It’s Homebuying Time (& Camping Time) in Colorado

It’s Homebuying Time (& Camping Time) in Colorado

  • Victoria Merchant
  • 09/8/22

How was your long weekend? Ours was pretty stellar. We went to Fun Valley with some friends, and we rented a golf cart, bikes, and tubes for the lazy river; we fished and cooked the catch over the grill (thank you, Tag, for cooking over $100 of fish we caught when it was NOT your night to cook). The whole trip was tons of fun.

I did work all through it, and although that wasn’t ideal due to a seriously inferior Wi-Fi and reception situation, it all worked out in the end. 

My friend Amber stopped by the campsite, too, and brought her little baby, who is an absolute doll. Oh! The friend who came with us and I played Gaga Ball with about 10 kids, and she and I each won a round or two. That was one of the best parts. Who doesn’t love beating children at games? Am I right? 

Sterling and I decorated his bike with lights, and we joined in on a bike parade after the sun went down. That was super cool; there were dozens and dozens of bikes involved, all lit up in different ways. It was so funny because it was total chaos. Kids were falling over; no one knew where they were supposed to go. At one point, Sterling was leading the pack, and believe me when I tell you, that did nothing to help the confusion but certainly made us laugh a lot.  

The kids had so much fun because they had the freedom to just run rampant, get dirty, make new friends, stay up late, and eat pretty much whatever they wanted- I guess that’s what made it fun for the adults, too, if I’m honest.

This trip was actually only the second time I’ve used the camper, and it was really cozy. But, pro tip, don’t go camping on long weekends because a 4-hour drive turns into a 6-hour drive, and that was not great. 

My Real Estate Status

This week I closed on a land listing in Boulder County, and we’re closing on a house in Pine this week too. All tremendous news! It’s busy, but I’m scheduling and organizing like a mofo, and frankly, I’m very impressed with myself. 

I have two active listings and am currently reaching out to my clients who’ve been holding off on buying for a couple of years, waiting patiently for some stability, to tell them that now is a great time to buy. If that’s you, let’s talk!

Current Denver Area Real Estate Market

Labor Day weekend signals the end of the selling season historically in Metro Denver. We tend to see fewer new listings, more listings expiring or being withdrawn and fewer pending transactions. This year was no different. -23.5% Fewer new listings entered the market from last week, pending transactions fell by -13.1% and expired listings jumped +86.3%. Our months supply of inventory jumped to 1.6 months of inventory and days on market fell by 1 day to 19 median days on market. We typically see a slight pick up the weekend following Labor Day but overall the market will continue to cool through the end of the year.

The rate of showings slowed by -18.4% from last weekend with just over 11,000 showings set over Labor Day weekend. Shows per property was 1.8 on average. Again, showings should pick up this weekend slightly.

Top 5 Things… You Need to Know About Mortgage Rates

If you’ve been thinking of buying a home, you may have been watching what’s happened with mortgage rates over the past year. It’s true they’ve risen dramatically, but where will they go from here, especially as the market continues to slow?

As you think about your homeownership goals and decide if now’s the time to make your move, the best place to turn for that information is the professionals. Here’s a summary of the latest mortgage rate forecasts from housing market experts.

  1. While mortgage rates continue to fluctuate due to ongoing inflationary pressures and economic uncertainty, experts project they’ll start to stabilize in the months ahead. 
  2. According to the latest projections, mortgage rates are expected to hover in the low to mid 5% range initially and then potentially dip into the high 4% range by later next year. See the chart below:  
  3. So far this year, mortgage rates have climbed over 2% due to the Federal Reserve’s response to inflation, and that’s made it more expensive to buy a home. And wondering if the rise in rates will continue is keeping some prospective buyers on the sidelines. Don’t let that be you!
  4. But now that experts say mortgage rates should stabilize, this gives you a bit more certainty about what they think the future holds, and that may help you feel more confident about your decision to buy a home.
  5. Whether you’re looking to buy your first home, move up to a larger home, or downsize, you need to know what’s happening in the housing market so you can make the most informed decision possible. Let’s connect to discuss your goals and determine the best plan for your move.

Upcoming Events

Ready to bring in the Fall? I know I am! Check out these upcoming events, and maybe I’ll see you there.

  • Big Chili Cook-Off- it’s this Saturday the 10th in Evergreen, and side note, it’s gonna be chili… I mean chilly, so get snazzy in some fall digs and head on over 
  • Taste of Evergreen- this is coming up on Sept. 20th, but I wanted to give you a heads up because it’s always a crowd-pleaser with loads of excellent food and drink, so save the date 
  • High Ground Music Festival- a 2-day festival of music, dancing, art, food, drink- it’s got it all and it’s happening Sept 10th and 11th
  • Comedy Night at The Farmhouse- ready to laugh (it’s rhetorical, we’re all ready to laugh)? Comedy Night at Raccoon Creek Returns on September 10th at 8pm
  • Colorado Folk Arts Council Oktoberfest- folk art and beer? Where do I sign up? Check it out Sept 9th to 11th
  • EAPL Dog Adoption Event- it’s the dog adoption event we’ve all been waiting for this Sunday from 10am to 2pm (Tag has not been waiting for it, he’ll be unpleasant if I bring home another dog)

Work With Victoria

If you have any real estate related questions, are interested in having a 'no-strings' valuation done on your property, or would like to see some Colorado mountain homes, don't be afraid to reach out!