Things are going really well at the beginning of fall. Super welcoming the chilly weather. I know I’ll be hating it in about a week, so I’m relishing it now. This weekend we’re going to a corn maze and pumpkin patch with some friends in Bennet at Mile High Farms. I’m excited.
Also excited because we’re doing some fun and necessary home projects. Our deck is getting redone, and I’m happy about that because it looked rough. Next spring will be fun sitting out there and not worrying about splinters in our feet. Our friend is doing the work, which makes me feel good because I don’t love having strangers in my house.
Update! Bridger’s crush said ‘yes’ to going to the dance with him. It’s tomorrow. I know he wants to be her boyfriend and it is so cute. He won his first football game last weekend, too. It’s great news because they weren’t expected to win any games this season (his coach told the parents that, not the kids). So, he’s thriving this week for sure!
Sterling, on the other hand… I had teacher conferences and turns out he’s very easily distracted. Hello, have you met Sterling?! We need to get him to focus. I know he’s capable of focus, he just doesn’t care- making the situation a bit tricky. He’s good at math but reading gets him down. He’s not interested at all. Tag and I love to read so not sure where this is coming from. But we got him some fun books, so we’ll see how it goes.
Our Airbnb came out on top of Hurricane Ian unscathed. Yes, we’re so lucky. The guests stayed in the whole time and they handled it all just fine. I guess they left something that smelled pretty bad in the drain, however. It’s been taken care of.
That’s the first month of the Airbnb under our belt and the only issue is that we need to get a new pool pump. We almost broke even, too, and that’s unusual (in a good way). Plus, we got four five-star reviews to brag about.
My Real Estate Status
We have an offer on one of my listings and are in the works of negotiating. Things are looking good!
My first-time homebuyer’s new house is moving right along. Inspections have gone well, with only a few issues that the sellers are helping with. The well at this property produces over six gallons of water in one minute. For reference, ours produces .1 gallons per minute. Yowza. My mouth is watering thinking about all the long showers we could take if we had that well. #daydreams
We’re closing today on a client I worked with in the past. They’re purchasing their son’s property, and it all went really well. It was an easy transaction and all are happy.
This is a fun little story: I got a phone call from a guy who looked up realtors on Google; he decided to go with me because my name starts with a V, and so does his. I mean, hey, I’ll take it. It’s not about what you know, it’s about who you know and what your name starts with (and usually what you know, too). Remember that.
My assistant, Jude, is doing great. We’ve found lots of ways to stay organized, and he’s been so helpful. Todoist; check out this app if you wanna make things happen with ease.
Reasons To Sell This Fall
Current Denver Area Real Estate Market
Supply in months grew this week with active inventory aging and fewer units going under contract to 1.8 months. This is the highest it has been since we were in quarantine in 2020, and prior to that in September of 2019. Based on data from 2013-2021 the average supply in months for October is 1.7 months. While this number is up we are still considered to be in an extreme seller's market.
Price reductions grew to their highest levels Since May of 2012 to an average of a 7% price reduction for units that went under contract last week, representing 47.1% of homes that were placed in the pending status last week. Price reductions for the month of October are typically closer to 5.2% based on data from 2013-2021.
Two Questions Every Homebuyer Should Ask Themselves Right Now
Rising interest rates have begun to slow an overheated housing market as monthly mortgage payments have risen dramatically since the beginning of the year. This is leaving some people who want to purchase a home priced out of the market and others wondering if now is the time to buy one. But this rise in borrowing cost shows no signs of letting up soon.
Economic uncertainty and the volatility of the financial markets are causing mortgage rates to rise. George Ratiu, Senior Economist and Manager of Economic Research at realtor.com, says this:
“While even two months ago rates above 7% may have seemed unthinkable, at the current pace, we can expect rates to surpass that level in the next three months.”
So, is now the right time to buy a home? Anyone thinking about buying a home today should ask themselves two questions:
1. Where Do I Think Home Prices Are Heading?
There are two places to turn to answer this question. First is the consensus of what experts are saying. If you look at what experts are projecting for home prices in 2023, they’re forecasting home price appreciation around 2%. While it’s true some are calling for depreciation, most are calling for appreciation in home values over the next year.
The second spot to turn to for information is the Home Price Expectation Survey from Pulsenomics – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists. According to the latest release, the experts surveyed are also calling for home price appreciation for the next several years (see graph below):
2. Where Do I Think Interest Rates Are Heading?
Like mentioned above, Ratiu sees mortgage rates rising over the next several months. Another expert agrees. Mark Fleming, Chief Economist at First American, says:
“While mortgage rates are expected to continue to drift higher over the coming months, much of the rapid increase in rates is likely behind us.”
The instability in the world and higher inflation are driving this volatile market, resulting in higher borrowing rates for those looking to buy homes.
Bottom Line
If you’re thinking about buying a home, asking yourself about home prices and mortgage rates will help you make a powerful and confident decision. Experts see both prices and rates rising in the future. The alternative is to rent, but rents are also increasing. That may mean buying a home makes more sense than renting.
Upcoming Events
- First Friday Live Music at Food District- Live music, fireplace, food, these are a few of my favorite things.
- 2022 Artist Reception - Opening Night- If you love art and want to support local artists, this event has your name written all over it.
- Shred-a-thon- Bring all those documents with your private info (up to three banker’s boxes or three clean trash bags worth) and shred away to prevent identity theft.
- Pumpkin Festival at Chatfield Farms- Grab yourself a pumpkin and enjoy some fall fun!
- Evergreen Chamber Orchestra: Season Opener Concert- Start the holiday season at the symphony.
- Tree Planting + Overwintering- If you want to learn how to plant trees in your area (who doesn’t?), this class is for you.
