Bridger had baseball tryouts for the club team, and he rocked it. The boy made the team, which is intense because it’s a crazy amount of time spent practicing and playing. He has to make all As and Bs to stay on the team (says I). His football team is not so good, but they’re really trying, and it’s nice to see.
We’ve been working on our house and finished cleaning and repainting the deck. It looks great. Now we’re on to the shower, and although it’s not done yet, it already looks way better. Hopefully it will be done soon because running to the guest bath to shower on these frigid fall mornings is not so fun.
But, believe it or not, that’s not even the highlight of my week. I took a pole dancing class. Yes, indeed. And guess what? I can do the splits. Who knew? I went with my CrossFit girls, and we did a pretty impressive job. It was so much fun. I think I may take a hip-hop dance there, too. While I’m cultivating my dance moves, why not?
Order Your Free Pie Today
With the upcoming Holidays, we are giving away free pies! Click the image to get yours!
My Real Estate Status
I’ve been getting tons of leads on Google, and that’s so awesome. I found out that one of my clients chose to work with me because of my last name. He thought Merchant sounded “promising.” How funny that people are calling me based on my name. I guess they’re the kind of people who choose a bottle of wine based on the label. Been there.
I found out that my name means money. A client of mine did my numerology, thanks Jeffery. So, I mean, that’s kind of cool. I guess it is a good name.
I got another couple recently who contacted me on my website. They're from Florida, and we met, and I liked them a lot. It is “promising.” And I also got a referral from an agent in South Dakota for a listing here, who would have thunk. So, the clients are coming in, and I’m here for it.
PSA: Get multiple opinions from multiple roofers if you have roof troubles. We almost got scammed by a company, and I’m so glad we reached out to others to ensure we needed a new one. Pro tip: Use Nate from Gates Enterprises. He’s the best. You can trust him!
Interest rates are going up again, but no one thinks they’re gonna last very long. If you want to buy, and you’re going to stick around for a while, just go for it.
The Real Difference Between Renting and Buying a Home
Current Denver Area Real Estate Market
"Unfortunately, I made some errors in last week's report when it came to market activity. I had reported that there was a sudden jump in buyer activity. Being concerned with this sudden onslaught of activity I went through and re-did the report for last week as those numbers were unfortunately incorrect and I apologize for my error. You will find all of the corrected numbers in this week's report. Supply in months reached its highest levels at 2.0 months' worth of inventory, levels we have not seen since November of 2018. Buyers are exerting their negotiating power in light of having more choices.
Price reductions climbed to an all-time high in both quantity and size of price reduction for units going under contract this week. For the first time since March of 2011 the rate of price reductions is over 50% of listings making price reductions, more specifically 52.6% of listings that went under contract last week made price reductions. The average price reduction was 8.0%, which we haven't seen since March of 2012. Pricing conservatively, staging, pre-inspections and patience are paramount in this market."
What’s Ahead for Home Prices?
As the housing market cools in response to the dramatic rise in mortgage rates, home price appreciation is cooling as well. And if you’re following along with headlines in the media, you’re probably seeing a wide range of opinions calling for everything from falling home prices to ongoing appreciation. But what’s true? What’s most likely to happen moving forward?
While opinions differ, the most likely outcome is we’ll fall somewhere in the middle of slight appreciation and slight depreciation. Here’s a look at the latest expert projections so you have the best information possible today.
What the Experts Are Saying About Home Prices Next Year
The graph below shows the most up-to-date forecasts from five experts in the housing industry. These are the experts that have most recently updated their projections based on current market trends:
As the graph shows, the three blue bars represent experts calling for ongoing home price appreciation, just at a more moderate rate than recent years. The red bars on the graph are experts calling for home price depreciation.
While there isn’t a clear consensus, if you take the average (shown in green) of all five of these forecasts, the most likely outcome is, nationally, home price appreciation will be fairly flat next year.
What Does This Mean?
Basically, experts are divided on what’s ahead for 2023. Home prices will likely depreciate slightly in some markets and will continue to gain ground in others. It all depends on the conditions in your local market, like how overheated that market was in recent years, current inventory levels, buyer demand, and more.
The good news is home prices are expected to return to more normal levels of appreciation rather quickly. The latest forecast from Wells Fargo shows that, while they feel prices will fall in 2023, they think prices will recover and net positive in 2024. That forecast calls for 3.1% appreciation in 2024, which is a number much more in line with the long-term average of 4% annual appreciation.
And the Home Price Expectation Survey (HPES) from Pulsenomics, a poll of over one hundred industry experts, also calls for ongoing appreciation of roughly 2.6 to 4% from 2024-2026. This goes to show, even if prices decline slightly next year, it’s not expected to be a lasting trend.
As Jason Lewris, Co-Founder and Chief Data Officer for Parcl, says:
“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”
Don’t let fear or uncertainty change your plans. If you’re unsure about where prices are headed or how to make sense of what’s going on in today’s housing market, reach out to a local real estate professional for the guidance you need each step of the way.
Bottom Line
The housing market is shifting, and it’s a confusing place right now. Let’s connect so you have a trusted real estate professional to help you make confident and informed decisions about what’s happening in our market.
Upcoming Events
- Vinyasa Yoga- Want to decompress and breathe easy? Me too. Let’s go to this one.
- Sunday Funday Group Ride- Get to Evergreen Bike Shop and take a ride.
- Corn Maze at Chatfield Farms- Ever get lost in a corn maze? Here’s your chance.
- Jazzercise for Breast Cancer Fundraiser at Conifer Jazzercise- If there was ever a reason to Jazzercise, this is it.
- Canine Sports Massage- You think you’re stressed, imagine how your dog is feeling! Help the little furry guy out.
- More Biking, Less Hiking!- I’m not here to discriminate, bike or hike, they both rock, but this one is for the bikers.
- Kachina Cantina's Adult Trick-or-Treat- Get in the spirit with some spooky-inspired spirits at Kachina Cantina.
