Real Estate News, Tips, & Tricks • November 17, 2022

October 2022 Real Estate Market Update

by LaDawn Sperling

Denver’s Housing Market Evolves

Active inventory at the end of October was down slightly compared to September, and although it is up 116% compared to a year ago, it is still below the pre-pandemic active inventory of 8,600 listings at this time in 2019. The average number of days on the market continue to rise as many sellers are still pricing based on peak activity and have not made the correct adjustment to the current market.

October’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:

The average price for homes was down 1% compared to the previous month but up 8% from October 2021;
The average days in the MLS were up 8% from the prior month and 100% from a year ago; and
Active listings at month end were down 5% from August but up 116% from this time last year.

Several market factors are in play right now. Homes are on the market longer, giving buyers more options. At the same time, inflation and rising interest rates are decreasing buyer demand and making sellers more likely to delay listing until the peak selling season. However, this may be a good time for those thinking about selling since interest rates will likely continue to rise and buyers may want to buy a home sooner rather than later.

If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or ladawn.sperling@coloradohomes.com. I am never too busy for your referrals.

This update is based on information provided by the Denver Metro Association of Realtors® for the period of October 1, 2022, through October 31, 2022, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

Sell Your House Before the Holidays

by LaDawn Sperling

As you look ahead to the winter season, you’re likely making plans and thinking about what you want to achieve before the year ends. One of those key decision points could be whether or not you want to move this year. If the location or size of your current home no longer meets your needs, finding a house that better suits your lifestyle may be a top priority for you. But with today’s cooling housing market, is it really a good time to sell your house, or should you wait?

If you’re ready to make your decision, here are three reasons you may want to consider selling before the holidays.

1. Get One Step Ahead of Other Sellers

Typically, in the residential real estate market, homeowners are less likely to list their houses toward the end of the year. That’s because people get busy around the holidays and deprioritize selling their house until the start of the new year when their schedules and social calendars calm down.

Selling now, while other homeowners may hold off until after the holidays, can help your house stand out. Start the process today so you can get your house on the market and get ahead of your competition.

2. Get in Front of Serious Buyers This Season

Even though housing supply has increased this year as buyer demand has moderated, it’s still low overall. That means there aren’t enough homes on the market today, especially as the millennial generation reaches their peak homebuying years. As Mark Fleming, Chief Economist at First American, says:

“While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.”

Serious buyers will still be looking this winter and your house may be exactly what they’re searching for. If you list your house now, you’ll be able to get in front of the eager buyers who are hoping to make a move before the year ends.

3. Seize a Great Chance To Move Up

Don’t forget, today’s homeowners have record amounts of equity. According to Core Logic, the average amount of equity per mortgage holder has climbed to almost $300,000. That’s an all-time high. That means the equity you have in your house right now could cover some, if not all, of a down payment on the home of your dreams.

And as you weigh the reasons to sell before winter, don’t lose sight of why you’re thinking about moving in the first place. Maybe it’s time to buy a house that’s in a better location for you, has the space you and your loved ones have been craving, or simply gives you that sense of home. A trusted real estate advisor can help you determine how much home equity you have and how you can use it to achieve your goal of making a move.

Bottom Line

If you’re thinking about selling your house so you can find a home that better suits your needs, don’t delay your plans. Let’s connect so you can accomplish your goals before winter.

Real Estate News, Tips, & Tricks • November 3, 2022

3 Trends That Are Good News for Today’s Homebuyers

by LaDawn Sperling

While higher mortgage rates are creating affordability challenges for homebuyers this year, there is some good news for those people still looking to buy a home.

As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too. Here are just a few trends that may benefit you when you go to buy a home today.

1. More Homes To Choose from

During the pandemic, housing supply hit a record low at the same time buyer demand skyrocketed. This combination made it difficult to find a home because there just weren’t enough to meet buyer demand. According to Calculated Risk, the supply of homes for sale increased by 39.5% for the week ending October 28 compared to the same week last year.

Even though it’s still a sellers’ market and supply is still lower than more normal levels, you have more to choose from in your home search. That makes finding your dream home a bit less difficult.

2. Bidding Wars Have Eased

One of the top stories in real estate over the past two years was the intensity and frequency of bidding wars. But today, things are different. With more options, you’ll likely see less competition from other buyers looking for homes. According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined. This September, the average was 2.5 offers per sale. In contrast, last September, the average was 3.7 offers per sale.

If you tried to buy a house over the past two years, you probably experienced the bidding war frenzy firsthand and may have been outbid on several homes along the way. Now you have a chance to jump back into the market and enjoy searching for a home with less competition.

3. More Negotiation Power

And when you have less competition, you also have more negotiating power as a buyer. Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or inspection, to try to win a bidding war. But the latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving those contingencies is going down.

As a buyer, this is good news. The appraisal and the inspection give you important information about the value and condition of the home you’re buying. And if something turns up in the inspection, you have more power today to renegotiate with the seller.

A survey from realtor.com confirms more sellers are accepting offers that include contingencies today. According to that report, 95% of sellers said buyers requested a home inspection, and 67% negotiated with buyers on repairs as a result of the inspection findings.

Bottom Line

While buyers still face challenges today, they’re not necessarily the same ones you may have been up against just a year or so ago. If you were outbid or had trouble finding a home in the past, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today.

Real Estate News, Tips, & Tricks • October 24, 2022

Out-of-the-Box Spare Room Ideas

by LaDawn Sperling

Have an extra room that’s just taking up space? Lucky you! Put your creativity to work and transform it into the “play” place you’ve always wanted. Here are just a few suggestions for using that unused area.

Rock Out

Let the rock-n-roll in you rip loose in a room designed to be your very own music studio. Bearing in mind that you’ll want to remain friends with your neighbors, a careful soundproofing plan is key. The door to the space will need to be solid, heavy and insulated with sealing strips. While you’ll be tempted to also seal the windows, it’s important to allow some light in so it won’t feel like you’re playing in an underground bunker. Absorption panels can be purchased to line the walls, and it’s wise to elevate the floor as well to keep the decibels down. By essentially building a ventilated “room within a room,” you’ll be able to enjoy some uninhibited jam sessions.

Divine Dressing

If you’re a fashionista with less than ample closet space, or if you’re seeking solace apart from a portion of a shared closet, then think about turning your spare square footage into the dressing salon of your dreams. Create a beautiful, well-appointed and brilliantly lit wardrobe room complete with floor-to-ceiling shelving, light-reflecting mirrors and plenty of storage for your accoutrements for every season. Add luxury elements like a comfy tufted pouf, an elegant jewelry armoire and even indulge in haute couture for the window treatments by framing them with sumptuous fabric. Dedicate an entire room to your coveted fashion collection by displaying all your favorite finds in full glam grandeur and celebrate the diva within.

Ssss-steam Heat

Ready for a relaxing retreat at the end of a hard day to soothe away daily pressures? If this sounds appealing, then get ready to turn up the heat in your very own steam room. Follow a few careful tips and you’ll be loose as a goose in no time. The key concern, of course, is moisture. Because the entire room will need to be waterproofed, a special door and insulated tile from top to bottom are absolute musts. A polyethylene film for the ceiling and walls, with backerboard to which the tiles will be attached, are other important tools to implement. Once the room is properly protected, a steam generator is all that’s necessary to create your cozy little piece of heaven.

Now that you have some inspiration for wonderful ways to use your extra square footage, it’s time to tally your budget, consider the possibilities and let your imagination run wild.

Market Updates • October 19, 2022

September 2022 Market Update Statistics

by LaDawn Sperling

Move Toward a More Balanced Market Continues

For more than 16 years, the Denver area has been a sellers’ market, which is typically defined as having less than three months of inventory. Inventory across all segments has increased in recent months with some segments near three months of inventory, indicating that we continue to shift toward a more balanced market.

September’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:

The average price for homes was up 2% compared to the previous month and 8% from September 2021;
The average days in the MLS were up 37% from the prior month and 100% from a year ago; and
Active listings at month end were up 11% from August and 93% from this time last year.

According to a study by SmartAsset, the metro Denver market ranks No. 21 among the fastest-cooling markets in the country. As the market continues to shift, it is more important than ever for sellers to prepare their homes for sale and price right. Conservatively prices homes are still selling quickly, often in the first week. For buyers, this means they can finally take some time to find the right house and negotiate on price, inspections, appraisals and other items.

If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or ladawn.sperling@coloradohomes.com. I am never too busy for your referrals.

This update is based on information provided by the Denver Metro Association of Realtors® for the period of September 1, 2022, through September 30, 2022, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

Real Estate News, Tips, & Tricks • October 10, 2022

Home Renovations That Offer the Best ROI for Resale

by LaDawn Sperling

Looking to make some upgrades and wondering which will have the biggest pay off? If you guessed kitchen and bathrooms, you’re spot on. Another good one is landscaping. Whether they’re big or small, a few upgrades can pay big dividends when it’s time to sell your home. Follow these tips to prioritize and put more money in your pocket when you’re ready to sell.

Before you do anything, make sure you consider the value of your house, the neighborhood, the housing market where you live and how soon you will sell after you make the improvements. If you live in a neighborhood where properties are selling for $300,000, doing a $150,000 renovation may not add as much to your property value as you might think.

Kitchens and Baths
One thing to keep in mind is that just because a remodel is expensive doesn’t necessarily mean it will give you the best return on investment. Even minor updates can yield a big return. Consider painting, refinishing surfaces and upgrading appliances, which can lead to a big pay out. Sticking to a budget is always important, and keep in mind that an average, medium-sized kitchen remodel can cost between $20,000 – $50,000, while the average bathroom remodel is $10,000. In most cases, homeowners see a return of a 100% or more with a kitchen or bath remodel, so it’s definitely well worth the investment. Plus, you get to live in a beautiful new space.

A Finished Basement
If finishing your basement is something you’ve been putting off, now might be the perfect time. According to cost versus value surveys conducted annually by Remodeling magazine, “The average return on investment for a basement project is around 75 cents on the dollar. Besides the financial gains, refinishing a basement will add new functionality to your home: more bedrooms, more efficient storage and more space for entertaining.” Seems like a sure-fire win, win.

Add Curb Appeal
When buyers see that the outside of the property is taken care of, they’ll be more excited to see the inside. Remember, first impressions make lasting impressions. According to Anji, “Curb appeal can increase your home value by 7%. Buyers are increasingly prioritizing outdoor living spaces and an attractive lawn has the biggest ROI at 256%. Trees can add $1,000 to $10,000 to your home value and simple landscape maintenance tasks usually pay for themselves.”

Whether you’re in the market to sell your home or just want to make some budget-friendly renovations that you and your family can enjoy, making the right upgrades can help enhance your quality of life and add a few more dollars to your bank account down the road.

Uncategorized • October 3, 2022

Insider Tips to Buying a Home in Today’s Market

by LaDawn Sperling

It’s always hard to predict the future, especially with the housing market. But one thing is for sure – real estate remains a sound investment. If you’re looking for your dream home, here are some tips to help set you up for success and guide you through this buying season.

Assess Your Financial Health
Before you fall in love with your dream home, make sure you’re prepared to purchase it. Take a look at your bank accounts along with your monthly spending, so you have a clear and realistic picture of your finances. This will also help you figure out how much you can afford to put toward a down payment. It’s also a good time to check your credit score. Most importantly, you’ll want to meet with a loan officer to get pre-approved, so sellers take you seriously and you’re in a better position to make a strong offer.

Tip: A pre-approval gives you more negotiating power because it tells the seller and real estate agent that your funding is in place and ready to go.

Stay Flexible
Whether it’s time or money, be prepared to give a little more. Say for instance, there’s competition on a house and you’ve been outbid, but you have the flexibility to give the seller the extra time they need to close and move out. That can make a huge difference and could even put you ahead of the competition. Showing the seller that you’re willing to go the extra mile to purchase their home could earn your offer a second glance, especially if it helps make their life easier.

Tip: Try to refrain from asking for favors. This is not the time to ask the seller to give you the refrigerator or washer and dryer, part with playset or paint the front door.

You Found the One
You found a home that meets all or most of your wish list, it’s within your price range and you’ve stalked the neighborhood to make sure it’s right for you. Now’s the time to make an offer. Keep in mind that your opening offer should be based on two things: what you can afford and what you really believe the property is worth. Sure, there’s always a possibility that there will be other offers, regardless of the time of year and the market, but try not to let that influence you to pay more than you should.

Tip: Offer more earnest money. While it’s not always required, it could help you stand out in this competitive housing market. Sellers like buyers that make these good faith deposits because they want assurance that the sale won’t fall through.

Buying a new home is an exciting time and can also be a stressful time, but if you’re prepared and keep these tips in mind, you should find it a much smoother process. And finally getting the keys to your new home makes it all worth it!

Lifestyle • September 26, 2022

Halloween Home Safety Tips

by LaDawn Sperling

With over half of U.S. households celebrating* Halloween and 66 percent of them planning to participate in trick-or-treating, make sure kids are safe and sound when coming to your door. Here are some tips to make sure this Halloween isn’t physically frightful at your home.

Keep a Clutter-Free Haunted House

Homeowners should remove anything a child can trip over from the front yard, porch and stairs leading to the front door. Make sure all walking paths are clear of lawn decorations, potted plants, extension cords, hoses, gardening equipment, bicycles, barbecue grills and anything else trick-or-treaters might run into, especially when they can’t see at night. And don’t forget to leave the front of the house and exits well-lit and the lawn sprinklers turned off.

Corral Your Pets

Your guests don’t need to feel threatened by a strange dog, or worse yet, knocked over by an excited pet because of unfamiliar visitors. So, make sure all your pets are on a leash, and if your dogs are prone to barking at strangers, put them in an interior room so they won’t see trick-or-treaters at the front door.

Spooky and Safe Decorating

Decorate outside with ghouls, goblins, mummies and tombstones in a way that they won’t tip over or blow away. When considering props, use fake and safe alternatives – rather than anything sharp or heavy.
Don’t become Clark Griswold by overloading your electrical outlets with decorations. Instead, follow manufacturer’s instructions to prevent damage or injury.
Make sure decorations are kept from sources of fire. Avoid open flames altogether and consider LED lighting or battery-operated candles for optimal safety. When selecting decorative lights, check for safety certifications such as UL, CSA, ETL or another nationally recognized laboratory. And don’t drape fabric or crepe paper over light bulbs or you might have a fire on your hands.

The trick to making Halloween a treat for those costumed candy collectors is to have a scary, but safe, haunted house for them to visit.

Real Estate News, Tips, & Tricks • September 21, 2022

August 2022 Market Update Statistics

by LaDawn Sperling

Coldwell Banker - Denver West

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Top Questions About Selling Your Home This Winter

1. Should I Wait To Sell?

2. Are Buyers Still Out There?

3. Can I Afford To Buy My Next Home?

Bottom Line

October 2022 Real Estate Market Update

Sell Your House Before the Holidays

1. Get One Step Ahead of Other Sellers

2. Get in Front of Serious Buyers This Season

3. Seize a Great Chance To Move Up

Bottom Line

3 Trends That Are Good News for Today’s Homebuyers

1. More Homes To Choose from

2. Bidding Wars Have Eased

3. More Negotiation Power

Bottom Line

Out-of-the-Box Spare Room Ideas

September 2022 Market Update Statistics

Home Renovations That Offer the Best ROI for Resale

Insider Tips to Buying a Home in Today’s Market

Halloween Home Safety Tips

August 2022 Market Update Statistics