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.
If you’re new to the home buying process, just starting to think about it, or haven’t done it in awhile, here’s help. Though there are many variables that exist within each transaction, these basic steps are the same. My job is to make sure it runs smoothly, from our first consultation to beyond the closing. Just like every home is unique, so is every home buyer. Knowing how much house you can afford is an important first step and getting pre-approved is critical. ( I work with some stellar lenders, I’d be happy to introduce you). Having an idea of the numbers makes your home shopping more efficient, and you’ll be ready to write an offer quickly. That’s a must in this competitive market.
There is no such thing as “the perfect house”. Finding one you can fall in love with takes market savvy, intuition and teamwork. I love the first meeting with buyers when they tell me what they want in a home and I follow up with questions about things they hadn’t though of. And I love the moment when we find the home and the whole energy changes. So cool.
Any questions? Want to talk? Is now a good time? I’d love to hear what moves you and help you have a stress-free home buying experience you will enjoy.
I have been called many things in my life– strong, compassionate, wise- and the “B” word, as in bossy. I’ve spent hours at kitchen tables and RiNo coffee shops, dispensing advice and Kleenex, bringing clarity to the confused and donuts to the distraught. These caffeinated, altruistic moments can get messy. Dreams are shared along with struggles. Questions and voices and glasses are raised, ideas get thrown around, sentences get interrupted, and napkins are nervously shredded. In other words, magic happens. Nothing feels better than a problem-solving download with a very good friend, then saying goodbyes with a hug and a plan.
Danielle LaPorte- “We all just want to be seen and heard. No exceptions.”
This dynamic works best when it works both ways and within my trusted circle I am uplifted, held, and given a swift kick in the pants when I need it. Friendship, connection and community are as old as time and perhaps never as vital to our well-being as they are in today’s crazy swirl of a world where we are bombarded with information and disinformation. The time we spend together gives us the opportunity to listen to one another with our hearts, share our insights and practice empathy. It lifts us up, makes us more generous human beings. Why is it so much easier to fix another’s ills than it is to cure what ails you? Because blindside is never 20/20.
Dr. Seuss — “When you’re in a Slump, you’re not in for much fun. Un-slumping yourself is not easily done.”
The idea of being paid to help people get unstuck and on track with their thoughts, habits and desires sounds like a good thing for an empath, doesn’t it? People tell you where they think they want to go, you help them hone in and be specific, then craft a strategy on how to get there; like Google Maps for the soul. When we listen carefully to one another, when we talk freely, we share our goals, obstacles and frustrations. What we’re often missing is the awareness of what we already know, and because answers are inherent in the question, it sounds pretty simple. So simple, we slap our foreheads when the answer is right under our…knows.
A Life Coach is different than a therapist, mentor, shaman or babysitter. Each of these are useful, respectable professions (often sharing the same tasks) a life coach wields more than a riding crop and whistle. The coach’s superpower is accountability. Even the friends we check in with daily, accountability from a pro is altogether different. There is $kin in the game, a weekly Zoom meeting, and someone who is not only listening, but taking notes. Dreams and goals are chunked out, tasks are broken down into actionable items and timelines are integrated into strategy, and your Life Coach isn’t going to hijack your session talking about her latest Tinder disaster.
While great friendships evolve organically over time, finding a great coach requires its own investment. Surfing the Internet you’ll find great adjectives on their websites- passion, empowerment, confidence, transformation, tools– (and who doesn’t want more of those?) but it takes more than keywords to find the right fit. et’s take a look at what they do.
- Identify true desire.
- Identify any obstacles or objections to desire.
- Align resources to achieve desire.
- Search for where the manifestation of this desire lives.
- Connect manifestation with recipient of desire.
- Ensure manifestation, recipient and desire are in alignment.
- Write offer, go under contract, schedule inspection… oh wait.
The next time someone tells me I should be a life coach, I’ll remind them I’m a Realtor. We make many choices, some make life better while others go wildly wrong. Choosing a friend, mentor, lover or life coach can enhance the quality of your days and nights. Choose wisely.