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Hello ,

I hope you are having a great Summer!

The following is a brief market report showing details about the Denver metro housing market through July. Home values have recovered, inventory remains low, mortgage rates are stable, and factors exist that benefit both buyers and sellers.

If you or someone you know plan to make a move, now is an exciting time to talk about your options. Contact me with any questions and let’s meet to get started!

Best regards,

Todd Holmes, Realtor®RE/MAX Alliance serving the Denver metro areahttps://dot.cards/toddholmeshttp://www.toddholmesrealestate.com

Five Star Real Estate Professional - 2023 - 10 Year WinnerRE/MAX Hall of Fame Award Winner

Market Report

The latest market reports show a strong recovery through July with home values up 10% since January. Spring is historically a strong sales season in the Denver area, typically followed by some stabilization of home values. Click here for a larger version of this image.

Inventory remains low, which experts attribute to the impact of higher mortgage rates keeping sellers on the sidelines. Mortgage rates remain in the upper 6’s and are expected to remain there for the rest of the year.

Why is it a buyer's market?

While mortgage rates are higher, listings are available, and they are taking longer to sell. This allows buyers to negotiate for better prices and concessions to help lower the mortgage rate. Median list prices are trending higher than sold prices, which typically happens before price drops.

Why is it a seller's market?

Home values have recovered but inventory remains low. If your home is in a desirable location and in good condition, buyers are acting fast to make a purchase. Now more than ever, sellers need to consider staging, a good pricing strategy, and strong marketing for a quick sale.

Conclusions

Inflation and mortgage rates are still influencing the real estate market in the Denver area. Experts predict inflation and mortgage rates to remain stable through the rest of the year. With a typical slowdown this time of year, I expect inventory and demand to slow which will lead to price reductions in the market. Buyers will be able to find substantial value in the coming months and sellers willing to offer concessions to help with financing. The best homes will still sell quickly but those that need some updating might take longer to sell.

Do you have further questions? Contact me, I’d be glad to help!

Recently Sold

14391 E Marina Drive

Sold this Heather Gardens duplex with a full price offer in one week! These homes don’t hit the market often and offer all the amenities of a single-family home without the maintenance. Congratulations to the seller!

14001 E Marina Drive #108

Sold this Heather Gardens condo for full price, despite needing a few updates. Located in a secure building, these units have open layouts, private patios, and an underground parking garage. Congratulations to the seller!

Celebrate Oktoberfest in Colorado

Wear your best lederhosen or

dirndl dress to the Breckenridge Oktoberfest, a three-day ode to Bavarian culture known as the largest street party in the Rockies.

Pro tip: Pre-order a commemorative stein. and get two free drink tickets. Just be mindful that Breck sits at 9,600 feet and pace yourself accordingly.

Get your Oktoberfest fix year-round at Ein Prosit, a true German beer hall in the mountain town of Frisco. Frisco is a haven for outdoor lovers — mountain bikers and skiers especially — and after a hard day of play, a cold beer is the perfect cure for what “ales” sore muscles.

BierWerks prides itself on the authenticity of what it serves: Colorado sausages, Wisconsin cheeses and German-style beers. The Woodland Park eatery is located just 20 miles from Colorado Springs, making it a convenient side trip for I-25 travelers. You’ll find house-made craft beers at BierWerks — Helles, Altbier, Dunkel and Latzenbier — and a local community that loves any excuse to have a good time.

Want to see Oktoberfest beers being made? Stop into Timnath Beerwerks, Ska Brewing (Durango), Grimm Brothers (Loveland) or City Star Brewing (Berthoud)

Click Here for More Fall Adventure Ideas

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