon Listings

We have several listings coming on in the coming weeks, Highlands Ranch, Castle Rock, Aurora. We will be sending a coming soon blast early next week. If you know some looking for some opportunities please send them our way!

If you think The Walters Group can be helpful please don’t hesitate to Contact Us!
Thanks ReColorado for the information/stats

 

9510 E Florida Ave. Denver, Colorado 80247

Location and Price make this Denver 2 Bedroom 2 Bath Condo a Great Deal!

Awesome Room-Mate and/or House Hack 2 Bedroom and 2 Bath Condo; Enjoy the open and spacious Living room/Dining room with Fireplace and Mantel* Primary Bedroom has it’s own Bathroom and Large Walk-In Closet* There is a covered Balcony and Storage Closet too*Kitchen has a full size Pantry and ample Granite Counters* There is a good amount of Closets throughout the unit* Full size Washer and Dryer come with this home*Furnace, AC & Water Heater all less than 1 year old*2 Use Only parking spaces are right outside*Don’t forget the lovely Outdoor Pool that is ready for Summer*Easy Access to DTC, Denver and Cherry Creek making a commute, if you have one, easy* Within 5 minutes from grocery shopping, major highways and public transportation* For the outdoor enthusiasts, the Highline Canal and Cherry Creek State Park are just minutes away, offering endless opportunities for hiking, biking, sailing, dog parks and other outdoor activities. This Condo offers the perfect blend of style, convenience, and location; This is one you won’t want to miss*

Click Here for More Information and Pictures

Conventional or FHA Financing, which one is right for YOU?

 

 

In 2023 there may be added benefits to inquiring about both options if you are in the market to buy a home. Often times in our more recent markets FHA financing has been frowned upon by listing agents, but that does not mean you shouldn’t explore your options. Below are some benefits of each type of financing:

Benefits of FHA Loans:

  1. Lower down payment: FHA loans typically require a lower down payment compared to conventional loans. The minimum down payment requirement can be as low as 3.5% of the purchase price.
  2. Easier qualification: FHA loans have more flexible credit requirements compared to conventional loans, making them more accessible to borrowers with lower credit scores.
  3. Government-backed guarantee: FHA loans are insured by the Federal Housing Administration, which provides lenders with a level of protection in case of borrower default. This guarantee allows lenders to offer more favorable terms to borrowers.
  4. Higher allowable debt-to-income ratio: FHA loans may allow for a higher debt-to-income ratio, which means borrowers with higher levels of debt may still qualify for a loan.

Benefits of Conventional Loans:

  1. No mortgage insurance premium (MIP): While FHA loans require borrowers to pay mortgage insurance premiums, conventional loans do not have this requirement if the borrower puts down at least 20% of the purchase price as a down payment.
  2. More flexible loan terms: Conventional loans offer a wider range of loan terms, allowing borrowers to choose the repayment period that best suits their needs.
  3. No upfront mortgage insurance premium: FHA loans typically require borrowers to pay an upfront mortgage insurance premium, while conventional loans do not have this requirement.
  4. Potentially lower overall costs: Depending on the borrower’s creditworthiness and financial situation, a conventional loan may offer lower interest rates and lower overall costs compared to an FHA loan. This is especially true for borrowers with excellent credit scores.

It’s important to note that the specific benefits of FHA loans versus conventional loans can vary depending on individual circumstances, such as credit score, down payment amount, and financial goals. Consulting with a mortgage professional can help you understand which loan option is best suited for your specific situation in 2023.

We are happy to share our Lender List with you anytime! Click Here to Chat Today!

2023 Property Tax Appeals – Tips and Tricks

Be Clear, Be Concise and Be Kind

This seems to be the subject of the Month. We have had so many folks reach out to us about appealing their property taxes and in the meantime we have gone on a mission to learn all we could about what a successful appeal looks like.

 

There are 3 components to your property tax bill:

1) Assessment Rate from State Statute

2) Tax Rate (Mill Levy) based on Taxing Authorities in your Taxing District

3) Assessor’s Actual Property Value based on

Sales in the Study Period: July 1, 2020 – June 30, 2022

The only one you can appeal is the Assessor’s Actual Property Value. The Assessor’s office uses a Mass Appraisal Model which cannot differentiate details. We need to remember that in most cases it comes close but there are valuations that are not correct.

What can you do?

-visit your county website and get the process and any forms you need

-find comparables- solds to your home – remember APPLES to APPLES not APPLES to ORANGES

-when using the study period try to get homes sold as close to June 2022 as possible

-when writing your appeal remember to be concise, be clear and be kind (the sugary type)

-need help? Call Willie or Lizz

Tips:

-If you have an appraisal during the study period (as close to June 2022) that shows a lower value submit that with your appeal

-3 to 5 comparable sales

-Highlight what you don’t like about your house – remember big things: Bathroom count, finished square footage, etc

-If the county shared the comparables they used make sure to verify them

-townhomes and condos rarely are successful on appeal

Finally, the assessor will take your file and now do an individual appraisal on your home using the data and information you submitted and their own. Appeals can cause an inflated value as well so make sure you really feel like yours is overstated. Values that miss by 10K or less are most likely not worth the appeal. The window is closing most counties you have until June 8th some counties you have longer. This process is easy, don’t be intimidated.

Again, if you or anyone you know need some help, advice etc. we are here to help!

Chat Now!

Don’t Kill the Miller Moths

A Case for Coexistence

Colorado’s beautiful landscapes are home to a variety of flora and fauna, including the humble Miller Moth. While their annual arrival may be met with mixed feelings by residents, the humankind, it is important to recognize the ecological value of these insects and understand why they should not be indiscriminately killed. In this article, we will explore the significance of Miller Moths in Colorado’s ecosystem and highlight the benefits of coexisting with these fascinating creatures.

Natural Pollinators

One of the crucial roles Miller Moths play in Colorado’s ecosystem is their contribution as natural pollinators. These moths, known scientifically as Euxoa Auxiliaris, are important agents in the pollination of various flowering plants. As they flit from flower to flower, they inadvertently transfer pollen, enabling plant reproduction and the production of fruits and seeds. By allowing Miller Moths to carry out their pollination activities, we can help maintain the delicate balance of Colorado’s plant life.

Nutritional Value for Wildlife

Miller Moths are valuable food source for many native animals in Colorado. They serve as an important link in the food chain, being consumed by birds, bats, and other insect-eating wildlife. By eliminating Miller Moths, we disrupt this crucial food supply, potentially impacting the survival and reproduction of species dependent on them.

Cultural and Educational Value

Miller Moths have become a cultural phenomenon in Colorado, with their annual migration drawing attention and fascination from residents. They serve as an opportunity to educate the public especially children, about the natural world and the importance of biodiversity. By observing and learning about Miller Moths, we can foster a sense of appreciation of the interconnectedness of ecosystems and inspire stewardship for the environment.

Let us celebrate the beauty and value of the Miller Moths by coexisting with them, respecting their role in the web of life, and embracing the lessons they offer about our interconnectedness with nature. And in case you are still wondering….No they don’t eat human clothing or food if they get inside your home.

The Many Faces of The Denver Housing Market

 

As we head closer to the much-anticipated Spring Real Estate Market we are seeing a split view. Our client’s stories vary, on one hand they are seeing homes under 400K selling for less than asking price with lots of contract contingencies. The other hand in the luxury market (above 1 million) experiencing multiple CASH offers with no contract contingencies accepted (The stats say otherwise by the way: Homes under 1 million getting 100% of asking price and homes selling over 1 million getting 99.23% of asking price). In most cases these stats do not support what our active clients are seeing. We know you are getting mixed messages. Our best advice is that you can’t look at the market with a wide lens; you have to drill down to the specifics of each transaction to get a clear picture.

April Stats were Interesting

Active inventory was up, closed homes sales were down, average close price and average median close price were up month over month. Year over year we are down somewhere between 3%-6% in appreciation, a softening that is totally expected with the historical interest rate hikes we have seen this year. In addition, days on market are down big time again. April saw the lowest number of closed homes since 2011. It is also the first time since 2008 that closed home sales dropped from March to April.

April 2023 Housing Market Update

Active Inventory:  4,620 up 2.3%

Closed Sales: 3,701 down 7.91%

Average Close Price: $682,061 up 2.56%

Days On Market: 29 down 21.62% (This is another big drop)

(Stats Reflected here are MoM March to April)

Property Values Across the Denver Metro Area are Way Up

According to a recent Denver Post article written by Aldo Svaldi, homeowners across the state will need to set aside more money to cover their property taxes next year — significantly more money — based on the higher property values that county assessors have calculated and will notify them about early next month. Nine county assessors along the Front Range on Wednesday revealed the median increases in residential properties, which are valued on a two-year cycle in Colorado. The two-year increases are “historic” and “unprecedented” assessors said, ranging from 33% in Denver County to 47% in Douglas County. If you would like to read more of this article click here. To protest your home valuation call or visit your county’s website for directions on how to file your complaint. There are also companies that offer this service for a fee.

The Fed Funds Rate goes Higher

The Federal Reserve raised its fund rate by .25% today. Chairman Powell’s speech included different language than we have heard  since they began their historic hikes. He said, “what we need to focus on are the words maybe and some as opposed to ongoing”. He also repeated that we can count on the Fed doing what they need to do to get inflation down to 2 percent.

What can you Expect for the rest of 2023?

Expect the multifaceted market to continue throughout 2023. Our appreciation outlook is positive because of continuing inventory pressures. We predict you will see a small gain in year over year appreciation by the end of 2023. Mortgage rates will be higher in the short term and may begin to come down by the second half of the year. Thank you all again for supporting our businesses we are grateful.

Click Here to Reach Out

Data represents Attached and Detached Homes in the 7-county metro area. 

We would like to thank DMAR, Yahoo and The Denver Post for information and statistics used in crafting this article.

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ASKING PRICE: $314,900

 

BRIGHT AND OPEN FLOOR PLAN

Property Highlights

  • 2 BR/2 BA (2 Primary Suites with Walk In Closets!)
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  • Large Living and Dining Rooms
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For More Information Contact Us Today!

 

Real Estate March Madness

A Busy March

If you thought the basketball version of March Madness was Mad hold on to your nets because it clearly bounced into the Real Estate Industry as well. Between Mortgage Rates, CPI, the Fed, lack of inventory and of course bank failures we were all over the place nationally and regionally last month. Active inventory is up, closed homes sales are up, average close price is up and days on market are down (see stats below for exact numbers). All of that speaks to a very active Metro Denver Real Estate market for the month of March. Last month’s pending homes sales climbed 22% and closed homes sales jumped 32% from February. We can’t fail to mention that part of March’s housing activity is also because of seasonality.

March 2023 Housing Market Update

Active Inventory:  4,516 up 19.53%

Closed Sales: 3,790 up 32.29%

Average Close Price: $665,390 up 1.44%

Days On Market: 37 up 22.92% (This is a big drop)

(Stats Reflected here are MoM February to March)

The Price is Right!

Homes which sold without a price reduction are out selling homes sold with a price reduction by 2 ¾ percent. When out showing, making offers and listing homes in this market condition and location are key. What we are seeing is homes that are in ready to sell condition, cleaned, well taken care of, yard work done and staged are selling for over ask with multiple offers no matter what the price point. Add to that a slightly below list price and you can count on a high scoring weekend regarding showing numbers and offers received.

Credit Tightening Coming Your Way?

This idea that credit tightening could bring on the recession and crush the housing market has been floating around for months. According to many sources credit tightening is mainly affecting Car, Commercial and Personal Loans. Several lenders confirm  that home loans are less restrictive now than they have been. The loosening of restrictions is part of this administration’s commitment to those people who have missed the opportunity to buy a home because of pricing and lending over the past couple of years.

Goldman Sachs and the 99%

On March 2nd of this year Goldman Sachs was quoted in a Fortune article on Yahoo that 99% of all home loans nationally are under 6% or current market rates. They also stated that 28% of those are under 3%. The article says, “Think about it like this, if you took on a $600,000 mortgage and your rate is 7%, your monthly principal and interest payment would be $3,992. But with the same size loan and a rate of 3%, your monthly payment is slightly over $2,530 a month.” This mathematical equation equates to people not moving and this may influence our housing market for years to come.

Mr. Kinman

There is another story in this article about a gentleman that purchased his home in California at a 3.68% mortgage rate in 2016 and refinanced in 2021 to 2.42%. He’s splitting his time between California and Portland, Oregon, after getting a new job. Instead of losing his low rate that he’s locked into and selling his home, he’s renting an apartment in Portland and traveling between the two states for work—which he says is cheaper because of how reasonable his mortgage payments are.“I can’t afford to sell because I don’t want to lose that rate,” he told Fortune. “If I ever want to move back to California, it’s going to be impossible because I’ll never get a rate lower [than that]. So I am scared as hell to let go of the house at that rate, and I also can’t afford to buy in Portland because the pricing and the rates are too high.” If rates weren’t so high, he said, he’d sell the home and purchase in Portland.

Yet another reason and win for Investing in Real Estate. Across the board and over time real estate scores points.

Looking into the Spring Market

It appears that the spring market is beginning to show its colors not only in our gardens but in our housing market too. Mortgage rates are settling in, folks have grown used to them and inventory remains lighter than demand. Without change to inventory home prices will remain flat or will slightly rise over the next couple of months. What happens if the Fed stops raising rates and inflation starts to slow at a faster rate at the same time? More Madness for our housing market for sure. Thank you all again for supporting our businesses we are grateful.

Click Here to Reach Out

Data represents Attached and Detached Homes in the 7-county metro area. 

We would like to thank DMAR and Yahoo for information and statistics used in crafting this article.

Manifest an Early Spring by Sprucing up for It

Spring Cleaning Tips

Time for spring cleaning has arrived! Here is a helpful list of items that you may clean on a regular basis, but if you don’t, Spring is the perfect time to get after it! We have lots of cleaning referrals if you need one so please don’t hesitate to reach out!

Every Room in the House:
-Dust ceiling fans and light fixtures
-Clean windowsills and window tracts and vacuum window treatments and window blinds
-Wipe down shoe molding and dust room corners for cobwebs
-Test batteries in all your smoke and carbon monoxide detectors, disinfect doorknobs, cabinet handles and light switches

Bathrooms:
-Organize cabinets and drawers
-Properly dispose of old medicine and toiletries
-Scrub the shower and bathtub
-Wash shower curtain and floor mat
-Scrub the toilet and tile around it

Living Room:
-Remove furniture cushions and shake them out and vacuum the crevasses

Kitchen:
-Wipe down microwave, coffee maker and other small appliances
-Empty the crumb tray in your toaster and or toaster oven
-Empty refrigerator and defrost freezer
-Clean you over and scrub the stovetop or range
-Clean out cabinets and wash drawers
-Sanitize the sink and clean the inner rim of your sink guard
-Clean refrigerator shelves
-Clean behind and beneath refrigerator

Bedrooms:
-Organize drawers and closets
-Wash bedding and pillows
-Rotate mattress
-Disinfect kids toys

Laundry:
-Clean behind washer and dryer
-Thoroughly clean lint trap in dryer and washer

Home Office:
-Clean keyboard with canned air
-Disinfect computer mouse and phone

Outdoors:
-Remove everything from your garage and reorganize
-Pressure wash your deck and outdoor furniture
-Hose -out your garbage can and recycling bins
-Remove screens and wash with a soapy sponge and water
-Wash the outside of your windows before replacing your window screens
-Begin perennial garden clean up!

 

We hope this list helps get your home ready for Spring and Summer! 

Is there Stabilization in our Future?

We asked last month “Is this a Blip or Flip?” Well, the answer is: it’s looking like a Blip. Interest rates went into overdrive again and buyer applications for new mortgages visited a low not seen since 1995. The voracious activity we saw in January and early February has come to a halt thanks to interest rates going from high 5’s to 7% in 3 weeks’ time. Buyers and Sellers are looking for stability in economic data and we think that stability is in volatility, at least in terms of interest rates for the near term. Rates will fluctuate pending the inflation data that comes out monthly until that number begins to trend downward, month over month. Until we see that trend take hold the Denver real estate market will remain a little choppy. We will have months with more inventory and less buyers and months with more buyers with less inventory. Once we enter the late spring early summer selling season the hope is that the Market will begin to stabilize further because interest rates are predicted to come back down and stay there.

Home Prices Stabilizing?

Even with all this movement, we are seeing the housing market stabilize somewhat. Year over year home prices are starting to show some depreciation in certain areas, but month over month we are seeing prices moving higher (minimally) as well. Interest Rates are keeping prices from rocketing upward while the inventory shortage is keeping them from rocketing downward offering homeowners, sellers, and buyers some stability in the market. What we see in the actual market is that homes in great shape (ready for market) and in decent locations are selling quicker and for more money. Buyers are no longer tolerant at all of properties that are not prepared well for the market, taken care of, or priced inaccurately. Period.

February 2023 Housing Market Update

Active Inventory: 3,778 (↓) 8.30%

Closed Sales: 2,661 (­↑) 22.51%

Average Closed Price: $657,921 (­↑) 5.23%

Days on Market: 48 (­↑) 4.35%

(Stats reflected here are MoM January to February)

The numbers for last month are not a surprise to anyone in the market. Sellers, buyers, lenders, and agents were all in agreement that something had changed from October, November and December. Clearly that reprieve came from a drop in interest rates that stuck around for a couple of months. We want to add that the luxury market was moving extremely fast with many competitive offers. There did not seem to be a stronger area over another for those price points. We did see luxury inventory that had been sitting for months (more than several) disappear in a matter of weeks.

The See-Saw will Continue

The statistics for March when they come out will show a slower pace for sure at most price points. Even those buyer’s that have been approved are now struggling with lower inventory and higher rates again and have slowed their roll when submitting offers. The Real Estate Market see-saw will bring good and bad news over the next couple of months. We will keep working our way through it and keep you up to date on what we are experiencing day to day. What we do know is that predictions will be shot down, headlines will be sensationalized, and people will still need housing.

If you know anyone that is thinking of buying or selling a home, please keep us in mind. We love referrals and you have our word we will take great care and provide great service to them as we have to you!

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Data represents Attached and Detached Homes in the 7 county metro area.

We would like to thank DMAR for information and statistics used in crafting this article.