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!
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In a departure from the typical August lull, the metro Denver market showed an 8% month-over-month surge in New Listings since July. That’s a shocking increase since historically we would never expect activity to speed up moving from summer into fall.
It’s too early to tell if this is an ongoing trend or just a blip, but Your Castle Founder Lon Welsh thinks it may be due to a recent rise in seller sentiment. Potentially, sellers have given up on waiting for rates to go down this year, and rate hikes have convinced some to cave into the pressure of life events that usually make people move (having kids, getting divorced, upsizing, downsizing, a death in the family, etc.) However, it’s still too early to tell why more new listings were added in August.
Despite fluctuating rates, which reached a peak of 7.5% in mid-August, the market seems to be holding steady. Homes are selling right at the asking price, as opposed to at a premium. With a mere 2 Months of Inventory (MOI), the market still leans in sellers’ favor, but the new listings give a glimmer of hope to buyers.
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The Metro Denver real estate market remained slower in July, with an 18.5% decrease in sales. The number of Active Listings for sale also saw a notable decline of 14% as compared to last July. This decrease in activity can be attributed to the reduced attractiveness of moving for homeowners who locked in mortgage rates around 3% in 2020-2022. A recent Zillow® survey showed that homeowners with mortgages over 5% are twice as likely to consider selling within the next three years as those with rates under 5%.
Average prices demonstrated a modest© NewERAGroup
August 11th– 20th: Western Welcome Week
“Western Welcome Week started as a Homecoming event for the citizens of Littleton, Colorado. Now, it has grown to a multi-day celebration of the town, complete with parades, competitions, food, vendors, and plenty of other summery festival fun for the whole family! Join the Littleton locals as they celebrate 95 years of “Community and Friendship” through their Western Welcome Week. The 95th annual Western Welcome Week will be held from Friday to Sunday, August 11th to 2oth, 2023 in Littleton! There will be art exhibits, BBQ parties, book sales, children’s fishing derby, a live trivia challenge, cake contest, pottery class, flower and car show, swing dance, pig roast, jazz festival, western dance party, and outdoor concerts. The festival also aims to raise funds to help various organizations around Littleton.” More Info!
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LOCAL MARKET UPDATE
The Denver real estate market in June continues to show resilience amidst ongoing challenges. Compared to the previous year, prices remained stable with a slight 0.3% dip. However, compared to May, prices rose by 2.5%. Normally spring is busy in residential real estate, and summer tapers off a bit. This year, spring was a bit slower, and now summer is a bit more active. In June, active listings rose to 6,070, reflecting a 16% increase from May. Condos performed impressively, with a 22% improvement in the listing count, while detached listings saw a 6% drop. The low level of sales volume we experienced in the first half of the year will likely continue until the end of the year.
As we move forward the market may face further challenges, like a mild recession, and it’s crucial to monitor the potential impact of mortgage rate fluctuations on your move. With mortgage rates remaining relatively high, buyer activity might experience a further slowdown. However, Denver’s market is expected to maintain a delicate balance of supply and demand throughout the year, with prices remaining stable within a range of +/- 3%.
(Info Source: June 2023 DMAR Market Report, Lon Welsh, CEO of Your Castle Real Estate)
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© NewERAGroup
The May Denver real estate market showed a 2% decrease in prices compared to last year. Many sellers are hesitant to list their homes due to their incredibly low mortgage rates, resulting in limited supply. The number of sales saw a significant drop of 29% compared to May 2022, partly due to discussions surrounding the debt ceiling, which caused mortgage rates to increase (more risk in the market) and slowed buyer activity. This slowed demand, coupled with limited supply, kept prices mostly stable. Mortgage applications in May remained at around 10-year lows.
The average Days on Market (DOM) increased by 144% from last May. Although that sounds dramatic, it really amounts to going from 9 days on the market last May to 22 days now, so, it’s just taking an extra couple of extra weeks to sell a home. Active listings surged by 43% from the previous year, with 5,228 available. However, this is not as much inventory as we need to balance the market, or even tip it in buyers’ favor. For your reference, May has historically seen around 14,900 listings on average! The number of properties under contract decreased by 23% compared to the previous year, which signals that June will also be slower than is typical. Buyers typically had to offer a 0.5% price premium, a significant decrease from the 5.25% average premium seen at this time last year. Notably, 60% of sellers had to provide concessions to close deals, with rate buydowns being a significant factor. The market is expected to maintain a delicate balance of supply and demand throughout the year. Prices overall should be in the range of +/- 3%
(Info Source: DMAR (The Denver Metro Association of Realtors, Your Castle Real Estate Analysis)
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What is Your Competitive Advantage?Anything that gives you an edge over your competition.Competitive advantage for service professionals in the housing, banking, insurance, or financial services industries can arise from several key factors:1)Service: Providing exceptional customer service is crucial in service-based industries. Professionals who consistently go above and beyond to deliver a positive and personalized experience to clients can create a competitive advantage. Entry-Level Service Expectations:-Product knowledge-Clear & Prompt Communication-Client emotions.2) Differentiation: In commoditized industries, you must have niche products or services you provide that set you apart. Commoditized means that it's heavily regulated so often companies are doing very similar things at very similar prices. What one or two things are you world-class at? What one or two things are you world-class at? There are riches in the niches.Building Your Differential Advantage:-Who is your ideal client?-What problem(s) do you solve for them?-Can you clearly articulate this?3) Price: To say that price doesn't matter would be naïve. We don't want you to be the "cheapest" but you also must be competitive.Basic Service Expectations (entry-level)-Perform a market analysis for price comparisons.-Shift from price to value (see step 2).-Outcomes-based selling.4) Reputation / Relationships: Reputation isn't built overnight. It takes years of consistency to build and can be destroyed overnight. We can't afford to have "bad" days. Every day with your current client is an interview for your next.Person of Influence-Be a community leader.-Build a strong referral partner base.-Customer testimonials for social proof.Once you deliver on these 4 pillars of competitive advantage then you can focus on having a "contagious confidence" that attracts others to you."Contagious confidence" refers to a state of self-assuredness or certainty that is so compelling and inspiring that it spreads to others. It is an attitude or demeanor characterized by unwavering belief in oneself and one's abilities, which has the power to influence and uplift those around you. When someone exudes contagious confidence, they radiate a sense of poise, competence, and optimism that can be infectious, inspiring others to feel more confident and capable in their own pursuits.People with contagious confidence often display qualities such as strong self-esteem, assertiveness, charisma, and a positive mindset. They project a sense of authenticity and conviction that resonates with others and encourages them to believe in themselves. Through their actions, words, and body language, individuals with contagious confidence motivate and empower others, helping them overcome self-doubt and take risks in pursuit of their goals.Contagious confidence can have a profound impact in various areas of life, including personal relationships, professional settings, leadership roles, and public speaking engagements. By instilling confidence in others, it can foster an environment of growth, collaboration, and success.It is worth noting that contagious confidence should not be confused with arrogance. Confidence becomes contagious when it is accompanied by genuine empathy, respect, and a willingness to support and uplift others rather than diminish them.Conclusion:Once you can clearly articulate your competitive advantage based on your service, differentiation, price, and reputation then you will have a contagious confidence in all parts of your business. You'll be able to meet with prospect clients and articulate your value, and attract new referral partners based on relationships in your community. Watch the full episode on solopreneurmovement.com
What is Your Competitive Advantage? Anything that gives you an edge over your competition. Competitive advantage for service professionals in the housing, banking, insurance, or financial services industries can arise from several key factors: 1)Service:Providing exceptional customer service is crucial in service-based indu...
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The metro Denver real estate market in April showed an increase in active listings by 44% compared to the previous year, with the number of homes up by 33% and the number of condos up by 80%. However, the 6,600 active listings remained well below the historical average of 14,300 for this time of year. If we don’t see an increase in new inventory getting brought to the market, we might see fiercer competition for what few listings we do have available. Under Contract listings decreased by 18% from the previous year, consistent with national trends, indicating a lack of mortgage applications from buyers. Overall sales were down 30% from April 2022, with homes and condos performing similarly to each other.
The average sales price declined by 5.6% in Denver compared to the previous year but remained more stable than in most other western US cities (e.g., Seattle, San Francisco, Los Angeles). The average price for homes and condos in April was $682,000. Properties sold for an average of 0.21% above the asking price, showing a more competitive market than we’ve had so far this year.
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May 6th – 13th: Denver Fashion Week Spring/Summer ‘23
“Denver Fashion Week, one of America’s fastest-growing fashion platforms, is back again for Spring 2023. Collections from local, national, and international designers will range from streetwear, activewear, lifestyle, kids, and sustainability to high fashion. The nationally acclaimed show takes place twice a year in the fall and spring seasons. As Colorado’s largest fashion show, thousands of attendees show up each year in support of Denver’s growing and diverse fashion community. DFW tickets always sell out, make sure to reserve yours.” Tickets & More Info!
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Denver’s real estate market in March showed a significant increase in active listings, up by a whopping 103% from last year, signaling a potential shift in the market. With around 4,500 active properties at the end of the month, this is still significantly lower than the 30-year average of about 13,600 listings at this time of year. However, the increase is notable, given that the market has been exceptionally tight for the past few years. This indicates that sellers are becoming more comfortable with the current market environment, despite the economic downturn and fluctuating mortgage rates. Regardless of the increase in listings, prices have dropped by an average of around 5% from last year, with homes experiencing a more significant decline of 6% and condos dropping by 4%. The average days on market increased to 37 days, compared to just 12 days in March of last year. Furthermore, 37% of homes required at least one price reduction to sell, indicating that sellers may still need to be flexible with their pricing.
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Here are some tips on how to make an offer on a home Work with a real estate agent: A real estate agent can guide you through the process of making an offer, help you determine a fair price to offer, and negotiate on your behalf.Research the market: Research the local real estate market to determine what similar homes are selling for in the area an...
Congratulations on starting your career as a real estate agent! Here are some tips for your first year: Build your network: As a real estate agent, networking is crucial to your success. Start by attending industry events, joining local business organizations, and reaching out to your friends and family for referrals.Focus on your niche: Real estat...
When dealing with a difficult real estate listing, there are several tips that you can follow to increase your chances of success. Hire a professional photographer: High-quality photos are essential for attracting potential buyers. Professional photographers can help you capture the best angles and lighting to showcase your property.Conduct a thoro...
Choosing the right trees for your landscaping is an important decision that requires careful consideration. Here are some tips for picking the right trees for your landscaping: Consider the climate: Choose trees that are suitable for your local climate. Check the USDA Plant Hardiness Zone map to determine the hardiness of different tree species in ...
April 6th – 9th: Colorado Rockies Opening Weekend
“Catch the Start of the 2023 Season, Live and in Person! Colorado Rockies vs. Washington Nationals.” Get Tickets!
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The local real estate market has seen a significant increase in active listings as compared with last year. However, that number remained low at the end of February, with only 4,100 active listings in metro Denver. Inventory is expected to remain short throughout the spring, making it a challenging time for buyers.
Despite challenges in the market, the number of properties under contract in February was only down 8.5% from last year, and average prices are still increasing slowly, with a 2.83% increase from last year.
Days on market have significantly increased from last year, at an average of 45 days to sell a home. There has also been a significant shift in the sale-to-list ratio, with an average discount of 1.85%, compared to last year’s 2.13% premium. This difference in sales price can help make up for the recent increase in interest rates. Overall, although inventory is low, buyers and sellers can still make deals in the current market.
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