Denver Real Estate News – February 2023

  A Slow Start, but Higher Consumer Confidence In our local real estate market, the start to the first quarter of 2023 felt a lot like the fourth quarter of 2022; somewhat slow. With an official recession likely this fall, high inflation, and the mortgage rate hikes of last year, it’s understandable why many people have been apprehensive to make a move. Despite the slow start, consumer confidence has been on a sharp rise recently. Consumer confidence is a great leading indicator of what will happen over the next few months. To try to anticipate what the market might do, the best metrics to pay attention to are consumer confidence, new mortgage applications, home showing activity, mortgage rate locks, and finally closings.  The spike in consumer confidence indicates people are a bit more optimistic about the economy than before. If they weren’t, they wouldn’t apply for new mortgages. The increase in mortgage applications should eventually flow through the rest of the metrics, resulting in more home sales. It’s a great sign for the spring, which is historically the busiest time of year in real estate.     INFO FOR SELLERS You Might Need to Work Harder Than Before If you’re looking to sell your home this year, you may still need to work harder than you would have if you had listed at this time last year. Sales at the end of December were down about 40% from last year. That means there are about half as many fewer buyers looking for homes right now as compared to the same time the year before. If you’re ready to sell now, you’ll need to make sure your house is “show-ready”. To be show-ready, your home should be very clean, needed repairs should be complete, and curb appeal should be apparent. Most importantly, your home should be priced accurately. If you try to price your home based on spring 2022 levels, you’re almost certainly going to face a price reduction a few weeks after being on market. The frenzy of last year might be over, but we’re still in a seller’s market. If you put in the effort to have your home in tip-top shape and are realistic about pricing, you should be able to get a great price for your property.   Here are the stats from December as a reference: INFO FOR BUYERS Ample Opportunities, but Still Not a Buyer’s Market There is great news for buyers in the current market. For starters, inventory at the end of December was up 222% from the same time the previous year! That makes competition a lot less fierce than before, giving buyers more options, more time to make offers, the ability to ask for concessions, negotiate price, etc. Mortgage rates are also on a slight decline from their recent peaks. The 30-yr. fixed rate is 6.125% (at the time of writing), which is down almost a full percent from back in November when the same rate topped out at 7.08%. This is a small victory for buyers, who may pay less for a home than they would have back in November. Home price increases also slowed in December, which is great news as far as keeping your monthly payments as low as possible. Please keep in mind, no matter what the media may tell you, we are still not in a buyer’s market. The advantage still goes to the sellers. How so? Despite inventory being up tremendously year-over-year, that level is up from record-low levels of homes for sale in the past few years. Right now, we have about 1.5 months (45 days) of housing inventory. To even make this a balanced market, where buyers and sellers have equal negotiating power, we would need to have between 4-6 months (120-180 days) of inventory. A buyer’s market would equal roughly 6-8+ months (180-240+ days) of inventory. Don’t let the media trick you into thinking you hold all the cards when buying a home right now. Sellers can still easily turn down your offer if they are offended by anything too low or if they have better offers on the table. *We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors of omission in the content.   As always, feel free to contact us if you have questions or are interested in making a move.      

What to do in Denver in January 2023

Fun things going on this month!       Now – January 22nd: National Western Stock Show & Rodeo “Bulls and broncs, cowboys and cowgirls – rodeo’s biggest superstars perform amazing feats of athleticism during each performance of this professional rodeo. Showcasing the elegance and athleticism of the world’s top reining horses, the hard-hitting competition of Denver Professional Bull Riders Chute-Out and the Mexican Rodeo Extravaganza, this event has something for everyone.” Tickets & More Info!         January 12th – 15th: Denver International Sportsmen’s Exposition “Offering an unprecedented number of outdoor pursuits, Colorado attracts huge numbers of new residents from across America. ISE’s longest-running expo is the ideal first stop for newcomers and the essential annual visit for several generations of outdoor enthusiasts from Colorado and the bordering states. ISE spotlights new products and services plus destinations and expert instructors for an expanding list of outdoor activities. Special show features support key retail segments: hunting, fishing, fly-fishing, camping, offroading, RVing and watersports.” Tickets & More Info!       January 13th: Colorado Mammoth vs. Saskatchewan Rush “Colorado Mammoth face off against the Saskatchewan Rush.” Get Tickets!             January 16th: Martin Luther King Marade (March and Parade) “Civil rights leader Martin Luther King Jr.’s legacy is commemorated in The Mile High City every January with what has grown to be one of the largest MLK Jr. Day celebrations in the U.S. — even larger than that of Washington, D.C.!” More Info!             January 24th – February 5th: To Kill a Mockingbird “The New York Times Critic’s Pick To Kill a Mockingbird is “the most successful American play in Broadway history. It has not played to a single empty seat” (“60 Minutes”). Rolling Stone gives it 5 stars, calling it “an emotionally shattering landmark production of an American classic,” and New York Magazine calls it “a real phenomenon. Majestic and incandescent, it’s filled with breath and nuance and soul.” With direction by Tony Award® winner Bartlett Sher, To Kill a Mockingbird — “the greatest novel of all time” (Chicago Tribune) — has quickly become “one of the greatest plays in history” (NPR).” Get Tickets!         January 27th – 29th: UllrGrass Festival “The 3-day festival, UllrGrass (named for the Norse God of Winter – Ullr –  pronounced ooler) is the brain child and passion project of Chris and Susannah Thompson, long-time Golden residents who felt Golden needed a signature event in the middle of winter to bring the community together. Festival-goers dress in Viking regalia and celebrate community, live music, performing arts and craft beer.” Tickets & More Info!             January 28th: Denver Winter Brew Fest “Enjoy craft brews in a fun festival environment! Upon entry, try unlimited tastes in an intimate setting and interact with brewery reps often sharing special releases or seasonal brews. Attendance is limited for short lines for you to discover amazing craft beer from both local and national breweries while listening to live music. Savor food from our awesome food trucks and check out the other vendors! This festive event takes place indoors & outdoors (inside a tent) at the Mile High Station spreading out into the parking lot where there will be live music and food trucks.” Tickets & More Info!         Have a great January!    

Denver Real Estate News – January 2023

  Year-End Reflections 2022 turned out to be a turbulent year for the economy. To start, the FED had announced that they would be rolling back their pandemic measures, in order to combat high inflation. What many did not expect was for Russia to invade Ukraine, which put pressure on world markets, including oil/gas and agriculture. Russia is a major exporter in both industries, especially in minerals used to make fertilizer. Ukraine produces high percentages of the world’s grain, iron, and steel, among other exports. Between interruptions to trade, political sanctions on Russia, and investor fears, this had a major effect on a world economy already reeling from the pandemic.     The conflict in Europe, among other factors, threw the U.S. economy into fresh turmoil. Stocks tumbled throughout the year. Although they bounced back from their lowest point in September, they are currently on track for their biggest losses since 2008. Inflation skyrocketed to rates not seen in the U.S. since the 1980s! This forced the FED to take an even more aggressive stance against inflation. For real estate, it meant that mortgage interest rates literally doubled this year, from 3.25% in January to around 6.5% today. The sharp rise in mortgage rates, while dramatic, just returned them to levels closer to the 30-year average. However, buyers really stepped on the brakes as a result! In fact, this year marked the biggest decline in new mortgage applications on record.       So, what comes next? Although people think we’re already in a recession based on the shorthand definition: two consecutive quarters of negative GDP growth, it has still not been called that yet by the entity that declares it: The National Bureau of Economic Research. They factor in a broader range of economic factors to declare a recession. However, a growing number of experts feel like a true recession is likely to begin in 2023. Exactly when that will happen is anyone’s guess, but the popular opinion has shifted from Q1 to either Q2 or Q3. What that means for us is that slow real estate sales are likely to persist for at least a few months, and possibly longer into the summer than previously expected. Based on current trends, our in-house experts now predict that home prices will see +/- 3% growth over the course of the year. Modest price declines are likely in certain neighborhoods that are not as resilient to recessions (we have a specialized map for that if you are interested – just let me know). It’s still a seller’s market now, but we may gradually shift closer to a balanced market the longer a recession drags on. (Info Sources: The Wall Street Journal, CBS News, Reuters, U.S. Trade Representative, Google Finance, CNBC, Fortune.com, F.R.E.D., Forbes)   LOCAL MARKET UPDATE Metro Denver’s Performance This Year Although world and national trends impact what’s happening locally, let’s take a look at the real estate stats for Metro Denver. Looking at the market snapshot for November 2022, inventory was up almost 180% from last November! That is a massive increase for one year.     However, you can see based on the decrease in new listings, it’s not because more homes are coming to the market, but rather, homes are taking more than twice as long to sell — 34 days on average. Home sales were down 46% in the same period, largely due to the aforementioned mortgage rate increases. The good news for homeowners is that home prices continued to rise despite the economy at large, around 4.6% on average, year-over-year. Real estate continues to be a reliable hedge against inflation, unlike many other investments.   INFO FOR SELLERS A Shifting Market Means Different Buyer Expectations If you’re looking to sell a home this winter, it’s important to note that although we’re still in a seller’s market, buyer expectations are shifting. Over the past couple of years sellers may not have had to try as hard to sell their homes quickly and at a premium — that’s not necessarily the case today. Now that rates are between 6-7%, many buyers will have higher monthly payments. They also have more options to choose from. To sell faster and stay competitive, you may have to improve the curb appeal and make other repairs. You should price your house accurately and not try to inflate the value, so you don’t need a price reduction. Lastly, be sure to make showings as easy as possible. If a buyer has a hard time getting a showing or the house doesn’t show well, they may simply move on.   INFO FOR BUYERS This Winter Could Be a Great Opportunity Now that inventory is back up to levels not seen in years, you might have a bit more room to negotiate with sellers. Since the pandemic, some buyers had started to waive their inspections, or not ask for any concessions. Now that inventory has gone up and homes are taking longer to sell, you might have a great chance to talk with sellers who have had their homes on the market for 20, 30, or maybe even 45 days, and have more room to negotiate the price and repairs. Plus, 30-year mortgage rates are currently down from their recent peak in Oct./Nov., so your monthly payments might be less than last month. Spring will likely be more competitive due to real estate seasonality, so this might be a great chance to buy before things really ramp up again.   *We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors of omission in the content.   As always, feel free to contact us if you have questions or are interested in making a move.      

What to do in Denver in December 2022

Fun December things to do!       Now – December 23rd: Denver Christkindlmarket “Experience the warmth and charm of an authentic German Holiday Market right in the heart of Denver. Stroll through alleys lined with cozy wooden huts and shop for unique, finely crafted artisan gifts and tasty treats brought to you by local and international small businesses. As cheerful sounds of live holiday music fill the air, savor the season with traditional glühwein, German biers, and traditional holiday fare from across Europe.​ Every year, from November to December, guests of the Market are invited to explore the magic of Europe during the holidays – no passport required.” More Info!         Now – December 24th: Cherry Creek Holiday Market “The third annual Cherry Creek Holiday Market takes place daily in Cherry Creek North on Fillmore St. between 1st and 2nd Avenue from November 17 through December 24, 2022. The event features 50+ local makers, a regular schedule of live music from local acts, a full bar program and a highly decorated festive atmosphere. This market is free, open to the public and family- and dog-friendly.” More Info!         Now – January 1st: Christmas in Color “Drive through millions of lights perfectly synchronized to holiday music you’ll hear right through your radio. Drive by giant candy canes, snowmen, arched pathways and more. Take your time enjoying this lighting extravaganza – we won’t judge you if you join the kids with your face pressed against the window!” Tickets & More Info!         Now – January 7th: Blossoms of Light “Celebrate the holiday season at Blossoms of Light™, a dazzling and ever-changing display of light and color. The Gardens’ signature event for more than three decades, this annual holiday lights extravaganza transforms our York Street location into a twinkling winter wonderland. Join us for this family-friendly event that has become a holiday tradition for thousands of Front Range families. In line with our core value of sustainability, all lights used in the event are LED. Holiday treats and warm drinks will be available for purchase at Offshoots Café and the Hive Garden Bistro.” Tickets & More Info!       Now – February 14th: Downtown Denver Rink “Downtown’s Destination for Fun This Winter. The Downtown Denver Partnership proudly invites you and your family to join us at the Downtown Denver Rink presented by Southwest Airlines – Downtown’s destination for fun this winter.” More Info!             December 4th– January 15th: Zoo Lights “When it comes to holiday magic, you can always count on Zoo Lights—where natural wonders take on a whole new light. This year, our newest installations illuminate nature’s brilliant animation, with enchanting additions like Aurora Borealis, Savannah Sunset and Electric Jungle. As you wander through our winter wonderland, keep an eye out for nightly ice-carving demonstrations, cozy fire barrels and all kinds of festive holiday food and drink!” Tickets & More Info!       December 20th – January 1st: Mean Girls “Direct from Broadway, Mean Girls is the hilarious hit musical from an award-winning creative team, including book writer Tina Fey (“30 Rock”), composer Jeff Richmond (“Unbreakable Kimmy Schmidt”), lyricist Nell Benjamin (Legally Blonde) and director Casey Nicholaw (The Book of Mormon).” Get Tickets!         December 30th– 31st: New Year’s Eve Weekend in Denver “Celebrate the new year with your family by checking out fireworks, blockbuster museum exhibitions such as Whistler to Cassatt: American Painters in France and art shows all over town. Take advantage of great Denver hotel packages. The Regional Transportation Network (RTD) will offer free bus and rail service, including Access-a-Ride, FlexRide and SkyRide services, starting New Year’s Eve at 7 p.m. and running through 7 a.m. on New Year’s Day. Plan your trips and find route and schedule information on RTD’s website.” Events & More Info!         December 31st: New Year’s Eve Fireworks “The sky will once again sparkle over downtown at the close of 2022 with the New Year’s Eve Fireworks. The two spectacular fireworks shows will occur at 9 p.m. and midnight. For the best viewpoints, stand along the 16th Street Mall. The identical fireworks shows will be synched to a music playlist from live DJs along the mall. Each show will run for about eight minutes and can be viewed from anywhere along the mall. The DJs will play tunes from 8 p.m. to midnight.”         Have an amazing December!    

Denver Real Estate News – December 2022

  Good News and Bad News   As usual, how things are going in the real estate market depends a lot on your point of view, and individual goals. One thing that stands out this year is that according to the Wall Street Journal, we’ve had the biggest yearly decline of mortgage applications on record. From a cutthroat spring to dramatic mortgage rate hikes, and the subsequent decline in real estate sales, it’s no wonder there’s been such a dip in activity over the course of the year. In October, metro Denver sales were down by 40% from October of last year! Although, it’s not all doom and gloom. In fact, at the same time this W.S.J. headline came out about the dramatic decline in mortgage applications, mortgage rates went down by half a percentage point in the same week. The reason? News came out that inflation may have finally hit its peak and seems to be on the decline now!       The factors that determine inflation are complicated, but you can see from this Consumer Price Index chart (below) that Gasoline, Energy, and Electricity prices recently went down considerably. As you can tell from the half-a-point reduction in mortgage interest rates mentioned above — as inflation goes down, rates are also likely to go down, which in turn should make the mortgage applications and sales go up. It may take some time for lower inflation to work its way through the economy to the point where things feel significantly better, but this is very positive news compared to what we’ve been seeing lately.     (Data Sources: U.S. Bureau of Labor Statistics. The Wall Street Journal, HousingWire, DMAR)     INFO FOR SELLERS Home Prices Are Still Increasing Late fall and early winter are historically the worst times to sell a home, but many people do it every year. If you do need to move this fall/winter, the odds are that your home would sell at or close to asking price, if priced correctly. Some sellers are afraid to list right now given the current economic conditions, but as a homeowner it’s important to think about the long-term trends. If this is the right time in your life for you to move, consider that average home prices were still up over 8% in October from October of last year. Although things are taking longer to sell right now, at around 28 days on market, the demand for homes is still there, and we are still in a seller’s market.     INFO FOR BUYERS Now Could Be Your Time to Shine! Now that rates have gone down a bit, you’ll likely be able to lock in a lower monthly mortgage payment than before. Inventory is also up considerably since more people are waiting on the sidelines. In October there were 116% more homes to choose from than in October ’21. Although many other buyers might have given up due to fear of the economy or rising interest rates, you can still get out there and have a fighting chance of getting the home you want at a lower price than before. Homes are selling at an almost 3% price reduction on average right now. Home builders are also feeling the pinch from the economy, so many are offering buyers concessions right now. Many of them overbuilt, and now with softening demand due to rising rates, they are likely stuck with inventory they cannot sell fast enough. Sitting inventory can be quite expensive for builders, so they’ll likely feel massive pressure by the end of the year to sell those homes and cut their losses. Perfect time for you to swoop in and get a great deal!     *We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors of omission in the content.   As always, feel free to contact us if you have questions or are interested in making a move.      

What to do in Denver in November 2022

Check out these great November events!        November 11th – December 23rd: THE POLAR EXPRESS™ Train Ride “Enjoy Holiday Magic, Caroling and the “Hot Chocolate’ song and dance performed in the heated Polar Express Pavilion. Ride to the North Pole aboard vintage coaches, pulled by an authentic, coal-fired steam locomotive. Visit with Santa and delight as he hands you “The First Gift of Christmas!” Always a sell-out, you’ll want to book early. Tickets begin at $80/person ages 2-15, $100/person ages 16 and older (Lap Riders under age 2 Free) with upgraded First Class ticket options for Tables of Four for $475 also available.” Tickets & More Info!         November 12th – December 10th: 16th Street Mall Holiday Festival “The 16th Street Mall Holiday Festival is the Holiday shopping event of the year taking place on the historic 16th Street Mall in Downtown Denver. This highly attended annual curated marketplace will feature an awesome selection of one-of-a-kind seasonal items, high-quality handcrafted goods, fabulous holiday gift ideas, delicious specialty foods, home décor, and unique holiday gifts. The 16th Street Mall is Denver’s most significant public space – it is one of our city’s most powerful economic engines thanks to its 200 street-level retailers and restaurants, 22,000 residents, and 130,000 employees; and claims international significance as one of the largest pedestrian and transit corridor of its kind in the world.” More Info!           November 12th – 20th: Denver Fashion Week – Fall “Denver Fashion Week, one of America’s fastest-growing fashion platforms, is back again for Fall 2022. Collections from local, national, and international designers will range from streetwear, activewear, lifestyle, kids, and sustainability to high fashion. The nationally acclaimed show takes place twice a year in the fall and spring seasons. As Colorado’s largest fashion show, thousands of attendees show up each year in support of Denver’s growing and diverse fashion community. DFW tickets always sell out, make sure to reserve yours.” Tickets & More Info!         November 14th – January 22nd: Holiday Tea at The Brown Palace “From November 14, 2022 through January 22, 2023, experience the splendor of the season with our iconic Holiday Tea. Exquisitely executed, this revered service is a sought-after Denver holiday tradition. Guests sit amidst the grandeur of our Atrium with holiday decor like no other, including the stunning Denver Debutante grand chandelier. Live piano music is enjoyed and also an iconic part of this storied experience, along with specialized curated teas and culinary offerings.” Booking & More Info!         November 18th – December 24th: A Christmas Carol “Essential to the holiday season in Denver, A Christmas Carol is a joyous and opulent musical adaptation for the whole family that traces money-hoarding curmudgeon Ebenezer Scrooge’s triumphant overnight journey to redemption. Based on Charles Dickens’ classic novel, the DCPA Theatre Company’s “blessedly exhilarating!” (Westword) production illuminates the meaning of the holiday season in a way that has resonated for generations.” Tickets & More Info!         November 24th: Mile High United Way Turkey Trot “The Mile High United Way Turkey Trot draws nearly 9,000 people to Washington Park each year for a four-mile run/walk and community celebration. This year, Mile High United Way is celebrating our 135th anniversary as the first United Way in the world. With each registration, you have positively impacted the lives of families across Metro Denver – ensuring children enter school ready to succeed, that young adults are prepared for college or the workforce, and that families are getting their basic needs met and have opportunities to move toward economic success. Thank you for being a part of our history.” Registration & More Info!         November 25th – December 26th: Miracle at Union Station “This whimsical pop-up cocktail bar will immerse guests into a non-negotiable state of Christmas spirit. With delightfully ostentatious holiday décor, delectable cocktails and the nostalgia of childhood’s dancing sugar-plum visions, Miracle at Union Station is certain to convert even the grouchiest of Grinches. And for those who celebrate the eight crazy nights, the bar also features a proudly designated Hanukkah table amidst the Christmas frenzy.” More Info!         November 26th – December 24th: Colorado Ballet: The Nutcracker “The holiday spirit leaps to life in this treasured family tradition. Featuring breathtaking new sets and costumes for the second year, Colorado Ballet invites you to follow Clara and her Nutcracker prince on the sweet, snow-dusted adventure only Tchaikovsky could score. See where the story you know by heart takes yours this year.” Tickets & More Info!         Have an amazing November!    

Denver Real Estate News – November 2022

  Inventory Levels Continue to Climb The current real estate market in Denver and the surrounding counties is similar to the one we saw in June, July, and August. In short, the number of houses for sale is up dramatically in recent months. At the end of September, the number of active listings was up almost 94% from last year. In the most recent tally, there were 7,683 homes for sale. Average home prices were up, at around an 8.5% increase. The days on market were also up. It is now taking an average of 26 days to sell a home, as opposed to 13 days last year. And finally, the number of sales was down again in September, at around a 30% decline from last year.     So, what does this all mean? To answer that, it’s important to have a historical perspective. It’s easy to feel like we’ve shifted into a buyer’s market with a 94% increase in inventory. Although the recent spike in inventory has made things a bit easier on the buy-side, it’s also critical to realize that this time last year featured the lowest housing inventory count in over thirty years. A 94% increase sounds dramatic but in reality, it was a big jump from next-to-nothing to still-not-enough. Inventory is still about half the historical average of 15,700 homes on the market in September. We are also well short of the 4-6 MOI (Months of Inventory) needed to move into a balanced market. In September, MOI was only about 30 days (1 month). Negotiations are getting a little easier for buyers this fall, but there is still big room for improvement when it comes to having enough for-sale housing in our market.   INFO FOR SELLERS Since we experienced such a heated market in the spring, some sellers are really struggling this fall. The sellers having the hardest time typically try to fight against their agent’s recommended sales price for their home (however, it is the seller’s decision in the end) or they try to use a comparable home from the spring to help them justify their desire to overprice. It’s important to know that most houses have not only been selling at asking price over the summer but in September there were examples of price reductions showing up again in the MLS. You can see in this month’s market snapshot that homes sold for an average of about 3% less than asking price in September 2022 vs. last September. Although we are not yet in a balanced market and negotiations are still in favor of sellers, it is important not to overinflate your home’s value. Especially in the seasonably slower Fall/Winter market. In addition to price reductions due to overpricing, keep in mind that overall demand has started to cool as we enter Q4, fueled by ever-increasing mortgage rates, the recent stock market tumble, and fears of a probable global recession. Our in-house experts anticipate that the current slowdown should continue until around February 2023. So, if you’re thinking about selling your home and your timeline is flexible, it may be in your best interest to hold off on selling until spring.   INFO FOR BUYERS Mortgage Interest Rates Are Still on the Rise Mortgage interest rates have continued to increase by a quarter-point to a half-a-point at a time since March. There has been a dramatic rise in rates in a short time span. In fact, rates have not reached the level they are at today (just shy of the 7% mark) since 2002! However, keep in mind that although rates are literally double what they were at the start of the year, and as a result, monthly payments will likely be higher than they would have been before — there is a silver lining in that there are still more houses to choose from in these slower fall/winter months. If you need a new home and can afford it but would rather wait to see what the market does, consider that home prices are not expected to decrease. Rather, they will likely continue to gain value, albeit at a slower rate. If you are torn between locking in a 7% interest rate at today’s prices, with almost 8,000 homes to choose from, or sitting on the sidelines and waiting for greener pastures, consider that things will likely be even more difficult for buyers come spring. Rates have been on a steep incline lately, and prices are likely to be even higher by the time you start up your search again. Plus, rents are increasing all the time! At least if you buy instead of renting, you will build equity over time, which is one of the main ways American families build wealth.     *We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors or omissions in the content.   As always, feel free to contact us if you have questions or are interested in making a move.      

What to do in Denver in October 2022

Check out these October events!       Now – October 29th: Corn Maze at Chatfield Farms “Wind your way through seven acres of corn. The maze can be viewed from a 15-foot tall bridge. This year’s maze promises a Dinomite exploration of prehistoric time. Visitors under the age of 10 can explore the corn mini-maze.” Tickets & More Info!         Now – October 31st: Anderson Farms “Anderson Farms is so much more than a pumpkin patch. It’s got everything from a corn maze to wagon rides to pedal carts for the little kids to the Zombie Paintball Hunt & Terror In the Corn for the bigger kids. Everyone’s going to have a fun time!” Tickets & More Info!           Now – October 31st: Maize in the City “Get lost in your own backyard as you navigate your way through the 20-acre Crazed Corn Field Maze. When you eventually find your way out, you can stop at the pumpkin patch or use a corn launcher to rocket some ears of corn into the sky.” Tickets & More Info!           Now – October 31st: Boo at the Zoo: Storybook Safari “Join us DAILY October 1–31 for Boo at the Zoo: Storybook Safari—a modified, masked version of Denver’s family favorite! Throughout our 84-acre campus, classic animal stories and fairy tales come to life with costumed characters, mythical creatures, unforgettable animal experiences and food fit for a king or queen! And don’t forget: Nature Connects®, Art with LEGO® Bricks will still be up for your enjoyment, too! So, get the whole family suited up in costume, and come celebrate Halloween in a way that’s safe, socially distanced and candy-free…but still VERY sweet.” Tickets & More Info!         October 11th – December 1st: A Cheesman Park Ghost Tour “What lurks beneath the surface of Denver’s beautiful Cheesman Park? During this 1.5 hour walking ghost tour you will uncover the eerie history behind the park (Denver’s first city cemetery). Along the tour you’ll hear haunting tales and hair-raising first accounts of paranormal activity. You’ll uncover the truth behind the spine-chilling process used to remove the bodies from the cemetery and you’ll determine for yourself if the park is truly haunted. One thing’s for sure, these stories will send you looking over your shoulder as you make your way home!” Tickets & More Info!         October 12th: Colorado Avalanche vs. Chicago Blackhawks Colorado Avalanche vs. Chicago Blackhawks, Oct 12, 7:30PM. Get Tickets!             October 13th – October 29th: Ghosts in the Gardens – Open Air Scare “Tour the Gardens after dark and hear spine-tingling stories of our haunted history. Conjure your courage and capture your fear as you walk our dimly lit paths after hours and dare to have your own ghostly encounter, here at Denver Botanic Gardens.” Tickets & More Info!         October 18th – October 23rd: Glow at the Gardens “Glow at the Gardens™ is a luminous, nighttime celebration of America’s favorite gourd. Wander through a spooky, illuminated landscape as the Gardens dresses up for Halloween. Using all real pumpkins harvested from local farms, our pumpkin artists push the boundaries of traditional pumpkin carving to create larger-than-life sculptures and dense displays of jack-o’-lanterns, with grins and grimaces fit for the season. Performing artists bring spirits and specters to life at this enchanted autumnal experience.  Glow at the Gardens™ is a luminous, nighttime celebration of America’s favorite gourd. Wander through a spooky, illuminated landscape as the Gardens dresses up for Halloween. Using all real pumpkins harvested from local farms, our pumpkin artists push the boundaries of traditional pumpkin carving to create larger-than-life sculptures and dense displays of jack-o’-lanterns, with grins and grimaces fit for the season. Performing artists bring spirits and specters to life at this enchanted autumnal experience.” Tickets & More Info!     October 22nd: Denver Nuggets vs. Oklahoma City Thunder Come cheer on the Nuggets! Get Tickets!             Have an amazing October!    

Denver Real Estate News – October 2022

  From a Strong Sellers’ Market to a More Typical Sellers’ Market One of the most notable things about our latest analysis of market data was that the number of new listings at the end of August has almost doubled from the same time last year – from 3,582 in August ’21, to 6,939 this past August (see stats below). Although inventory has been significantly on the rise, we are still shy of the inventory we would need to shift into a buyer’s market. It appears we seem to be moving toward a more balanced market and that we’re currently experiencing a more “typical” seller’s market. Still, sellers seem reluctant to list right now because of uncertainty in the market. With rising rates, inflation at a forty-year high, a recession, the war in Ukraine, and the midterm elections coming up, who can blame them?! There are a lot of excuses not to sell if you need one. However, if you are a potential seller, keep in mind that prices are still up about 7% from this time last year. Not only are prices still up, but many homeowners are sitting on hundreds of thousands in equity thanks to the unprecedented home appreciation from the last few frenzied years of the extreme seller’s market. If you do decide to sell, it’s important to remember that things have shifted. Homes selling for a premium is now the exception and no longer the norm. Just because your neighbors sold their house for tens of thousands of dollars above asking not too long ago in the spring, does not mean the same will happen to you. The average premium for homes is down about 3% from last year. Most homes are now selling near the asking price. Overpriced homes sit on the market longer, usually end up with major price cuts, and lose the upper hand in negotiations. It’s important to have an experienced agent who can create the best strategy to get your home sold for top dollar in this shifting market.     Opportunity Awaits for Buyers While Many Buyers Decide to Wait Just like with sellers, there are many buyers who are looking to pause their home searches and try to time the market just right. Due to the rise in inventory, many potential buyers feel like the real estate market must inevitably be heading for a crash and thus plan to wait on buying. Another reason buyers plan to wait is due to the rising mortgage interest rates – many have decided to sit things out until the rates go down. It’s important to keep in mind that there’s a lot more room for rates to increase rather than decrease. In fact, rates took a small dip recently, only to shoot back up. Rates this year reached the highest they had been since the Great Recession. You can see from the below F.R.E.D. chart that rates are still well below their peak back in 1981, where rates were averaging 16%.         Additionally, people cite higher foreclosure rates as evidence that a crash is imminent and is one more reason buyers are deciding to wait. Although the news says foreclosures are, “up 150% from last year!” you can see from the chart below that this rise in “negative equity” is low compared with the last recession. Today, people can generally afford their mortgages due to low unemployment and tighter lending standards.         Because of these factors, homes are not moving as quickly. The average days on market at the end of August was 19 days, up from 11 days this time last year. While many buyers sit on the sidelines trying to time the market perfectly, there’s much to take advantage of if you can buy now. Sellers with overpriced homes are panicking and cutting prices sometimes more than needed. Additionally, many sellers are offering incentives such as seller concessions to get their home sold. There are also more homes to choose from and more time to make the right decision for you! The real estate market is constantly changing. The best time to make a move will always depend on your unique situation. Don’t hesitate to reach out – we’d love to help you achieve your real estate goals whether in the present or in the future.     *We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors or omissions in the content.   As always, feel free to contact us if you have questions or are interested in making a move.    

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