Uncategorized June 23, 2023

Kitchen – The Heart of Home

What magical, gravitational pull does the kitchen hold over us all? It’s a combination of things that we’re unconsciously and instinctively attracted to – comfort, familiarity and fond memories. No matter the time of day, the event du jour or the number of guests who grace your doorstep, most often you’ll find friends and family huddled inside the heart of the home: the kitchen. Its magnetic quality swirls around memory-inducing scents, the sound of flapjacks sizzling on the griddle, the rhythmic clinking of glassware toasting and the irresistible sight of delectable meals being prepared by the hands of loved ones. No wonder it’s where we want to be, and where we often choose to stay.

The ideal modern kitchen is more than a utilitarian food station, it’s everyone’s happy place focused on laughing, sharing and being together. Discover a few simple ways of blurring the lines between kitchen and living space to create the ultimate comfort zone in your home.

Hiding in Plain Sight

Keep it sleek and subtle. When designing a combined kitchen/family room, aesthetics are important. Today’s kitchen appliances go incognito when these workhorses are disguised behind custom cabinetry that hides everything from the fridge to the dishwasher. Ho-hum countertops can be replaced with showstopping surfaces that beg to be touched such as rich marble, honed stone and dramatically veined quartz.

Incorporate the adjacent dining and family room decor into the overall kitchen design by treating it with the same decorating prowess applied to the rest of your home. Introduce intriguing artwork that’s protected under glass, objets d’art to dress up the workspace and reiterate living area fabrics on cushions for a cozier, more cohesive look.

Where the Action Is

Whether you’re into helping with meal prep, witnessing the melding of ingredients into the day’s pièce de résistance or enjoying the hustle and bustle of the kitchen vibes from the sidelines, a comfortable place to sit is a must to make the open-concept ambiance complete. A casual seating chart is preferable.

Start with comfy barstools snugged up to a beautiful stone slab island that offer front-row seats to the chef at work. Add extra seating with a built-in banquette tucked beneath a window, a large farmhouse table with ample chair space, or a couch-and-club-chair combo for even more entertaining options – all within kitchen earshot. When placing furniture and accessories, maintain unobstructed site lines and easy-access pathways to adjoining gathering areas. Flow is of the utmost importance when rooms intermingle.

Let There Be Light

One of the best results of an open-concept kitchen comes from all the light that floods in from the windows of adjacent rooms. In addition to natural light, it’s essential to brighten each of the surrounding sans-walls sections with the proper illumination. The prepping-cooking-plating area calls for bright task lighting, well served by overhead recessed can lights, under-the-counter LEDs and over-the-counter pendants that get the job done efficiently yet stylishly.

Other nearby living spaces require softer options, including general lighting, which is typically derived from a ceiling pendant or chandelier, and ambient lighting – an indirect and often more intriguing glow used to soften harsh shadows and deliver a major impact via wall sconces and torchieres. And don’t overlook unique mood lighting in all its glorious drama. With the brilliant power to set the stage and add theater to a room, its bold effects make it an impressive standout in any space.

Create the perfect gathering hub for sharing daily meals, activities, special moments and living life to the fullest. The open-concept floor plan centered around the kitchen stirs up an elusive energy that radiates out like a star and makes all interconnecting rooms feel like the epitome of “home.”

Uncategorized June 15, 2023

Inventory Remains Low – June 2023 Metro Denver Market Update

Pending sales, new listings, and closed sales all increased month-over-month. However, active inventory still remains low when compared to this time last year. Average days on market decreased month-over-month, showcasing that buyer demand remains strong.

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

  •       The average price for homes was up 2.68% compared to the previous month and down 2.33% from May 2022.
  •       The average days in the MLS were down 21.43% from the prior month and up 144.44% from a year ago. The median days in MLS dropped from 7 days to 6 days month over month.
  •       Active listings at months-end were up 13.16% from April and up 43.15% from this time last year.

 

While new listings increased month-over-month to 5,180, we are still down significantly from this time last year when we had 6,810 new listings. Looking at data from the past 10 years, inventory this time of year tends to be in the mid-7000s. Due to this lack of inventory, buyers are becoming fatigued and are waiting for their “perfect” home to come on the market. When finding the right house, many buyers are still not rushing to submit offers. Sellers are becoming more realistic and we are seeing more price reductions. Some sellers are still receiving multiple offers when priced appropriately, but not as severe as in 2020-2022 as single family homes selling for multiple offers are going for 3.5% above asking price on average. The market continues to have hot and cold pockets, especially for single family homes. Two similar homes in different neighborhoods can have very different results, one may receive multiple offers, and the other may sit on the market with multiple price reductions. If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or ladawn.sperling@cbrealty.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 May 1, 2023, through May  30, 2023, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

 

LifestyleUncategorized June 8, 2023

Summer Safety Tips for Outdoor Play

When school lets out for the summer, kids will be heading outside more often to climb and swing on the playset, run around in the yard and splash in the pool. But regardless of the outdoor activity, make sure they always use sunscreen and stay hydrated. Of course, while summer is a great time for backyard fun, injuries can end the fun fast, so consider taking some simple steps to make your backyard safe for hours of endless entertainment.

Safeguard playsets

  • Make sure swing sets and other play equipment are on level ground and the legs are properly anchored with hardware that doesn’t pose a tripping or gouging hazard.
  • Inspect swing sets to ensure bolts and screws are secure and replace rusty parts.
  • Put wood chips, shredded rubber or other soft landing material underneath the set.
  • Ensure 6 feet of clearance on all sides and check that swings are at least 8 inches apart

By the pool

  • Make it a rule that an adult must be present whenever children are in or around the pool.
  • Install a fence that’s at least 4 feet high with a self-closing and self-latching gate.
  • Be sure drains are covered and your suction system has an automatic shutdown; suction entrapment can lead to drowning.
  • Make sure pool slides, stairs and diving boards are secure and in good condition.
  • Place pool chemicals in a secure area where kids and pets can’t access them.
  • Empty kiddie pools after every use.

In the yard

  • Be on the lookout for dead trees or branches that could fall and hurt someone
  • Fill in any holes that could cause tripping or a twisted ankle.
  • Scan your yard for poison ivy or oak and, if you find some, treat the area and alert kids to stay clear.

Guard the grill

  • Establish a 3-foot “kid-free zone” around the grill
  • Never leave a grill in use unattended
  • Place the grill well away from siding, deck railings and overhanging branches and a safe distance from lawn games, play areas and foot traffic.

By taking these steps you can ensure a safe summer for the kids.

Uncategorized June 1, 2023

The Benefits of Selling Now, According to Experts

If you’re trying to decide if now’s the time to sell your house, here’s what you should know. The limited number of homes available right now gives you a big advantage. That’s because there are more buyers out there than there are homes for sale. And, with so few homes on the market, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house.

Here’s what industry experts are saying about why selling now has its benefits:

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR):

“Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties.”

Selma Hepp, Chief Economist at CoreLogic:

“We have not seen the traditional uptick in new listings from existing homeowners, so undersupply of housing will continue to heighten market competition and put pressure on prices in most regions. Some markets are already heating up considerably, but price premiums that we saw last spring and summer are unlikely.”

Clare Trapasso, Executive News Editor at Realtor.com:

“Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country . . .”

Jeff Tucker, Senior Economist at Zillow:

“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.”

Bottom Line

If you’re thinking about selling your house, let’s connect so you have the expert insights you need to make the best possible move today.

Real Estate News, Tips, & Tricks May 25, 2023

The Worst Home Price Declines Are Behind Us

If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. Contrary to those headlines, home prices aren’t in a freefall. The latest data tells a very different and much more positive story. Local home price trends still vary by market, but here’s what the national data tells us.

If we take a year-over-year view, home prices stayed positive – they just appreciated more slowly than they did at the peak of the pandemic. To get a more detailed picture of some of the trends in the market, we need to look at monthly data. 

The monthly graphs below use recent reports from three sources to show that the worst home price declines are already behind us, and prices are on their way back up nationally.

The story this more detailed monthly view tells us is that the last year has been a tale of two halves in the housing market. In the first half of 2022, home prices were climbing, and they peaked in June. Then, in July, home prices started to decline (shown in red in the graphs above). And by roughly August or September, the trend began to stabilize. As we look at the most recent data for the early part of 2023, these graphs also show a recent rebound in momentum with prices ticking back up. Monthly changes in home prices are gaining steam as we move into the busier spring season. 

While one to two months doesn’t make a trend, the fact that all three reports show prices have stabilized is an encouraging sign for the housing market. The month-over-month data conveys a clear, but early, consensus that a national shift is taking place today. In essence, home prices are starting to tick back up.

Andy Walden, Vice President of Enterprise Research at Black Knightsays this about home price trends: 

“Just five months ago, prices were declining on a seasonally adjusted month-over-month basis in 92% of all major U.S. markets. Fast forward to March, and the situation has done a literal 180, with prices now rising in 92% of markets from February.”

Selma Hepp, Chief Economist at CoreLogicexplains the limited supply of homes available for sale is contributing to this positive turn:

“ . . . prices in many large metros appeared to have turned the corner, with the U.S. recording a second month of consecutive monthly gains. . . . The monthly rebound in home prices underscores the lack of inventory in this housing cycle.” 

Here’s What This Means for You 

  • Sellers: If you’ve been holding off on selling because you’re worried about what was happening with home home prices and how it would impact the value of your home, it may be time to jump back in and partner with an agent to list your house. You don’t have to put your needs on hold any longer because the latest data shows a turn in your favor. 
  • Buyers: If you’ve been waiting to buy because you didn’t want to purchase something that would decrease in value, you now have the peace of mind things are looking up. Buying now lets you make your move before home prices climb more and gives you the chance to own an asset that typically grows in value over time. 

Bottom Line

If you put off your plans to move because you were worried about home prices falling, data shows the worst is already behind us and prices are actually rising nationally. Let’s connect so you have an expert on the local market to explain what we’re seeing with home prices in our area.

Real Estate News, Tips, & Tricks May 18, 2023

Buyer Activity Is Up Despite Higher Mortgage Rates

If you’re a homeowner thinking about making a move, you may wonder if it’s still a good time to sell your house. Here’s the good news. Even with higher mortgage rates, buyer traffic is actually picking up speed.

Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, helps paint the picture of how much buyer demand has increased in recent months (see graph below):

As the graph shows, the first two months of 2023 saw a noticeable increase in buyer traffic. That’s likely because the limited number of homes for sale kept shoppers looking for homes even during colder months.

To help tell the story of why the latest report is significant, let’s compare foot traffic this February with each February for the last six years (see graph below). It shows this was one of the best Februarys for buyer activity we’ve seen in recent memory.

In the last six years, we saw the most February buyer traffic in 2021 and 2022 (shown in green above), but those years were highly unusual for the housing market. So, if we compare February 2023 with the more normal, pre-pandemic years, data shows this year still marks a clear rise in buyer activity.

The uptick in buyer traffic is even more noteworthy considering the increase in mortgage rates this February. The Freddie Mac 30-year fixed mortgage rate rose from 6.09% during the week of February 2nd to 6.50% in the week of February 23rd. But even with higher rates, more buyers were looking for a home.

Jeff Tucker, Senior Economist at Zillowsays the increased buyer activity could continue:

“More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April . . .”

If you’re looking to sell your house, seeing buyers still active in the market this year should be encouraging. It’s a sign buyers are out there and could be looking for a home just like yours. Working with a real estate professional to list your house now will help you get your home in front of eager buyers today.

Bottom Line

Rising foot traffic is a bright spot for this year’s housing market and indicates that buyers are looking to purchase this year, even with higher mortgage rates. If you’re ready to sell your house, let’s connect.

Market Updates May 15, 2023

Still not enough Sellers – May 2023 Metro Denver Market Update

Still not enough Sellers – May 2023 Metro Denver Market Update

 

Pending sales increased month over month. However, new listings, and closed sales decreased. Inventory remains very low as homes are going off the market almost as quickly as they become available.  

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

  • The average price for homes was up 2.56% compared to the previous month and down 5.6% from April 2022
  • The average days in the MLS were down 21.62% from the prior month and up 262.5% from a year ago. The median days in MLS dropped from 10 days to 7 days month over month, showcasing how quickly the market is moving.
  • Active listings at months-end were up 2.30% from March and up 44.19% from this time last year.

 

Traditionally, at this time in the spring selling season, we see an increase in both active listings at months-end as well as new listings. We still have yet to see major movement in these categories, leaving a lot to be desired. Unfortunately, affordability took a hit with the rollout of the tax assessments the last week of April, resulting in property tax bills increasing by more than 60% in some areas. Higher tax bills, coupled with increased interest rates, are going to impact Buyer’s ability to purchase throughout the state, specifically in the Denver Metro area.

If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or ladawn.sperling@cbrealty.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 April 1, 2023, through April  30, 2023, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

Lifestyle May 11, 2023

Stylish Illumination to Brighten Your Home

Lighting has come a long way since the days of an ordinary square of frosted glass adorning the center of the ceiling. With an almost unlimited range of options, interior lighting today is creative, versatile and every bit as important as the furniture you choose.

Inside the home, light serves to helpfully illuminate the spaces where we work and play, but it also creates an overall mood. Successful lighting design involves more than simply tucking a few extra lamps into dark corners. Whether you are planning illumination for a remodel or supplementing your current array, here are a few points to keep in mind.

Let’s Be Practical

Fixtures should be bright and focused for cooking, desk work, reading, grooming, crafts and games, while general illumination should allow for ease with cleaning and other practical housekeeping tasks. Motion-sensor staircase and nightlights add an extra measure of safety.

A Matter of Attraction

Place the light where you’d like to direct focus. Use a spot or up-light to draw attention to a particularly attractive architectural feature, sculpture or large potted plant. A framed photograph or painting can be showcased using a mounted picture light from above.

Set the Mood

Dimmer switches alter the ambiance easily and dramatically, turning general illumination and task lights into party lighting. Nearly every fixture and room can benefit from this simple hardware adjustment. And while high-wattage overhead bulbs are ideal for playrooms or workspaces, they’re not particularly flattering. Select softer, warm-tone bulbs for dining room fixtures and chandeliers.

Variety and Versatility

Rooms that serve multiple purposes will require a number of different light sources. A kitchen island requires plenty of light for food prep and homework, but a softer glow is in order when it doubles as a bar or buffet when you’re entertaining. Versatile, USB-chargeable LED lamps can be moved around where light is needed most – from room to room or even to brighten up the patio or porch.

Accentuate the Positive

Add a bit of drama with a touch of neon, a draped light rope, a sprinkling of twinkle lights or a set of shelving lights to artistically display a special collection. Explore the unexpected – install a colorful paper lantern in a powder room or an elegant chandelier in the guest bedroom. Make an older fixture or sconce feel new again with a distinctive bulb choice. Edison bulbs have lately been having a moment, but flame-tipped, spiral, vintage diamond shapes and even amber glow bulbs can be transformative.

The Art of the Matter

Sculptural lighting has emerged as a novel way to add some character as well – a striking work of art with a practical purpose. Spindly pendant lights, funky Art Deco sconces and styles that incorporate industrial metal accents are brilliant choices to spice things up in an otherwise conservative space.

Make a Statement

Fixtures with oversized shades or in an unusual shape can become a focal point in a main living area like a family room or even a smaller space such as an office or library. New styles range from futuristic to retro 70s cool, and custom designs can incorporate antiques, found objects, art glass or metalwork.

Efficiency Is Key

Acknowledging the importance of energy efficiency, LED bulbs and fixtures are now available in a multitude of sizes, styles and brightness levels.  And with the latest in smart home technology, a single panel or remote for your entire property can manage indoor and outdoor illumination, automatic on-off, window coverings, vacation lights and much more.

Lighting can run the gamut from sophisticated and modern to traditional or romantic – and should always be uplifting and inspiring. Careful attention to illumination will enhance the comfort and overall feel of your home for both family and guests. It’s limited only by your imagination to make it brilliant!

Real Estate News, Tips, & Tricks May 5, 2023

The Three Factors Affecting Home Affordability Today

There’s been a lot of focus on higher mortgage rates and how they’re creating affordability challenges for today’s homebuyers. It’s true that rates climbed dramatically since the record-low we saw during the pandemic. But home affordability is based on more than just mortgage rates – it’s determined by a combination of mortgage rates, home prices, and wages.

Considering how each one of these factors is changing gives you the full picture of home affordability today. Here’s the latest.

1. Mortgage Rates

While mortgage rates are higher than they were a year ago, they’ve hovered primarily between 6% and 7% for nearly eight months now (see graph below):

As the graph shows, mortgage rates have experienced some volatility during that time. And even a small change in mortgage rates impacts your purchasing power. That’s why it’s so important to lean on your team of real estate professionals for expert advice to stay up to date on what’s happening in the market. While it’s hard to project where mortgage rates will go from here, many experts agree they’ll likely continue to remain around 6%-7% in the immediate future. 

2. Home Prices

Over the past few years, home prices appreciated rapidly as the record-low mortgage rates we saw during the pandemic led to a surge in buyer demand. The heightened buyer demand happened while the supply of homes for sale was at record lows, and that imbalance put upward pressure on home prices. However, today’s higher mortgage rates have slowed down price appreciation.

And, the truth is, home price appreciation varies by market. Some areas are seeing slight declines while others have prices that are climbing. As Selma Hepp, Chief Economist at CoreLogicexplains:

“The divergence in home price changes across the U.S. reflects a tale of two housing markets. Declines in the West are due to the tech industry slowdown and a severe lack of affordability after decades of undersupply. The consistent gains in the Southeast and South reflect strong job markets, in-migration patterns and relative affordability due to new home construction.”

To find out what’s happening with prices in your local market, reach out to a trusted real estate agent.

3. Wages

The most positive factor in affordability right now is rising income. The graph below uses data from the Bureau of Labor Statistics (BLS) to show how wages have grown over time: 

Higher wages improve affordability because they reduce the percentage of your income it takes to pay your mortgage since you don’t have to put as much of your paycheck toward your monthly housing cost.

Home affordability comes down to a combination of rates, prices, and wages. If you have questions or want to learn more, reach out to a real estate professional who can explain what’s happening locally and how these factors work together.

Bottom Line

If you’re planning to buy a home, knowing the key factors that impact affordability is important so you can make an informed decision. To stay up to date on the latest on each, let’s connect today.

Uncategorized April 27, 2023

What’s the Difference Between a Home Inspection and an Appraisal?

If you’re planning to buy a home, an inspection is an important step in the process. It assesses the condition of the home before you finalize the transaction. It’s also a different step in the process from an appraisal, which is a professional evaluation of the market value of the home you’d like to buy. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending a buyer money for the purchase. Here’s the breakdown of each one and why they’re both important when buying a home.

Home Inspection

Here’s the key difference between an inspection and an appraisal. Bankrate says:

“In short, while an appraisal helps you understand a home’s value, inspections help you understand a home’s condition.”

The home inspection is a way to determine the current state, safety, and condition of the home before you finalize the sale. If anything is questionable in the inspection process – like the age of the roof, the state of the HVAC system, or just about anything else – you as a buyer have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction is final. Your real estate agent is a key expert to help you through this part of the process.

Home Appraisal

The National Association of Realtors (NAR) explains:

A home purchase is typically the largest investment someone will make. Protect yourself by getting your investment appraised! An appraiser will observe the property, analyze the data, and report their findings to their client. For the typical home purchase transaction, the lender usually orders the appraisal to assist in the lender’s decision to provide funds for a mortgage.”

When you apply for a mortgage, an unbiased appraisal (which is required by the lender) is the best way to confirm the value of the home based on the sale price. Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal will help make sure the bank doesn’t loan you more than what the home is worth.

This is especially critical in today’s sellers’ market where low inventory is driving an increase in bidding wars, which can push home prices upward. When sellers are in a strong position like this, they tend to believe they can set whatever price they want for their house under the assumption that competing buyers will be willing to pay more.

However, the lender will only allow the buyer to borrow based on the value of the home. This is what helps keep home prices in check. If there’s ever any confusion or discrepancy between the appraisal and the sale price, your trusted real estate professional will help you navigate any additional negotiations in the buying process.

Bottom Line

The inspection and the appraisal are critical steps when buying a home, and you don’t need to manage them by yourself. Let’s connect today so you have the expert guidance you need to navigate the entire homebuying process.