Dar Al Arkan Partners With Top Designers for Luxury Living Spaces

Saudi property development company Dar Al Arkan is growing its presence in eight countries after earning a reputation for creating opulent, comfortable living spaces. Currently, co-branding is one of the biggest trends in luxury living, which is why Dar Al Arkan is partnering with some of the most famous names in high fashion: Versace, Missoni, Elie Saab, and Pagani.

It’s been a natural evolution for the company, which was launched by six families in 1994. Designers tend to start with a clothing line before branching out to accessories like sunglasses, jewelry, shoes, and handbags. Real estate is the next step in extending their designs, and Dar Al Arkan offers designers stunning spaces to further explore their brand. According to the property development company’s CEO Sheikh Yousef Al Shelash, “Co-branding is reaching cars, yachts, planes, and real estate. Co-branding with luxury brands is a big real estate and hospitality trend.”

Exclusivity Drives Demand for Co-Branded Luxury Abodes 

“Co-branded real estate is the limited edition of real estate. It is a big trend because there are more and more people looking to buy a limited number of units. When you do a project in a certain city with a certain brand, you only present a limited number of units,” explains Al Shelash. “So there is a big trend around the globe right now of people who would like to buy units with limited numbers, just like they’re buying watches, and they’re buying jewelry — they want to buy everything that is a limited edition. This is why it is a major trend these days in real estate.” 

Research shows that developers can increase their profits by approximately one-third with branded properties. Dar Al Arkan’s fully serviced, designer-branded homes help set them apart from others in the industry and act as a magnet to attract an aspirational clientele. With wealthy consumers wanting to live in designer developments with five-star amenities and restaurants, it can be an asset for developers to partner with a trusted brand.

Al Shelash confirms that the company has been able to elevate its status since proving that these well-known designer corporations enjoy successful collaborations with the company. “Partnerships elevate the image of the company by showing that the company has not only been trusted by our customers over the last 28 years but can also be trusted by mega brands,” he says. “It expanded our customer base because now we are able to deal with economic classes from the mid-economic classes to the ultra-high-net-worth.”

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How To Spot A Trustworthy HVAC Service Provider

Owning a cooling and heating system requires regular maintenance to ensure efficiency and extend its useful life. To achieve this, you need professional technicians to care for your heating, ventilation, and air conditioning (HVAC) needs. 

But how can you find trustworthy technicians who won’t con you because you don’t understand much about HVAC systems? This guide below will help you identify signs of a quality HVAC service provider. 

Gets Good Reviews

The best place to scour through every review available is the internet. Go through Google, Facebook, Yelp, and other sites where frustrated and satisfied customers can post a review. Don’t rely too much on the ones posted on a service provider’s website. They likely filter out the nasty comments. 

On the other hand, don’t make a decision based on just one bad review. You’re looking for a trustworthy company, not a perfect one. Remember that technicians can make mistakes.

Dig deeper until you’ve gathered enough good and bad reviews to see patterns. They can help you decide to go one way or another.  It also helps to get the opinion of your family and friends who have dealt with HVAC companies before. 

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Ask Brian: What is Title Insurance and Why Do I Need It?

Ask Brian is a weekly column by Real Estate Expert Brian Kline. If you have questions on real estate investing, DIY, home buying/selling, or other housing inquiries please email your questions to askbrian@realtybiznews.com.

Question from Patti in GA: Hi Brian, Why is the paperwork to buy a house so lengthy and confusing? I’m buying my first house and a friend told me that I’ll spend a couple of hours at the closing signing a pile of papers that I probably won’t understand much about. So, I asked my agent what this is all about and what I should expect. He went through a checklist with me and explained what documents I can expect to review and sign. After I left his office, I realized I still had a few questions. The most important question that I still have is about title insurance. My agent said something about it being insurance that the seller has the legal right to sell the property to me. There are a lot of insurance costs going on here. I understand the homeowner’s insurance and I’m not fond of it, but I understand the mortgage insurance that I pay but is for the benefit of my mortgage company. But why do I need title insurance that guarantees the seller has the right to sell the house to me?

Answer: Hello Patti. Yep, there is a pile of paperwork that you need to understand and sign at closing. You’re wise to have started asking questions before you are confronted by it all at one time. When it comes to title insurance, your agent might have oversimplified it or you might not have caught everything that was said about it. There is more to it than just insuring the seller has the right to sell the property to you.

Title insurance protects you from financial loss and related legal expenses in the event there is a defect in the title to your property that is covered by the policy. Title insurance differs from other types of insurance in that it focuses on risk prevention, rather than risk assumption. With title insurance, title examiners review the history of your property with the intent of eliminating title issues before the purchase occurs. Title insurance also differs in that it comes with no monthly payment. It’s a one-time premium paid at closing.

It’s more than just insuring the seller has the right to sell because it covers many situations that the seller might not even be aware of. Patti, this is probably the biggest purchase that you’ve made in your life, and you’ll be obligated to pay the mortgage for many years to come. You want to be sure that you are receiving a clean title or in other words, that another person or company can’t claim they have a legal right to part or all of your home. Any number of title issues may arise, even after the most meticulous search of public records. Most houses have been bought and sold several times over the years. There is a potential for discrepancies in those large piles of papers that might have happened several sales ago. These hidden defects are dangerous because you might not learn about them for months, or even years, after purchase. Some common examples of risks covered by your Owner’s Policy include defects in title caused by:

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How Smart Homes Increase Your Home Security

Believe it or not, over a million home burglaries occur every year. When scoping out a house to steal from, burglars look for easy targets. They break into houses when people are at work or on vacation. But most importantly, they look for residences that don’t have home security. Because the last thing a burglar wants is to run into a smart home.

Smart home technology, from doorbell cams to motion-detecting CCTV, means burglars think twice. The question becomes, ‘why are smart home options so superior to other types of security?’ 

Join me as I discuss the reasons why smart home security provides the best crime prevention available.

What Makes a Smart Home?

Technology is affecting the real estate industry in fascinating ways. Smart home options for security are just one of these things.

A smart home is a loose term for any residence that makes use of Internet of Things (IoT) technology. Internet of things refers to having a network of interconnected smart devices. These devices not only give me finer control over them, but they communicate with each other to better serve me.

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Three Simple Ways to Give Your Home Some Serious Curb Appeal

Giving your home curb appeal doesn’t have to be a time-consuming, difficult, or expensive task. Sometimes, a few minor steps are all it takes to make a major difference.

Make Your House Look Great

Here are three simple things you can do to give your home the curb appeal it deserves.

One: Tidy Up Your Front Yard

Your front yard is the first thing that visitors see when they come to your home, so use it to make a good impression. Start by mowing the lawn and trimming any bushes or trees. If you have flower beds, make sure they are well cared for and free from weeds.

Add some color with hanging baskets or by planting lots of bright flowers. Lastly, make sure the path to your front door is clear and free of any debris.

Two: Install Outdoor Lighting

One of the quickest and easiest ways to improve your home’s curb appeal is to install some outdoor lighting. Path lights are a great way to illuminate your walkway and make it easy for visitors to find your front door. You can also add some accent lights to highlight features in your landscaping.

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Hover brings 3D digital twins to new construction projects

Proptech startup Hover, which has created technology that uses smartphone photos to build digital twins of properties, is expanding its capabilities to include blueprint uploads.

The company said contractors on new constructions will be able to make use of its entire solution, which generates 3D models and exterior measurements, using blueprints of designs. In other words, it now supports both existing homes (through smartphone photos) and new constructions.

Hover explained that its solution transforms blueprints into a complete 3D model of a new home or building, complete with comprehensive measurements for the property’s exteriors. Contractors can use the 3D models for takeoff, proposals and ordering features.

Hover founder and Chief Executive A.J. Altman said the company’s mission is to help people improve their homes using 3D property data. Today’s launch, he said, makes the company’s mission even more accessible.

“Supporting contractors in streamlining their workflows is at the core of what we do,” he added. “Now, with a faster, easier, more affordable path to prepare takeoffs for new construction bids, contractors can simplify their bidding process and stand out from the competition with inspiring, visual representations of the finished product.”

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Though inflation fell last month, housing costs kept rising

Having risen to its highest level in 40 years last June, inflation declined marginally at the end of last month. Due to a decrease in the Consumer Price Index’s gasoline index, that market remained unchanged compared to one month earlier, having hit a seasonally adjusted rate of 1.3% in June.

The Bureau of Labor Statistics said the CPI for all items increased 8.5% in July, down from the 9.1% gain a month earlier.

Michelle Bowman, a member of the Board of Governors of the Federal Reserve System, told HousingWire that she sees a “significant risk” of higher inflation into next year with regard to necessities such as food, fuel, housing and vehicles.

“Rents have grown dramatically, and while home sales have slowed, the continued increasing price of single-family homes indicates to me that rents won’t decline anytime in the near future,” Bowman said. “Recently, gasoline prices have moderated but are still roughly 80% higher than pre-pandemic levels due to constrained domestic supply and the disruption of world markets.”

The CPI data shows that the energy index dropped 4.6% last month thanks to decreased prices of natural gas and gasoline. Americans are now spending 7.7% less to fill up their cars than they did a month earlier. However, the energy index is still up by a whopping 32.9 compared to the year before.

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Refinance applications jump on wild swings in mortgage rates

Mortgage rates last week rebounded, having dropped towards the end of July. As a result, mortgage demand was split, with refinancing applications moving higher while homebuyer applications fell, according to the latest data from the Mortgage Bankers Association.

“Close up of Mortgage Refinance Application Form with pen, calculator, writing hand”

The data shows that the average contract interest rate for a 30-year fixed-rate mortgage with a conforming loan balance rose to 5.47% last week, up from 5.43% a week prior. That saw points rise to 0.80 from 0.65 for loans with a 20% down payment.

While the weekly average didn’t change much, daily moves were more dramatic.

Another read from Mortgage News Daily showed the average rate on the 30-year fixed jumping 45 basis points at the start of last week, then falling 41 basis points on Thursday and then jumping up again by 36 basis points. Mortgage rates don’t often move in such large increments.

That volatility was likely behind the gain in refinancing, which has been falling steadily since the start of this year. Those applications rose 4% for the week. Some may have been taking fast advantage of the drop in rates or were still hoping to get the lower offerings from previous weeks. Refinancing, however, is still down 82% from a year ago, when rates were right around 3%.

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This Week’s Focus Is On Tampa Agents

This week we travel down to Tampa, Florida, in search of the top real estate professionals in the region. As has been the process in past weeks, we rely on Google and Zillow ratings to isolate the agencies, then drill down to find out their digital and conventional marketing practices. Our methods continue to shift, but we’re homing in on ways consumers can quickly isolate and evaluate the professionals best capable of converting sales. We also found the same sad situation in Tampa, which we’ve run across in other medium-sized markets. With hundreds of agents to choose from, relatively few actually use all the available tools to service clients. Here’s this week’s list.

I almost missed Tampa, Florida’s most prolific agency. Were it not for the relative mediocrity of Andrew Duncan’s competitors, a slight flaw in my methodology would have left him off this list. You see, the 5-star/100 plus Google and Zillow criteria I established for previous lists do not cover all circumstances. The Duncan Duo team has one horrible review out of over 1,000, which takes their rating down to 4.8. So, it’s a good thing I went back to search Tampa agents for a superstar. Somehow, I knew there had to be a Tampa-St. Pete marketing hero out there.

Duncan has no peers in the realm of marketing, according to what I found. Facebook, Instagram, Inc. 500, almost 3,000 subscribers on a real estate Youtube channel, the guy needs a costume like Green Lantern. Seriously, in hundreds of reviews of real estate professionals nationwide, only a handful are as good. The only negative, I could find across this Tampa agent’s footprint is the fact his dentist made the man’s teeth too white. The smile from the guy will blind you even on Instagram. As you can tell from the share I use for his profile pic. If Duncan has one strike against him, it’s his ghastly ugly website, which does pass SEO with a score of 89/100. No seriously, this is the guy I’d get to sell my house in this region. I’m not alone in this assessment either. Duncan Duo has been the No. 1 Re/Max agent in Florida and the No. 8 team in the world, as well as having been endorsed by Barbara Corcoran (Shark Tank). Come on, the guy even has his own radio show.

Christie’s International associate Kelly Parks has made 142 sales in the last 12 months, according to Zillow. However, looking at her marketing prowess across all spheres, I’m thinking she could have made a lot more. Perfect Google and Zillow reviews led me to her various profiles and to a score of traditional media mentions. While I was not thrilled by Parks’ corporate Instagram style, her followers and post frequency speak volumes.

🧗🏽‍♀️

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Zillow makes AI-powered virtual tour tech available to everyone

Zillow has said its artificial intelligence-powered virtual home tours are now available nationwide on all listings, giving prospective home buyers and renters a better sense of a home before they step inside.

The free, AI-generated floor plan tool is known as “Zillow Surfing”, and is meant to save searchers valuable time while they’re looking through available listings.

The interactive floor plans by Zillow give shoppers an in-person perspective of properties for sale or rent. The technology, which is powered by Zillow tech but available to use for free on listings anywhere, acts as a dynamic guide to give shoppers digital insight and detail so they can more quickly and easily narrow their search to only the homes they love and want to see in person. Zillow uses machine learning to not only generate floor plans, but also imports each listing photo and places it on the floor plan, giving shoppers an in-person perspective of a home’s shape and flow that simply scrolling through static images can never do.

“Zillow surfing has always been about imagining all the possibilities a move could bring, and Zillow surfing 2.0 is bringing those possibilities to life in a much more interactive, realistic way,” said Josh Weisberg, vice president of Zillow’s Rich Media Experience team. “Now shoppers can act more quickly and confidently, whether they’re searching in their own neighborhood or hundreds or thousands of miles away. We’re pushing the boundaries of what home buyers and renters can expect when shopping for a home online.”

For buyers and renters, Zillow’s AI-generated floor plan means navigating more seamlessly and naturally through photos, a 3D Home tour and other listing information, getting a remarkably accurate sense of a home’s flow and space. An hour of teleporting through interactive floor plans on Zillow can replace an afternoon, or longer, of scheduling tours and driving around town to see homes in person.

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What Does It Take to Develop a Canine Retreat Like Paw and Pints?

Did you know that nearly half of Americans have adopted a new dog since the start of 2020? With all of these new pet dogs, the canine retreat industry has been booming! But what does it really take to start your own canine real estate retreat like Paw & Pints? Is it really that difficult?

If you are trying to start a canine retreat, you are probably aware of how profitable they can be. However, it takes a lot of time and research to find the land, managers, employees, and so much more. Keep on reading for some tips on how to develop a canine retreat!

Learn Everything About Pet Boarding

Dog boarding is simply the act of caring for pets while their owners are gone. Pet owners pay a specific cost to boarding facilities for an agreed-upon duration of time.

The idea is to create a secure and enjoyable environment for animals to stay in when pet owners have responsibilities or want their animals to be entertained and cared for.

Learn the canine terms related to pet boarding and examine additional terminology resources. This will ensure you are aware of the lexicon and can communicate effectively when your business opens its doors.

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4 Add-on Car Insurance Coverages that are Just Not Worth it

Are you in the market for car insurance? Even with websites that help with the car insurance quotes comparison process, it can still be quite confusing especially when you don’t know what to look for. Apart from the usual main components of liability and comprehensive insurance, there are various add-ons that insurance companies offer.

What is an add-on?
An add-on is extra protection offered by the insurance company on the driving without insurance penalty policy. These extra protections are not part of the legal minimum that your state requires. As such, you don’t need to have them. However, you may find some of them useful depending on your personal requirements and circumstances.

Add-ons to ditch
According to Consumer Reports, the cost of car insurance premiums has risen since 2013 by over 10 percent. According to reports, these rates will continue to rise by 5-10 percent in 2016.

Car insurance add-ons come at an extra cost, after all insurers need to make a profit. While some add-ons are beneficial, others simply aren’t worth the extra cost. If you want to reduce the cost of your car insurance premiums, you need to know which add-ons to consider and which to ditch. The following are car insurance add-ons that just aren’t worth it:

Rental car insurance
If you’re renting a car, you may be asked if you want rental car insurance. Check with your auto insurance or credit card. You may already be covered for this. Many consumers aren’t aware that they already have coverage and end up spending a lot of money on insurance that they don’t need.

If you already have comprehensive, collision or liability auto insurance coverage, then don’t pay more money for this add-on. You should also check with your credit card to find out what types of insurance they extend for rental cars.

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Consumer confidence in housing falls to lowest point in 11 years

Fannie Mae said in a monthly survey released this week that consumer’s confidence in the housing market is now at its lowest level since 2011, with both buyers and sellers increasingly pessimistic.

According to the survey, just 17% of respondents believe now is a good time to buy a home, down from 20% one month prior. However, the more telling statistic is that just 67% of sellers believe now is a good time to sell, down from 76% in June.

There are also far fewer consumers who think home prices will rise, with just 27% expressing optimism, down from 30% a month before.

Fannie Mae’s Home Purchase Sentiment Index comprises six factors – buying conditions, selling conditions, home price outlook, mortgage rate outlook, job loss concern and changes in household income. Overall, the index was down two points to 62.8 at the end of July. It’s down 13 points from the same month one year earlier, having hit an all-time high of 93.7 in the summer of 2019, prior to the pandemic.

“Unfavorable mortgage rates have been increasingly cited by consumers as a top reason behind the growing perception that it’s a bad time to buy, as well as sell, a home,” said Fannie Mae Senior Vice President and Chief Economist Doug Duncan.

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How to Become a First-Time Landlord

Becoming a landlord is one of the easiest ways to invest in real estate. If you have a little extra money, property prices in your area are low, and rent rates are profitable, now may be an exciting time to invest in real estate as a hedge against inflation and to generate additional monthly income.

Not all investments are created equal. Investors in stocks on Wall Street have hit tough times in 2022. Retreating stock values are doing the opposite of what you need during inflationary times. In general, the price of real estate and rents rise right along with inflation. In tight housing markets, rent increases often outpace inflation. Although home prices are high, interest rates are still relatively low (compared to historical averages), this should still be a good time to lock in a mortgage to combat inflation.

Here are the key tips to getting started as a landlord.

1. Research the best investment area near you. Experienced investors sometimes venture outside of their own backyard but for beginning landlords, it’s wise staying close to home. You can keep your maintenance costs low by doing some of the maintenance yourself. Being able to periodically inspect your investment also brings peace of mind to the new landlord. Get started by researching neighborhoods near you that are known for the features that quality tenants are willing to pay top dollar for. Quality of life neighborhoods feature a good school district, walking distance to stores and amenities, and a short commute to decent-paying jobs. House-specific niceties include three or more bathrooms, a master suite, and stainless steel appliances in the kitchen. This is also the recipe for an investment that will appreciate in value along with providing a monthly income.

2. Crunch the numbers. Once you find the house that meets your basic requirements, it’s time to crunch the numbers before doing anything else. Although interest rates are low, qualifying for an investment mortgage still comes with stringent requirements. You can expect to need a 20% down payment. You can easily use an online mortgage calculator to crunch the numbers to see what your monthly mortgage payment will be. Other information that you’ll need includes the property taxes, insurance, and maybe HOA fees. Also, factor in about 10% for maintenance and repair costs. Of course, you’ll need to learn how much similar houses in the neighborhood are renting for. Your monthly rent goal is 1% of the value of the house. A $150,000 house should rent for about $1,500 a month.

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Ask Brian: When You Marry Someone Do You Marry Their Debt?

Ask Brian is a weekly column by Real Estate Expert Brian Kline. If you have questions on real estate investing, DIY, home buying/selling, or other housing inquiries please email your questions to askbrian@realtybiznews.com.

Question from WildCat in CA: Hi Brian, I’ve been with Sierra for three years and we’ve decided to get married. At first, I was incredibly excited about this but after a few days, I started thinking about some of the implications. In particular, I thought about how marriage will affect our finances. I know that it’s not romantic but in many ways it seems like getting married can really mess up a couple’s finances. I have one big example that I’m asking for your help with. Sierra took out a mortgage to buy her parents a house a couple of years ago. She didn’t just co-sign for the mortgage, the mortgage is only in her name. Her parents pay a small portion towards the mortgage each month, but Sierra pays the bulk of the payment. So, here is my question. If we get married, will I become responsible for the mortgage on her parent’s house? I haven’t even talked to Sierra about this because I’m afraid it could destroy what has been a great relationship up until we started talking about getting married.

Answer: Hello WildCat. That’s a tough question that you’re asking. My first thought was that you could try writing your situation into some type of a prenuptial agreement and that is when I realized how important it is for you to get a knowledgeable attorney involved (I’m not an attorney). In my opinion, this goes beyond just general legal advice because there are so many possible variations involved. For instance, it could get in the way of the two of you buying a house if you don’t already have one. Or what could be the consequences if she defaults on the mortgage or even has to declare bankruptcy? Another complicated possibility is what happens if there is a divorce? Would you still be responsible for Sierra’s parent’s mortgage if you were no longer married to Sierra? Importantly, the laws vary drastically from state to state.

I understand why you are reluctant to talk to Sierra about this, there is nothing romantic about marrying someone else’s debt. The best I can offer are some broad and general thoughts about the possibilities of what it does mean when you marry someone else’s debt. California is a community property state, so I’m going to lean towards what this could mean in community property states.

If you live in a community property state, most debts incurred after marriage will be treated as the responsibility of both spouses. Nine states have community property laws:

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ERA CENTRAL GRAPHIC ARTIST DESIGNS LOGO FOR TOYS FOR TOTS 75TH ANNIVERSARY

ERA Central Realty Group announced today that in-house graphic artist Suzi Kelly has been chosen as the official graphic designer for the United States Marine Corps Toys for Tots Program 75th Anniversary. Kelly was awarded the prestigious appointment based on her logo design, which will be used on collection boxes and marketing collateral for the Toys for Tots 75th Anniversary celebration.

“It is an honor to represent the Toys for Tots Program,” Kelly says of her appointment. “My daughter is a Marine and Toys for Tots has been an important effort for our family and ERA Central for many years. Being able to represent this amazing organization in such a unique and meaningful way is very exciting. Incidentally,” she adds, “Walt Disney designed the iconic Toys for Tots train logo, so my work is in excellent company.”

In the letter of appointment, David G Bellon, Lieutenant General Commander Marine Forces Reserve writes, “[Suzi’s] exceptional talent and dedication to this project are instrumental in enabling the Marine Corps Reserve to continue its long legacy of delivering hope to less fortunate children during the holiday season.”

“Toys for Tots has been a charitable initiative at ERA Central Realty Group for several years. I am proud that our community contributes to the 18 million toys that Toys for Tots collects and distributes to over 7 million children annually,” says Stephanie Bellanova, co-owner of ERA Central. “I am particularly delighted that Suzi is being recognized for her creativity at a national level.”

About the artist, Suzi Kelly

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Mortgage rates fall back below 5%, providing relief for home buyers

Having endured weeks of rising borrowing costs, home buyers in the U.S. have gotten a “second chance” to lock in a lower interest rate.

Last week, the popular 30-year fixed-rate mortgage fell below 5% for the first time in months, according to a report by Freddie Mac. Rates had been hovering above 5% for a good couple of months, even going as high as 6% at one point, before slipping lower again by the end of this week.

A second report from the Mortgage Bankers Association suggests home shoppers are already rushing to take advantage of the lower rates. Mortgage applications rose for the first time in five weeks, up by just over 1%, following weeks of declines.

Experts aren’t sure if the lower rates are here to stay, with Freddie Mac Chief Economist Sam Khater saying that things are likely to remain volatile due to the tug of war between inflationary pressure and a clear slowdown in economic growth.

“The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, especially as the Federal Reserve attempts to navigate the current economic environment,” Khater said.

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5 Ways to Create an Ultra-Modern, High-Tech Home

Advancements in technology have made it possible to create smart homes with devices and systems that you can integrate with the internet. Though high-tech homes are all the rage right now, it is challenging and expensive to make a modern high-tech house. 

The best way to do it is to start small and add smart components to your home unless you can afford it right from the start. You can do it with the right design, creativity, imagination, and determination. 

The following are ways to create an ultra-modern, high-tech home: 

Hire An Expert

Unless you are an engineer or specialize in IT and other advanced technological professions, you probably know little about creating a high-tech home. 

Therefore, you should consider asking an expert to help you. There are many options for building high-tech homes, but you can only choose one. 

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What to do in Denver in August 2022

August events around town!

 

 

 

August 13th: NFL Preseason: Denver Broncos vs. Dallas Cowboys

“Denver Broncos vs. Dallas Cowboys, Aug 13, 7:00PM.” Get Tickets!







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Denver Real Estate News – August 2022

 

Think the U.S. is Alone in Our Economic Woes? Think Again!

 

When researching the local real estate market, and even the national market, it’s easy to forget that we’re not alone in our current economic woes. In fact, there are many similarities between what’s happening here and in the rest of the world. For example, as recently reported by the Wall Street Journal, real estate developers in China are struggling to attract new buyers. Fears about a recession loom, Covid shutdowns are once again on the rise in large cities like Shanghai, and the demand for homes and apartments is down. That sounds all too familiar here. However, one thing that’s quite different about their market is the incentives being offered by Chinese developers to try and entice buyers. Many have been offering brand new cars and parking spaces as perks to new home buyers. We’d be hard-pressed to get those kinds of incentives in the U.S., but we should start to see more seller concessions being offered! At least we’re not alone in our current economic struggles.

 

What’s Happening in our Local Market?

Locally, housing inventory is back on the rise after what felt like the most competitive two years to date. Colorado buyers have slowed their frenetic pace, and many have hit the brakes on their home purchases completely. They’re afraid of what the current recession might bring. They’re also being deterred by rising mortgage interest rates and inflation. So, what does this slowdown actually mean for our market, and for home price appreciation in general?




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