Really stoked because on Saturday, we had an award ceremony at my office, and I got the top sales award for a single agent (out of about 80 people). Can’t lie, I’m proud of myself. I’m not one to toot my own horn, but I’m feeling pretty awesome about the hard work put in, and it will be a great reminder for when I get down on myself.
The party itself was great, too. There were a lot of us there with our significant others, and it’s nice to see your coworkers on a different level every now and then.
On Sunday, my friend came to town with her new husband. They were here for a short visit, and it was nice to see her for some one-on-one time.
Bridger is all in with baseball now, which is good for him. Maybe it’ll keep his mind off his broken heart. He had a dance last weekend, and it did not go great. His ex-BFF was there with his girlfriend (after saying he wouldn’t be there because his grandma died- which was a lie), and Bridger happens to have a crush on said girlfriend.
Needless to say, I got a call to come get him ASAP, so he didn’t have to deal with the drama—poor kid. Such a bummer.
Sterling is good but a bit behind with his reading, so we’re reading a bunch together as a family now. I’m sure he’ll catch up, but you always feel a little stressed when your kids are behind in something, right?
In about two weeks, I’ll be off for Africa! It’s crazy. I can’t wait. I’ll be working from 9-3 (Colorado time), so not off the radar.
The flight has me a bit worried. It’s two overnight flights back-to-back, making me nervous about my sleeping schedule. I invested in some compression socks to avoid swollen legs, a headrest that attaches to the seat, and a footstool to help with comfort. Yep, preparing like a mother.
You guys playing Power Ball? Yowza. It’s gettin’ up there.
My Colorado Real Estate Status
The couple that made the site-unseen offer saw the house this week, and they love it, so it’s all a go. Smooth like butter. The only issue is that the roof is of an unknown age, and it’s currently covered in snow. We’ll see how it goes, but I’m hopeful.
I’ve had a lot of appointments with both buyers and sellers lately. If you have a reasonably priced house to sell, you will find buyers. It’s not doom and gloom, I promise. You’ll likely even get more for the house than asking.
Rates are holding still for now, so if you’re down to make a move, let’s do it.
Selling Your House?—Here’s What You Need To Know
Current Denver Area Real Estate Market
Inventory is likely to continue to decline until March or April constricting our market and driving us deeper into a seller's market.
With football games limited to only Sunday last week buyer activity picked up in showings and pending transactions. Week over week there was a 22.4% jump in showing activity with 14,616 total showings that were set which created an average of 3.6 shows per week. Showings have been steadily increasing since the beginning of the year and will continue to gain momentum through April. I've been reminding you that showings will increase 30-40% directly following Super Bowl Weekend. Super Bowl is later this year, and the weekend directly after is President's Day weekend. I still anticipate a pick up in buyer activity even with the 3 day weekend with the exception of homes over $1,500,000 which will likely pick up the weekend following President's Day.
Inventory continues to remain tight, dropping by another -3.9% this week down to 4,116 homes for sale headed into last weekend. Inventory is likely to continue to decline until March or April constricting our market and driving us deeper into a seller's market. Buyer activity picked up this week 7.0% with 923 units going under contract. This continuing shift between the relationship of supply and demand forced us down to 1.0 months of inventory, extreme seller's market territory. Supply in months tends to fall until May, when this number drops below 1.0 months multiple offers become increasingly likely.
Experts Forecast a Turnaround in the Housing Market in 2023
The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year.
Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.
Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:
“The current state of the housing market is that it is certainly in transition.”
Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:
“Housing is going to ease up. I think 2023 will be a turnaround year.”
Lawrence Yun, Chief Economist, National Association of Realtors (NAR):
“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”
Robert Dietz, Chief Economist and Senior Vice President, National Association of Home Builders (NAHB):
“. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”
Bottom Line
If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. Let’s connect to talk about the latest trends in our area.
Upcoming Events
- Les Muses Figure Drawing with Alabaster- The Memento Mori Gallery is hosting a timed drawing competition for the artsy, so grab your art supplies and head over.
- Love & Hiking Date For Couples- Nothing says love like a romantic self-guided hike; this one has some digital fun, too.
- The Long Run and My Blue Sky- Head to the Buffalo Rose to hear some classic style rock and roll with tributes to The Eagles and the Allman Brothers.
- Clue the theatrical event- Ready for some killer whodunit action? This production is for you.
- Glow Skate- Apex rec center is getting its skate on, and you’re invited to the fun event that will be as colorful and cool as the people who attend.
- Yoga at Botanic Gardens- Yogis, make your way to Chatfield Farms and enjoy an outdoor yoga experience for every level.
