We can’t thank you enough. Our success is because of your trust in us, Thank You!…tc
“The #1 reason for home ownership is security and stability. Owning a home offers people financial security as well as a sense of safety and permanence. Homeownership allows individuals to build equity over time and have a place to call their own. Additionally, homeowners have the opportunity to customize their living space to meet their individual needs, budget, and lifestyle preferences. Homeowners can also enjoy a variety of tax advantages such as deductions for home mortgage interest, property taxes, and home improvements, allowing them to save more money and build wealth over time.”
“Denver’s residential housing market is very competitive and active, with homes in the area continually in high demand. The average home price is approximately $475,000, but prices in certain neighborhoods can go higher than $1 million. Depending on the neighborhood, property taxes can range from 0.6% to 1.5%. In some cases, there may be additional costs associated with homeownership such as HOA fees or Special Improvement Districts.
There are plenty of housing options to suit all different lifestyles and budgets, with everything from condos and townhomes, to single-family homes. A well-rounded city, Denver offers a mix of urban, suburban, and rural living, and has multiple diverse neighborhoods that each offers its own unique benefits. Many areas boast excellent schools, parks and recreational opportunities, cultural attractions, and plenty of job opportunities.
Overall, Denver remains an attractive place to call home and provides numerous benefits for homeowners and prospective buyers.”
Can you believe it? The first paragraph, I asked AI what the benefits of homeownership were? The second paragraph, I asked AI to explain Denver Residential Real Estate to me. Who knew? AI is only 3 seconds away from doing everyone’s homework…:)
Let’s tear into this week’s numbers. The Denver Metro Single Family Numbers look like this over the last 7 days. It’s called the weekly market watch.
|New Listing (859) This is not going to help buyers in any way, shape, or form.|
|Coming Soon (160)|
|Back On Market (194) This is currently showing us, about 20% are coming back on the market. What are these Buyers and Sellers thinking?|
|Price Increase (101)|
|Price Decrease (644) Sellers need to be reminded of how important the correct list price positively impacts the entire transaction.|
|Pending (1111) Where are buyers finding the inventory to get a listing Pending?|
|Closed (747) This number is better than last week, but still not representative of the number of Pending Listings.|
Above, we have the history of Supply over the last 10 years. The shock of higher rates was immediate and hard on the market for a short time last summer, but our Single Family supply has pulled back in line with previous years.
I look forward to Month-over-Month numbers at the end of February, 2023. As we move deeper into 2023, we will learn so much more, but for the time being, possibly for the reason AI helped us with the text above, the dream of homeownership remains in tact. 65% Of US households live with ownership. Of the 35% Renting, 70% of those renters dream of homeownership someday. It’s good to know something so traditional still drives our society. (FYI, Russia has an 84% Homeownership Rate.)
In the meantime, remember, we can assist with all your residential needs locally, nationally and globally. Our reach is great. Please lean in on us…tc
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