I’m in Florida but headed home today. It was a quick trip to check on the state of things at the Airbnb and make some updates and repairs. The place is actually nicer than I remembered, which is nice. My mom met me and Sterling here, so we had a great little visit.
I cleaned the gutters out myself and got some trees cut back, and the chimney cleaned. Feeling productive and relieved! Just a couple more things to knock off my list, and this baby is good to go for the long haul, which is great because we’re fully booked through the end of January.
Anyway, the weather has been awesome, and the pool was nice and toasty. We got to see one of my friends that lives here, and she brought us stone crab for dinner. It was so good. You eat it with this creamy, mustardy horseradish sauce; she also brought the best Caesar salad ever and a key lime pie. It was so incredibly tasty.
For Sterling, however, the trip could have been better. I’ve been so busy getting stuff done. But he’s been a good sport. I think he’ll be happy to get home.
Bridger is at the 6th-grade outdoor lab this week. I hope they’re having fun. It’s so cold! But when that’s over, it’s almost winter break. I mean, that came up on me fast. You?
I’m looking so, so forward to it because my mom will be in town for Christmas and my dad and brother will come after. Can’t wait!
My Real Estate Status
Real estate is looking up in general. Interest rates are coming down, and inflation seems to be under control. The Fed will still be increasing their rates but mortgage lenders have prepared for this in earlier mortgage rate increases so I don’t expect those rates to go up any more. I also think we’ll get some great inventory options opening up at the beginning of next year. So if you’re a buyer you should get your ducks in a row so you can jump early next year and if you were thinking of selling but thought you missed the boat, it might be time to start thinking about selling this spring.
I have some buyers looking and haven’t been able to show them too much, so I’m eager to see some new homes get on the market soon.
Trends That Are Good News for Today’s Homebuyers
Current Denver Area Real Estate Market
"The media continues to report that inventory is way up, and while it's true that inventory is way up from 2021 when we look back over the last 9 years we are about where we should be for inventory levels heading into the holidays. It's back to 2013-2019 in terms of market activity, to get a good baseline we truly need to remove the pandemic years from the equation so taking out 2020, 2021 and the beginning of 2022 to get a grasp on what we are dealing with now. Here is a snapshot of historical inventory levels for detached single family going back to 2013. Inventory is coming on at a slower rate and expired and withdrawn transactions are up as we get closer to Christmas.
With the purge of listings from our market, months of inventory went down this last week by -11.8% to 1.8 months of inventory. Our average daily active count fell by -4.8% to 5,730 listings available for sale heading into last weekend in the 7 metro counties. Pending transactions continued to pick up week over week with 724 units going under contract, which was up by 7.3% over the last week but still down from 2021 by -22.2%. We will continue to see listings pull from the market later into December leaving buyers with fewer choices, but they have great negotiating power right now as price reductions on average last week was 8% off of the original price. Buyers will likely continue to have leverage in this market until next spring giving them a small golden window to exercise their negotiating power. Sellers are offering incentives such as rate buy downs and closing costs to sweeten the deal and get it done before the end of the year."
Planning to Retire? It Could Be Time To Make a Move
If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.
Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about when making that decision.
Consider How Long You’ve Been in Your Home
From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):
When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.
Consider the Equity You’ve Gained
Additionally, if you’ve been in your home for more than a few years, you’ve likely built up significant equity that can fuel your next move. That’s because the longer you’ve been in your home, the more likely it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):
While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by over 50%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value over that time.
Consider Your Retirement Goals
Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones. Plus, retirement played a large role for those moving greater distances.
Whatever your home goals are, a trusted real estate advisor can work with you to find the best option. They’ll help you sell your current house and guide you as you buy the home that’s right for you and your lifestyle today.
Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore your opportunities in our local market.
Upcoming Events (warning: they’re festive!)
- Santa in the Hangar- Grab the kids and head over to the air and space museum for some quality time with Santa (who makes his entrance in a helicopter)!
- Santa Breakfast - The Wild Game- Get your Santa time in with breakfast and some crafting fun for the whole fam!
- Holiday Karaoke- This is a no-brainer; almost every holiday movie has a karaoke scene in it, and everyone ends up happy in the end, so you’ll want to check this out.
- CU Denver Student Art Holiday Sale- Last-minute shopping got you stressed? Support the locals and get some super cool and unique gifts for those you love.
- Snowman and Christmas Tree Make and Take event- Legos and Christmas are every kid's dream come true! They make it; you take it. Win-win.
- Scenes of the Seasons- A sweet little night of reading and singing for the whole family.