Our agents are hosting Open Houses this weekend all over the Metro Denver. You can find all of these listings on our website. Please reach out to the listing agent for information on times and more information on the listing!
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
“The sink was located directly behind the door so you couldn’t leave it open if you were in the bathroom. You also couldn’t use the sink without fully closing the door. There were shelves for storage but you couldn’t access half of them because they were too tall to reach at the top, and the bottom was blocked by the sink,” said Sam.
She knew that in order to have a functional space, the bathroom would need a full remodel. To save some money before starting the renovation, Sam made a list of every item she wanted for the new bathroom and purchased it herself, having it ready for the team at Pride Property Services when they came in to demo.
“We had a few layouts and designs in mind and collab- orated with CJ of Pride Property Services on his first visit to our house to come up with the best option for function and space. This entailed losing the tub, a con- troversial decision, I know, for a larger stand up shower, moving the sink next to the shower to open up the entry to the bathroom and get a full-size sink!”
After the major demo was taken care of, including the plumbing, electrical, and tiling, Sam was able to go in and prime, paint, add baseboards, hang fixtures, and build the built in drawers and shelves. This ended up saving her about $3,000 in labor costs.
“I love the amount of light and space in the bathroom now! It is so calming and spa-like in there we each definitely take our time getting ready in the mornings soaking up the new space.”
CONTRACTOR: CJ OF PRIDE PROPERTY SERVICES
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
On Tuesday, the S&P CoreLogic Case Shiller Index reported that national home prices grew 18% year over year. While the growth rate is cooling monthly, we are still in a savagely unhhealthy housing market trying to get national inventory levels back to pre-COVID-19 levels.
From the index:
I know it seems strange, but existing home sales are falling, and the monthly supply of new homes is at 10.9 months even if the last existing home sales report showed home price growth of near 11% year over year.
There is a simple explanation for this, but you’re going to have to believe that supply and demand economics still work and that the credit profiles of homeowners matter more than people think. This means all those men and women since 2012 who have been saying its housing 2008 all over again on their YouTube, Twitter, Facebook and other social media outlets simply don’t have the proper training to talk about housing economics. I have documented the history of these housing price crash addicts for a decade now.
Housing inventory issue with no booming demand
My observation post-2020 is that many people have never read the total housing inventory data because we still have people who say active listings aren’t low or that it’s fake news. I understand why anti-Central Bank people say this because they want to blame everything on the Federal Reserve and say it’s just been booming demand.
However, we haven’t had a credit sales boom like the one we saw from 2002-2005. Nor can we ever have a credit sales boom again with lending standards back to normal. Case in point, purchase application data is already below 2008 levels today.
Total Inventory had been growing from 2001-2005; total listings data in 2005 was at the higher historical range of 2.5 million listings. We broke to all-time lows post-2020, continuing the trend of lower inventory. Today, we stand at 1,310,000 active listings.
If we cut the timeline to the last time inventory grew, which was 2014, you can see this downtrend in inventory, unlike 2001-2005, when inventory grew from 2 million to 2.5 million. Inventory has been falling for years but people ignored the trend because some were always talking about the housing bubble 2.0 crash, especially from 2012-2019.
Then we can see a vicious break to all-time lows in 2020 when we didn’t have a seasonal push in inventory, and even today, with the weakness in home sales, we aren’t back to the range I believe would be ok, between 1.52-1.93 million. I don’t need to see total active listing get back to the historical range of 2-2.5 million to take the savagely unhealthy theme off, but I do need us to get into a range between 1.52-1.93 million, like I have talked about for some time now.
New listings are declining now
One of the issues with existing home inventory has been that, for the most part, a traditional seller is usually a buyer of a home. I am not talking about investors; I am talking about primary resident homeowners. Some sell to rent, of course. However, traditionally speaking, they buy a home.
One of the points of concern this year has been that when rates got toward 6%, this could potentially have new listings decline faster than normal because buying a home after selling might not be the best financial decision. Inventory is always seasonal, but the decline in new listings this year was not what I wanted to see. The decrease also happened when rates fell 1.25% from the recent highs of 6.25% back down to 5%. This is not encouraging news at all, in my view.
Read the full post on Housing Wire.
Related Links
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
With rates on the rise, it’s also become more costly to purchase a home. According to the National Association of Realtors (NAR):
“Compared to one year ago, the monthly mortgage payment rose to $1,944 from $1,265, an increase of 53.7%.”
If you’re thinking of buying a home or have been trying to recently, that’s a big increase in a monthly mortgage payment – and it may be causing you to press pause on your plans. This jump is making homes less affordable, especially compared to the last two years when mortgage rates were at historic lows.
The good news is you can navigate today’s housing market and this rising rate environment with a few simple tips. Here are three things you may want to consider to help make your homeownership goals a reality.
1. Expand Your Search Area and Criteria
If you’ve been looking for a home in the city center or a specific area that’s starting to feel out of your price range, you may want to try looking a little further out in a location that could be more affordable. Expanding your search location or re-prioritizing the items on your wish list can open up opportunities you haven’t considered, and that could help you afford more of what you need (and want) in a home. As CNET notes:
“Area growth is likely to keep pace with the market, which means that the outskirts of town might be hopping within five years. Consider stepping out of your ideal location by searching in the nearby cities. You may find better prices and more square footage.”
2. Explore Alternative Financing Options
Working with a trusted lender to learn about the different loan types and options is essential too. According to Nerd Wallet:
“A variety of mortgages are available with varying down payment and eligibility requirements.”
Experts know how to point you in the right direction when it comes to exploring ways to find the best home loan for your situation. With rising mortgage rates making it more costly to finance a home today, there may be an ideal option out there your loan officer can introduce you to. This could make a home purchase more affordable and within your financial reach over the life of your loan.
3. Look for Grants, Gift Funds, and Down Payment Assistance
There are also many options available when it comes to securing the funding you need to purchase a home. One valuable resource to explore is downpaymentresource.com. Searching for specific down payment assistance options available in your local community could be a game changer when it comes to taking your first step toward homeownership. As NAR indicates:
“Many local governments and non-profit organizations offer down-payment assistance grants and loans, targeted to area borrowers and often with specific borrower requirements.”
Plus, there are programs and special benefits for individuals working in certain professions or with unique statuses, including teachers, doctors and nurses, and veterans.
Ultimately, that means there are many federal, state, and local programs available for you to explore. The best way to do that is to connect with a local real estate professional and your lender to learn more about what’s available in your area.
Bottom Line
If you’ve been searching for a home and have found yourself stepping out of the process because you’re worried about rising costs, connect with a trusted real estate expert. Having a team of local advisors on your side may be just what you need to guide your search in a new and more affordable direction.
Related Links
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
