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Tracy Shaffer
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Mid-Year Housing Market: Denver Colorado

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“As we enter the year’s halfway point, the once predictable Denver Metro real estate market feels topsy-turvy as we navigate the new landscape.
A once reliable market with a peak selling season in June has taken a detour. The main culprit of higher interest rates is easy to identify. However contrasting perspectives on the market have been summed up well by memes circulating the internet: buyers fear a repeat of 2008, sellers hope for a return to 2021 conditions and renters expect interest rates to drop back to three percent. While none of these views are true, the increasing inventory is moving our market towards a balanced market with the current months of inventory sitting at 2.78.”
Libby Levinson-Katz
Chair of the DMAR Market Trends Committee and Denver REALTOR®
  • LUXURY MARKET ($1,000,000+): “June usually symbolizes the kick-off to summer fun in the Denver Metro area: pools open, camping spots fill up and crowded planes depart DIA for favorite vacation destinations. But for home sellers in the $1+ million real estate market, June was anything but fun. Breaking with the historical trend of high-priced sales in June, last month featured some of the most sluggish activity the $1+ million market has seen in years. The $1+ millions segment is now a full-blown buyer’s market. Sellers in this market will be left out of the summer fun unless they update their home before listing, price conservatively and expect to pay a closing concession. Otherwise, they will be sitting idle throughout the long dog days of summer.” Colleen Covell, DMAR Market Trends Committee Member & Denver REALTOR®
  • SIGNATURE MARKET ($750,000 – $999,999): “Traditionally, the 4th of July represents more than just fireworks and fun; it also marks the end of the summer buying season. This timing makes sense as most buyers want to settle into their new homes before the end of summer and the start of the school year. This year, however, the fireworks went off early, leaving June uncharacteristically slow. The gap between sellers and buyers continues to widen, as does the preference for detached over attached properties. June provided proof that this market continues to evolve and test the resilience of both buyers and sellers. As Realtors® advising our clients, using market indicators, setting expectations and relying on our intuition have never been more important.” Andrew Abrams, DMAR Market Trends Committee Member & Denver REALTOR®.
  • PREMIER MARKET ($500,000 – $749,999) “For buyer who have been looking for the past few months and missing out on homes that were selling too quickly, June brought a much slower pace. Last year, buyers in this price range had to move quickly, with homes spending a median of only seven days on the market. This year, however, that time has increased over 71.43 percent, with home staying in the MLS a median of 12 days – providing those buyers a much calmer and more controlled “Ferris wheel” type experience. Even though the largest number of transactions took place in this price category, they experienced the highest number of median days intthe MLS. What I’ve learned from the past months is that the market has become very unpredictable. It feels like nothing is making sense – like we are at the amusement park, but we’re in the fun house.” Susan Thayer, DMAR Market Trends Committee Member & Denver REALTOR®.
*Remarks from Pages 14-15 of the June 2024 Market Trends Report from DMAR
As we gear up for the new school year, setting up a productive homework space can make a big difference in your child’s academic success. From choosing a quiet spot to personalizing the area, these simple tips will help you create an environment where your kids can thrive and stay focused. Let’s make this school year the best one yet!
Choose a Quiet Spot: Select a quiet, well-lit area free from distractions.
Keep Supplies Handy: Stock up on necessary supplies like pencils, paper, and calculators.
Ergonomic Seating: Invest in an adjustable chair to ensure proper posture and comfort.
Timer or Clock: Have a clock or timer available to help your child manage their time effectively.
Organize with Bins & Shelves: Use storage solutions to keep the space tidy.
Personal Touches: Let your child personalize their space with their favorite colors, posters, or artwork.
DOWNLOADABLE CHECKLIST
Back to School Checklist
Get ready for the new school year with Madison’s Back-to-School Checklist!
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5975 S. Quebec Street Suite 100,
Greenwood Village CO 80111
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Tracy Shaffer
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March 2024 Denver Real Estate Market Watch
“Well-informed and educated sellers know interest rates have ticked up again; however, they also know that many buyers are experiencing spring fever and are sick of sitting on the fence watching home prices increase. So, savvy sellers got their property on the market and knew how to stand out. In fact, new listings increased 29.12 percent month-over-month and 22.63 percent year-over-year. But these sellers also knew they had more to compete with as active listings at month’s end rose 13.14 percent to 5,511 homes, an astounding 45.87 percent gain year-over-year.
The spring season is heating up, and the best way to find your treasure is through thoughtful strategy. Prepared sellers can curb a second round of negotiations with buyers at inspection, while strategic buyers know what they want before shopping and the options available to them.”
Libby Levinson-Katz
Chair of the DMAR Market Trends Committee | Denver REALTOR®
  • LUXURY MARKET ($1,000,000+): “The days when sellers waited for their spring gardens to bloom before listing their homes for sale are now long gone. The February weather may have said “winter,” but the market said “spring!” In the segment priced $1 million and above, sellers jumped in early, listing 689 new homes in February, resulting in the largest month-over-month increase in inventory of any segment of the market. The number of new attached homes priced at $1 million and above essentially doubled from January, up a whopping 96.77 percent, while new detached homes were up 58.99 percent.” Colleen Covell, DMAR Market Trends Committee Member & Denver REALTOR®
  • SIGNATURE MARKET ($750,000 – $999,999): “Barring a huge and unexpected influx of new listings, expect days in MLS for homes in this price segment to drop quickly and steadily through June, creating more favorable seller conditions in spring and summer. That said, ‘more favorable’ in no way means dominant. While sellers can (and should) be encouraged by improving market conditions, they should also proceed cautiously in 2024. Today’s buyers are highly educated, a little nervous, have options, and are eager to exercise them.” Michelle Schwinghammer, DMAR Market Trends Committee Member & Denver REALTOR®.
  • PREMIER MARKET ($500,000 – $749,999) “The real estate data looks like a field of shamrocks with new listings sprouting like fresh green clovers. There’s been a surge of new listings, showcasing a 22.78 percent increase compared to last month and up 22.96 percent from last year, providing a dose of optimism and signaling a promising season for both buyers and sellers. Despite the increase in listings, the close-price-to-list-price ratio remained strong at 99.65 percent, like a pot of gold at the end of the rainbow.” Keri Duffy, DMAR Market Trends Committee Member & Denver REALTOR®.
*Remarks from Pages 14-15 of the February 2024 Market Trends Report from DMAR
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Tracy Shaffer
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January 2024 Denver Real Estate Market Trends

 

New Year. New Opportunity!

What opportunities will you have to buy or sell a home this year? Don’t think you’ll have one? Think again!

Let’s start by looking waayyy back to December 2023, and then we’ll look forward.  Aside from the seasonal slowdown, higher interest rates and low inventory, have had the most impact on the market.  You can dive deeper by clicking the full Denver Real Estate Market Trends  report, and know I’m always here for you with home values and neighborhood trends catered to your specific needs. Now, back to the future.

In my experience…

Winter is the best time to buy a home. Fewer buyers are willing to face the cold, postponing their shopping for early spring, giving you an opportunity to make an offer with less (or no) competition. And sellers who sell in the winter generally have good reason to. This means their motivation is driven by their needs rather than their wants. Another opportunity!

Waiting for the rates to fall?  Don’t. While nobody knows for sure what will happen in 2024, we are anticipating multiple rate drops as the economy stabilizes, but the “waiters” often lose. Think about it. If you buy early, you’ll be gaining equity as prices rise with demand. Buyers who wait to time the market will face a different set of challenges. Lower rates bring more buyers, bidding wars and higher prices which increase the gains for those willing to buy now and refinance once all that rate dropping happens.  Today’s rates from my lending partner, Select Lending Services, look a lot better overall than where we were last year.

 

 

Let’s talk about how 2024 can open a real estate opportunity for you!

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Tracy Shaffer
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Denver Real Estate Market Stats
“With the holidays upon us, we are focusing on the gift of homeownership this season. Owning a home provides stability and security for many families. It is also the single largest investment most people make in their lifetime, which serves as the single best vehicle to attain individual and generational wealth. Speaking of gifts, this is my absolute favorite time for buyers to get out and shop for homes. Sellers whose properties are on the market typically need to sell and are more willing to negotiate than in March or April when the market is at its peak. Additionally, the competition from other buyers drops considerably. As such, buyers who can see the beauty of buying a home right now have their choice of home and can negotiate their way into their dream home.
Additionally, interest rates are starting a downward trend, and we as REALTORS® know that if rates continue to drop then demand will increase. In fact, many agents saw a flurry of activity last month when rates dropped buying end-of-year activity. Depend­ing on where rates trend, we may see bidding wars back before we know it.”
Libby Levinson-Katz
Chair of the DMAR Market Trends Committee | Denver REALTOR®
  • LUXURY MARKET ($1,000,000+): “Zig Ziglar once said, “Every sale has five obstacles: no need, no money, no hurry, no desire, no trust.” Today, all five of those obstacles present themselves clearly to home buyers and sellers in the $1 million and over price segment. Despite it all, 2023 has proven to be quite a strong year for this segment. Removing the pandemic years and comparing to 2019, sales volume year-to-date has more than doubled, closed volume has nearly doubled, new listings are up over 66%, and price per square foot is up over 14%. I predict this segment will continue to see growth as more people spend more money to experience the gift of living in Colorado.” Susan Thayer, DMAR Market Trends Committee Member & Denver REALTOR®.
  • SIGNATURE MARKET ($750,000 – $999,999): “Black Friday may only last one day in November, but for buyers in the $750,000 to $999,999 price range, the deals lasted all month. The deceleration in the market, however, should not cause any alarm. It is seasonal and expected. Historically, the holidays in November and December take precedence over home buying and selling goals, so we typically experience a decline in market activity. November and December showcase prime opportunities for serious buyers: far less competition, declining prices, expected seller concessions, and recently, declining interest rates. It’s the perfect time for them to give themselves the gift of home ownership.” Colleen Covell, DMAR Market Trends Committee Member & Denver REALTOR®.
  • PREMIER MARKET ($500,000 – $749,999) “There are few things greater than the gift of homeownership. A home can offer financial security, stability, tax benefits, and community. It also serves as the backdrop for so many wonderful moments in life, especially during the holiday season. Many buyers are inclined to hit the proverbial pause button on the home search and wait until spring. While that is an option, waiting to buy a new home likely means competition and concessions on the buyer side. Meanwhile, we have great homes on the market now with motivated sellers and less competition. Perhaps you can negotiate concessions on inspection, or maybe that low interest loan is assumable and can be transfered to the buyer. As REALTORS®, our gift is the ability to guide our clients with knowledge and savviness. End of the year is a busy time as I encourage buyers to look when no one else is. We find great homes and they pay less than if they had waited.” Nick DiPasquale, DMAR Market Trends Committee Member, and Denver REALTOR®.
*Remarks from Pages 15-16 of the December 2023 Market Trends Report from DMAR
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Tracy Shaffer
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2022 Denver Real Estate Q2 Market Report

 

The numbers are in and it’s been a wild ride! The year started with an insane first quarter, with buyers offering more than $100k over asking price, waiving inspections, covering appraisal gaps. And then, interest rates went up, showings dropped off, prices came down, and the market got… quiet.

It is common for the Denver real estate market to expect a seasonal slow down after July 4th, but this year’s cooling happened early. With the rise in inflation, the Feds pushed hard on rates and buyers pulled back. Many were exhausted by the Q1 rush, some felt the effects of the stock market, while others feared the increased interest rates. When rates rise 1 point, that’s a 10% reduction in buying power.  A reduction in the loan amount often moves a buyer into a lower, more competitive, price point. Home prices have adjusted to these changes, leveling off a bit and shifting toward more balance, between home buyers and sellers.

“Every indicator points to the market shifting closer to a buyer’s market. The month-end active listing increased 21.53 percent last month, pending and closed deals decreased and days in the MLS increased by 30 percent. We are still a long way from what many experts would consider a buyer’s market.” -Andrew Abrams, DMAR Trends Committee Chair

With the number of residential homes on the rise, buyers have more options, but sellers see themselves with more competition than they did earlier in the year. The average close price saw a minor dip from the prior month but year over year, there was a 11.04% increase. As for days on market, there was both an increase from last month and from the same time in 2021.

With all the changes in the economy, we are not surprised to see movement in the real estate market too. However, don’t let the numbers keep you from your end goal. Whether that’s buying, selling, or investing one thing I know is that its your life that moves you, not the market. NOW is always the right time if it fits your personal situation.

Looking for more explanation on all of this? Comment, call/text/email and let’s have a conversation. Or if you’re shy like me, check out the Market Report for Q2 . If you want to see where we are today, click on the Denver Metro Association of Realtors Market Trends Report for August.

 

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Tracy Shaffer
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From the Burbs to the City!

 

“I honestly believe that without Tracy, we would not be living in our dream house today. Tracy’s knowledge, intuition, skill and personality put her at the top. She really cares about people and fairness to both sides. She negotiated a win-win situation where both parties came away happy.” -Jeanne Ellis

 

 

 

 

 

 

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Tracy Shaffer
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Capitol Hill Condo

“Tracy is the best!! She sold our 1 bedroom condo in a Historic Register building in Capitol Hill in Denver. Unlike many realtors who are just looking to make a sale and move on to the next, Tracy really cares about her clients and their financial situation. She actually convinced us not to sell the first time we contacted her because the market was in the pits and our condo was worth less than 1/2 what we paid for it. By following her advice and waiting a few years, we ended up making money on the condo when it sold for OVER the asking price. She was incredibly patient with all of our concerns and questions, and knows more about the market than anyone. Also worth mentioning that we were out of state for the whole process, so she handled EVERYTHING; renovations, cleaning, staging, pricing, showing, you name it! She made this very stressful situation much less so, and we can’t imagine using anyone else.” – Keith Orell

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Tracy Shaffer
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Relocated to Denver

“I cannot recommend Tracy highly enough!! I had just moved to Denver and Tracy worked so hard to find a house for me, guide me through the buying process and negotiate on my behalf with the sellers. Tracy is professional, tireless and super conscientious. She never forgets the smallest detail. She also has a great sense of humour! I would not hesitate to recommend Tracy….5+ stars all around!!” – Bonnie King

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