Savvy Buyers and Sellers Shine Amidst Distracting Headlines!

The real estate world has been abuzz with news surrounding the National Association of Realtors’ proposed settlement in the Sitzer-Burnett case. Despite media projections of doom and gloom for real estate professionals, the Denver market remains resilient. The spring market has exceeded expectations, with metrics such as pending and closed transactions, as well as sales prices, all showing month-over-month increases. Another positive indicator of a bustling market is the Days on Market metric, which saw its percentage cut in half month over month – indicating that buyers are placing homes under contract twice as fast in March as they did in February.

April Events around town!

April 8th-10th: Colorado Rockies vs. Arizona Diamondbacks

With its iconic landmarks and vibrant cultural scene, San Francisco is celebrated for its architectural heritage. These residences offer a unique glimpse into the city's rich past. Famous for being one of the top cities for expats, Golden Gate City's allure extends beyond its tech hubs and scenic landscapes. In truth, San Francisco's historic homes...

San Francisco attracts many with its dynamic job market and diverse housing options, from sleek condos to charming historic homes.

The city's historic districts boast a rich tapestry of architectural styles, reflecting San Francisco's layered history.

As the city grows and incorporates modern features, San Francisco's historic homes will continue to anchor its unique character and heritage.

GREENWOOD VILLAGE, COLORADO, USA, March 27, 2024 / LikeRE, Inc. announced today the execution of a definitive purchase agreement to acquire a residential and commercial real estate restoration company based in the United States. The acquisition was made to bolster the offered services by LikeRE, through its real estate industry partnerships. LikeRE...

The real estate market is ever-changing, and in this context, there has been a noticeable uptick in Canadian expats choosing to relocate to the United States in recent years. As such, we've created a list of top cities for Canadian expats to consider when buying a home across the border. Each city offers its unique charm, economic opportunities, an...

Becoming an urban living real estate agent involves focusing on the unique needs and preferences of clients seeking properties in urban areas, such as downtown districts, city centers, and vibrant neighborhoods. Here are some key aspects to consider when specializing in urban real estate: Local Market Knowledge: Develop expertise in the urban real ...

Known for its stunning beaches, rich cultural diversity, and dynamic lifestyle, Miami offers a variety of neighborhoods, each with its unique charm and character. If you're a newcomer, navigating Miami's neighborhoods might initially seem overwhelming. But don't worry; we are here to help you explore and settle into this lively city. Understanding ...

Will Buyers or Sellers Strike Luck This March?

Billy Zane famously said in Titanic, “A real man makes his own luck.” What better way for buyers and sellers to step into the Denver real estate market this month than by crafting their own luck with a strategic approach tailored to capitalize on current market conditions. 

Fun Things Going on in March!

March 9th-17th: Denver Jewish Film Festival

7 Tips for Preparing for Your Aurora Move Preparing for your Aurora move marks an exciting milestone in your life. As you gear up for this significant change, careful planning and organization will be your best allies! From decluttering and packing to notifying relevant parties, each step plays a big role in ensuring things go well. Researching you...

How Real Estate Agents in NYC Can Benefit from Storage Navigating New York City's real estate market brings its own set of unique challenges. As a real estate agent in this vibrant city, finding ways to stand out and operate efficiently is more important than anywhere else. One often overlooked aspect that can make a significant difference is the u...

Shadow or No Shadow, Real Estate Shines Bright as Spring Approaches

An early spring isn’t just limited to the anticipation of warmer weather — as we’ve been predicting, a busy real estate season is beginning to bloom! Buyers have started to turn up to the market in droves, thanks to mortgage rates that have dropped a full percentage point since October. Due to this decline in rates, homebuyers with a $3,000 monthly budget have gained nearly $40,000 in purchasing power. That paired with a welcome increase in inventory is providing them more choices than they’ve had in a long time.

New listings increased almost 15% year-over-year to 3,280 and pending home sales increased 6.5% to 3,294. Although buyer activity has increased, many buyers still seem to be choosier than they have in years past. Prices are still at all-time highs and buyers want more bang for their buck, desiring move-in ready homes to help alleviate the sticker shock of current home prices. Median days in MLS has increased by almost 6% to 36 days. Closed sales have declined by about 6.25%, although that shouldn’t be surprising as these homes likely went under contract in December which is our traditionally lowest inventory month of the year. 

Check out these February events!

Throughout February: Black History Month

Check out these January events!

National Western Stock Show & Rodeo – Jan. 6–21, 2024

Held every January at the National Western Complex, it’s the nation’s premier livestock, rodeo and horse show, serving agricultural producers and consumers throughout the world. Enjoy rodeos featuring top-notch bull riders, horse shows, livestock competitions and auctions. And don’t miss acres of shopping at Colorado’s largest Western trade show. Get tickets here…

LOCAL MARKET UPDATE

The Gift of Homeownership

As the holiday season comes to a close, homeownership continues to be the gift that keeps giving. Not only does it provide the tangible benefits of shelter, safety, and warmth, but nice financial benefits. Real estate is the single largest investment most people make in their lifetime, acting as the most effective means to achieve personal and generational wealth. Case in point, The Federal Reserve reports the net worth of a homeowner is over 40 times greater than that of a renter!

The Denver Metro area is seasonally based, so looking at the year-over-year data paints a more accurate picture of our market at this time of year than the month-over-month data. Most of the metrics from our Market Snapshot are positive year-over-year (except for the number of Sold Listings and Average Days in the MLS). With more Active and Under-contract listings, we may be seeing a more balanced market going into the new year. Plus the potential of lower interest rates could positively impact the final data from December helping to mitigate the typical downward trend that usually occurs at the end of the year.

December events and fun!

Now – December 24th: Camp Christmas

“Make merry and immerse yourself in a 15,000-square-foot, 360-degree kaleidoscope of yuletide cheer at this year’s Camp Christmas! It’s fun, it’s fleeting and just the right amount of camp; it’s everything you love about the holidays wrapped into one sparkling experience.

LOCAL MARKET UPDATE

Getting Historical Instead of Hysterical

Despite a challenging market due to higher interest rates, homes continue to change hands. Typically, the Denver Metro experiences our lowest inventory within the last two months of the year. This year, however, end-of-year increased inventory is a welcome shift as we enter the holiday season.

Active listings are up just over 2.5% year-over-year. While this increased inventory is a relief to buyers, we still aren’t close to a balanced market. October closed out the month with active listings sitting at 7,482. For context, the average active listings for October are 14,755. We consider a balanced market one with 4-6 months of inventory. We are currently at 2.5 months of inventory.

November events and fun!

November 11th-19th: Denver Fashion Week Fall 2023

“Denver Fashion Week (DFW) is Colorado’s largest fashion showcase featuring emerging designers, local boutiques, national brands, hairstylists, makeup artists, and models.

LOCAL MARKET UPDATE

Navigating Turbulent Mortgage Rates in Denver

Denver’s real estate landscape is witnessing significant shifts amidst a challenging interest rate environment. A 20% decrease in sales in September from the month prior, coupled with a substantial rise in mortgage rates to an average of 8.04% as of 10/25, has marked a period of slowdown and uncertainty.

Despite these hurdles, September showed surprising resilience with an 11.2% increase in Active Listings from August, though housing inventory levels remain well below the 50-year average. Home prices continue to showcase their strength, with single-family homes holding a median price of $640,000 and condos & townhomes at $420,000. However, sellers are experiencing a longer time on the market – now averaging 30 days.

This dynamic is creating a nuanced market with sellers still in a favorable position. Despite this, the rising mortgage rates are having a noticeable impact, with new mortgage application activity plunging to a 28-year low, as reported by the Mortgage Bankers Association. Homebuying affordability is being significantly challenged, with 30-year-fixed-rate mortgages passing the 8% mark, making borrowing increasingly difficult for potential buyers.

October events and fun!

Present – October 29th: Corn Maze at Chatfield Farms

“Get lost in our 7-acre Corn Maze at Chatfield Farms. It’s time to “seas” the day as you dive in to explore our seven-acre corn maze. The maze can be viewed from a 15-foot-tall bridge. Visitors under the age of 10 can explore the corn mini-maze.” Tickets & More Info!