Denver Real Estate News – August 2023

 

Busier than Spring, but Still Slow

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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What to do in Denver in July 2023

 

July events going on around town!

 

 

 

July 12th-August 13th: Cirque du Soleil – KOOZA











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Denver Real Estate News – July 2023

 

The Debt Ceiling Talks Affect Mortgage Rates

 

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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Ep. 41: What's Your Competitive Advantage?

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

Ep. 41: What's Your Competitive Advantage?

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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What to do in Denver in June 2023

 

June events to check out!

 

 

 

June 8th – 11th: Denver Fringe Festival









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Denver Real Estate News – June 2023

 

Housing Inventory Increased, Sales Declined

 

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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What to do in Denver in May 2023

Check out these great May events!

 

 

 

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 Real Estate News – May 2023

 

Inventory is on the Rise This Spring, As It Should Be

 

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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Make An Offer

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...

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Tips for the first year real estate agent

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...

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Dealing with a difficult real estate listing

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...

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Choosing the Right Trees

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 ...


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What to do in Denver in April 2023

Check out these great April events!

 

 

 

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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Denver Real Estate News – April 2023

 

More Inventory, But Still Tough for Buyers

 

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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Most Expensive Neighborhoods

The most expensive real estate neighborhoods in the world can vary from year to year based on market trends, but here are some examples of some of the most expensive neighborhoods as of 2021: Hong Kong - The Peak: Hong Kong's The Peak neighborhood is known for its stunning views of the city and the surrounding area. The average price per square foo...


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Real Estate Marketing Tools

There are several real estate marketing tools that can be used to effectively promote properties and generate leads: Real Estate Websites: Having a website is a must-have for real estate agents and brokers. A website can be used to showcase properties, generate leads, and provide valuable information to potential clients.Virtual Tours: Virtual tour...


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What is a deed?

A deed is a legal document that is used to transfer ownership of real estate from one person or entity to another. It serves as proof that the transfer of ownership has taken place, and is typically signed by both the buyer and seller of the property. A deed typically contains the following information: Names of the parties involved in the transact...


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Real Estate Contracts

When selling a house, several contracts are necessary to protect both the seller and the buyer. These contracts typically include: Purchase Agreement: This contract outlines the terms and conditions of the sale, including the price, closing date, and any contingencies such as inspections or financing.Disclosure Forms: The seller must disclose any k...


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Real Estate Designations

Real estate designations are professional certifications that real estate agents and brokers can earn to demonstrate their expertise and knowledge in specific areas of the real estate industry. Some popular real estate designations include: Accredited Buyer's Representative (ABR): This designation is for real estate agents who have completed specia...


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