The question above used to be easy. It is much more complex these days. Demographics have changed. Some are becoming buyers later in life, and some are not selling, so they are staying longer. Some are committed to an urban lifestyle, and others a suburban lifestyle.

I have examined this question from all sides. Here’s what I’ve learned. Neighborhoods with a “draw” handle the swings in market conditions better than others. A draw can be anything from a coffee shop to a neighborhood pool, but the strongest communities tend to have a positive layering effect.

For example, a suburban community with a neighborhood elementary school, open space, pools, tennis courts, trails, and a well-administered HOA can survive just about any market conditions. In most scenarios, it does better than communities without these features.

On the other hand, an urban neighborhood might thrive under a completely different set of characteristics. It still needs that “draw”, but the draw might be walkability to shops, restaurants, and gathering places, if you will. In some cases, the draw might be somewhat esoteric. A nice library, unique recreational amenities like a dog park, or even a park with all sorts of outlets.

Either way, neighborhoods are defined by their residents. Like we always say, “Find your neighborhood, and then find your house. You can’t fix your community, but you can fix your house.”

We are still experiencing a market where the best and brightest move to the front of the line and become closed transactions. A seller can no longer put their home on the market with deficiencies. Buyers are critical of deferred maintenance, site characteristics, and appeal factors. These are some of the price reductions.

Now lets look at the broader market of Active Single Family Listings.

With 5,951 Active Listings right now, this is about 1,100 listings ahead of last year at the same time. This is still a nominal increase, and it will not plunge the Denver Market into the abyss. This market would enjoy a slight decrease in 30-year interest rates. Inventory would fall, and the completion would return.

Today’s wisdom: If you are a buyer, you must be vigilant, eyes open, and ears to the ground. You must have all your pre-buyer steps completed. You must be ready to give up a weekend mountain trip to the homebuyer process.

If you are a seller, get your house in order. Take it one step at a time, and complete everything on your list. Come to the market “Parade Ready”. Don’t give a buyer a reason to walk on by. Be the “A” student in the front row with no flaws.

We can help you every step of the way; thecryerteam@kentwood.com