When Will Home Prices Come Down?

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Cynthia Chavoustie

Couple learning about when home prices will come down? | The C. Taylor Group
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This is a question we get asked all the time and understandably so.

Those wanting to buy a home wonder if houses will become more affordable soon. 

Those thinking about selling wonder when is the best time to sell. 

While some analysts predict home prices will become more moderate through 2022, it hasn’t happened so far. 

Many thought a rapid slowdown in price appreciation would occur by the end of 2021 and the beginning of this year but as the data shows, that isn’t the case. Prices instead accelerated in December and are still going strong. 

To be clear, Acceleration means prices increase at a greater year-over-year rate than the prior month. Deceleration means home prices will continue to rise but at a slower speed than year-over-year appreciation. Depreciation indicates home prices drop below current values but that’s in nobody’s forecast!

S&P’s Case Shiller showed appreciation accelerated in 15 of the 20 metro areas they report on and the Federal Housing Finance Agency (FHFA) revealed that price appreciation accelerated in December in six of the nine regions it tracks. 

What Does All This Mean?

If you’re a first-time homebuyer or someone looking to sell a house and buy a home that better fits your needs, waiting could cost you in two ways:

  1. Mortgage rates are predicted to increase this year.
  2. Prices for homes will appreciate at double-digit levels for the foreseeable future.

Likely for this year and possibly for next, the more time goes by, the more mortgage rates will increase and home prices will continue to go up, possibly making it more difficult for you to afford a home if you’re buying. 

If you’re selling, there may be less buyers for your home as affordability decreases with the increase in mortgage rates. 

“If you’re thinking about waiting until next year and that maybe rates are higher, but you’ll get a deal on prices – well that’s risky. It may be more advantageous to purchase this year relative to waiting until 2023 at this time.” ~ Deputy Chief Economist at Freddie Mac, Len Kiefe

Whether you’re buying, selling or both, talk to one of our experienced and knowledgeable agents. We’re here to help discuss your options and figure out what will be best for your situation. 

 

Why NOW Is The Time To Sell Your Home

Older Couple Learning Why they should sell their home in Colorado now | The C. Taylor Group
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The U.S. Housing Supply is at an "All-Time Low" meaning, your home is in high demand. 

 

But it’s not going to be like this for too much longer. 

People who have been waiting to sell their house, mostly due to the uncertainty that COVID-19 caused in the economy and our personal lives, are getting ready to put their homes up for sale. 

Predictions for home sales in 2022 vary but all agree that they are going to increase as people become more comfortable. 

Which means that SOON there will be more homes on the market and thus more competition if you want to sell your home. 

Currently, if you own a home, you will likely have several offers from homebuyers struggling to find a home. Multiple offers, bidding wars and going over list price is still a thing. 

In the U.S., practically every industry is struggling with supply chain distributions. The housing market is as well. 

Right now we are experiencing a lull (hopefully a long lull) of COVID-19 cases and more people are feeling comfortable looking at homes and moving. Other factors that are causing more people to search for homes include:

  • Millennials are looking for bigger homes for their growing families. 
  • Boomers and empty nesters are looking to downsize or move somewhere more desirable and conducive for a retirement lifestyle.  
  • Others who now work more remotely, need more space and are taking advantage of not having to consider their commute as a factor in where they live. 

All this = homebuyers galore.

But it won’t be like this for long…

 

Summer is coming. 

It is a common trend that more houses come on the market in the late Spring and early Summer as schools wind down and families have more time to prepare for a move. More houses on the market is great news for buyers but as a seller, that means more competition.

So when is the best time to put your house on the market? Now. Why?

  • Right now there is not as much competition. 

  • Right now mortgage rates are still relatively low. 

  • Right now there aren’t as many homes for sale. 

 

So, if you don’t have to wait until Summer or late Spring, now is the best time to sell your home.

Hate the thought of long drawn out showing periods, updating or fixing up your home to get ready for sale? 

According to the latest Existing Home Sales Report from The National Association of Realtors (NAR), 

“79% of homes sold in January 2022 were on the market for less than a month.”

 

If you are thinking of selling your home, you really shouldn’t wait. You as a seller are always on the better end of the deal when demand is high and supply is low. And that’s exactly what the market is like in most metropolitan areas of Colorado right now. 

But again things do not stay the same for long. 

 

The window is closing for selling your home at higher price point.

Remember not only will more existing homes come on the market but more new construction homes will be completed as more time goes by, adding to your competition. 

 

Take Action:

If you have a home to sell, give us a call, send a text or email

We’d be happy to go over your options with you, see how much your home could sell for right now and get your house listed as soon as possible!

10 Things to Know About Living in Denver Area

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Cynthia Chavoustie

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10 Things to Know About Living in Denver Area and real estate

Denver has so many great things about it… but there are some things you should know if you’re considering moving to the area. 

 
 

Here are 10 Things to Know About Living in The Denver Metro Area:

 
 

1. We have Beautiful Scenery and Literally 300+ Days of Sunshine    

Okay, the scenery comment may be subjective, but you have to admit that even though Denver is not in the mountains, the view of the Rocky Mountain Range is pretty breathtaking. Especially when the snow capped mountains are basking in sunlight. However, it is a fact that Colorado gets more than 300 days of sunshine per year – it might be cold sometimes but it’s sunny! Something most of the Midwest and east coast can’t say. No miserable gray winters here, promise.

Did you know that, Katharine Lee Bates sat atop Pikes Peak (near Colorado Springs) and wrote “America the Beautiful,”? One of the most well-known patriotic songs of our time was inspired by the scenery of Colorado.

Denver, a.k.a. the Mile High City, with its blue skies and panoramic mountain views, is perhaps one of the most beautiful areas in the country. Don’t just take our word for it, countless authors and musicians have written and sang about its beauty across the ages.

Whether it be the scenery or the sunshine that draws people to the area, there’s no denying that Metro Denver is one of the fastest-growing cities in the nation, with almost 100,000 people moving there in the past seven years. 

2. A Lifestyle For Anyone – Active or Not

Now most will say that people in Denver and the surrounding areas are very active, and they are, but it’s also true that not everyone skis or hikes or bikes all the time. There are many natives and transplants alike that just enjoy being here even if it involves just sitting drinking and shooting the breeze with friends. Most people find Denver to be very laid back and non-judgemental… you do you. 

 

3. Great weather 

If you like four seasons, nice reasonable summers, beautiful colors of autumn, snow in the winter, and beautiful cool springs, you can find all of that here in Colorado and the Denver Metro area. 

Yes, it can get cold in the winter but the cold and snow are mixed with days of sunshine. Highs in the winter can get to 50s and 40s in the heart of winter so months of dreary, cold, gray days are unheard of here. Days of snow are followed by days of sunshine – all the time.

 

4. Diverse neighborhoods

There’s a lot of history in Denver and if you’re into historic homes and architecture, Denver has plenty to offer. 

Several neighborhoods in Denver are decorated with beautiful Victorian and Craftsman homes from the turn of the century along with 50s style ranches and more. Modern and contemporary homes fill the suburbs of Denver but secluded areas with horse property and mansions are hidden gems throughout the metro area. 

 

5. Pro Sports

Denver loves it’s sports teams! Did you know, Denver is the smallest city in the country with six major professional sports teams? That should tell you something about the way Coloradoans feel about our sports. 

  • For Football – The Denver Broncos
  • For Baseball – The Colorado Rockies 
  • For Basketball – The Denver Nuggets 
  • For Hockey – The Colorado Avalanche 
  • For Soccer – The Colorado Rapids
  • For Lacrosse –  The Mammoths

 

6. It’s Dry, Very Dry

Colorado is basically a high desert at the foot of the Rocky Mountain Range. It is dry year-round not only because of its high elevation but because it lacks large bodies of water around it. Furthermore, when temperatures drop and the weather patterns change, the air gets even drier. It can be a game changer for some but many prefer the drier climate and most people easily get used to it. 

Some benefits of a dry climate include: 

  • Less mold
  • Less frizzy hair
  • Less humidity
  • Less bugs

 

7. Altitude can take some getting used to

Denver got its nickname The Mile High City because its official elevation is that of 5,280 feet (one mile high) above sea level. Those who live at lower elevations are often not aware of the effects of altitude on health and physical abilities. While the body can easily adapt to high altitude living, it can take awhile and require patience as your body gets used to living with a little less oxygen. 

There are benefits to high altitude living though!

  • Golf balls travel 10% farther because the air is thinner and there’s less drag.
  • Many athletes who live and train in high altitude find they can perform better at sea level because their bodies have more red blood cells so that more oxygen can be delivered to the muscles and lungs – an adaptation found in those who live at higher altitudes. 

 

8. It’s Growing 

The Denver Metro area is one of the fastest-growing cities in the country. According to the U.S. Census bureau it grew approximately 20% between 2010 and 2020. Now, with a population of over 3 million, the metro is scrambling somewhat to develop the infrastructure, transit, and housing needed to keep pace with the demand. Housing prices may be high depending on where you’re coming from and traffic can be a bit frustrating depending on the time of day and where you’re trying to get to – not much different than other big cities. 

Public transportation is not as robust as other big cities but it’s growing too and can be great to get to downtown from some of the suburbs, get to the airport from downtown and commute from main areas of the Denver metro area. 

 

9. Denver is Becoming Known as a Food & Beer Destination

If you love craft breweries, Denver and the front range (what we call the cities on the east side of the Rocky Mountains. i.e. Ft. Collins down to Colorado Springs, etc…) is the place for you. 

In fact, Colorado has been coined as the Napa Valley of Beer. As of 2021, the Denver area is home to the second most microbreweries next to San diego.

Tip for those coming from sea-level: Before you acclimate (can take a year or two) remember to drink extra water when you drink alcohol. Otherwise, you’ll likely feel buzzed a lot sooner than you would in cities closer to sea level. Alcohol can have more of an effect due to thin air.

According to the Editor of Rocky Mountain Food Report, Dionne Roberts, “Denver’s craft culinary and beverage scene continues to show rapid growth with the influx of diverse and gifted chefs, brewers and distillers. More people want to be a part of the mountain culture and that adds depth to the growing number of options and cultivates a higher sense of quality in the cuisine.”

 

10. Denver is a regional epicenter of excellence in all levels of education. 

Denver has several public school districts that have been nationally recognized for educational excellence including Cherry Creek School District, Boulder Valley School District and Littleton Public Schools. 

Prestigious private schools are numerous as well. Some popular ones include Regis and Valor High Schools. 

Respected higher learning institutions are also plentiful, including Denver University, The University of Colorado (main campus in Boulder but there are campus in Denver as well), Regis University, and Colorado School of Mines in Golden just 15 miles west of Denver, among others.

 

Denver has a lot to offer and is a popular place to move to for many reasons. There are a few things that can take some getting used to and we hope this article helps you prepare for those. 

Our team has lived or at least spent significant amounts of time in pretty much every region of the United States and even abroad so we can speak to how Denver matches up with other places and give you a good idea of what to expect if you’re considering a move to Colorado.

We’d be happy to talk more about what you’re looking for and how we can help.

 

5 TIPS TO GET YOUR HOME OFFER ACCEPTED

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by Cynthia Chavoustie

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5 TIPS TO GET YOUR HOME OFFER ACCEPTED in Colorado

Buying a home is an exciting experience, but it easily makes the list as one of the more stressful life events we go through as adults. We’re here to help reduce that stress.

If you are looking to buy in the Denver Metro area, you have probably already realised that it’s a hot, hot market for sellers and buyers are not having an easy run at it. It can be discouraging and disheartening, likened much to the dating game – ugh, my stomach just turned, did yours? BUT, hold on, don’t get dismayed. 

 

Here are a few tips on how to get your offer accepted during this seller’s market. 

In this blog post, we’ll discuss 5 strategies that will help your offer stand out from others and increase your chances of getting accepted.

1. GET PRE-APPROVED for a loan 

Unless you can offer cash (see tip #2), get pre-approved for a loan and provide proof with your offer. Pre-approval isn’t a full commitment loaning entity but it does show that a bank or mortgage company has preliminarily reviewed your credit and believes you will qualify for a loan up to a certain amount. If you cannot get pre-approved at this time, I’m sorry to say but you will not be even considered in today’s market here – if this is the case, take time to focus on your credit, you can get there and your time will come.

2. OFFER CASH if you have it.

Nothing gets those home sellers hearts a-skipping like a cash offer with proof of funds. If anything can make you jump to the head of the line, a cash offer will. Think you have it? Start organizing your funds and have your bank provide you with a statement of funds as proof.

3. OFFER MORE EARNEST MONEY

1%–2% of the asking price is the typical amount offered in earnest money. However, if you want to show the sellers that you are serious, you can offer more earnest money because remember, earnest money is potentially at risk if the deal falls through. So if your offer is accepted, you need to be confident in your ability to uphold your end of the process (financing primarily). We can also work with you to make sure you have contingencies in place to cover you in case you decide to back out later so you don’t lose all of your money. 

4. BE PREPARED TO GO ABOVE ASKING

Sometimes well above asking price. $25-30K above asking is not uncommon but of course depends on the specific price range you’re looking, etc… be sure to ask your realtor about what homes in your price range and area sold for compared to what they were listed for.

5. HAVE A GOOD AGENT IN YOUR CORNER

A well networked agent who communicates well with the listing agent can make or break the deal. Good communication skills of a realtor can help you find out the motives of the seller which in turn can help you tailor your offer to better suit their needs or desires. For example, if the seller hasn’t a home to buy yet, allowing them to stay in the home for 30 or 60 days after closing may make your offer stand out.

 

What to do if your offer is not accepted?

DO NOT GIVE UP.

While home prices are at record highs, internet rates are still relatively low.

Other things to keep in mind:

Keep Emotions in Check

Trust us, we know how easy it is to get excited about a house you can see yourself and your family in but until those keys are in your hands on closing day, you have to see it as just a house not a home yet. Don’t get too attached too soon, you’re just asking for a rollercoaster ride of emotions and you’re likely to give up or end up rushing into something you would have otherwise.

Keep Looking 

Stay focused and remember the task at hand. If you need a home, you need to keep your head in the game and keep an eye out for other potential homes. You may still be dreaming about “the one that got away” but you’d be surprised at how many other options are out there.

Keep an Open Mind

Consider other areas to buy your new home. If you limit your search area to only one part of town you are likely missing out on great neighborhoods that you have never discovered. There may be amazing neighborhoods that check off many, if not, all of your boxes that you are unaware of. Many buyers end up very happy in neighborhoods they never knew existed. Check out our list of communities to learn more about neighborhoods in the Denver Metro area.

 

If you are looking to buy or sell a home, The C. Taylor Group is here for you. Our team believes in providing all our clients with luxury service and will advocate on your behalf.

If you are buying a home, we will help you with all aspects of purchasing and making sure it’s not just a smooth process, but a pleasurable one as well.

If you are selling your home, we will do everything possible to help get it sold for the price and terms that fit your desires.

We are here to help you with all your real estate needs.

Call, Text or Email us Anytime! 

5 Expert Tips to Sell Your Home Quick & For Top Dollar

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by Cynthia Chavoustie

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5 Expert Tips to Sell Your Home Quick & For Top Dollar in Colorado

It’s true, the Denver Metro area south to Castle Rock (and pretty much nationwide) is still in a seller’s market which is music to sellers’ ears. 

But it doesn’t mean you can just put a for sale sign in your yard and get the offer you want as quickly as you want. 

 

Here are 5 Tips to Sell Your Home Quick & For Top Dollar

 

1. Do Some Prep Work

Once your house is listed for sale, the “Days on Market” timer starts ticking. So when you list your house, make sure your house is ready to show and sell because the longer your home sits, the more buyers will start to wonder if something’s wrong with it and they will start to wonder if they can get away with a low offer. 

If you really want to impress homebuyers, consider getting a pre listing home inspection. If you get a home inspection done first, you’re not likely to be surprised with a list of repairs that the buyers’ inspection comes up with and you won’t be under the gun to fix things fast before closing. Having a pre listing inspection puts you in control, giving you time to get things fixed and shop around for the best price. Additionally, it takes away another opportunity to lower their offer price. 

You may not have to take as much time prepping as in the past (homebuyers are a little more accepting currently of minor home improvements, etc…) but be sure to take the time to make the house look presentable. It will pay off with multiple high offers, leading to a quick sale and happy you. 

Some simple way to prep your home for sale include:

  • Get ahead of repair requests with a pre listing inspection.
  • Minimize personal items and store unneeded furniture and clothes.
  • Neutralize any odors to make sure the home smells fresh and inviting.

 

2. Focus on Curb Appeal

This goes along with number 1 and if you really don’t have time for any other prep of your house, at minimum focus on curb appeal. Many buyers will literally turn around and not even come in your house if the it looks awful on the outside. So take some time to clean up and improve the appearance of your house on the outside. Top real estate agents agree that improving curb appeal is the #1 thing a homeowner can do to boost their marketability and add dollar value to the sale of their home. 

Some Basic Yard Care that can make a Big Difference:

  • Keep the lawn mowed
  • Pull and kill any weeds
  • Powerwash dirt, grime, and cobwebs from the entrance
  • Trim your trees and shrubs 
  • Add fresh mulch to landscaping
  • Consider a fresh coat of paint on the front door 

 

3. Staging 

Home staging is the practice for showing off a home in its best light with furniture and decor that fits the space in order to spark buyers’ imaginations and help them see themselves in the space (not visualize you still in it). 

Your prep work of cleaning and decluttering will get your house in the right condition to stage it. Home stagers can be hired to fill in the rest. They often have furniture they store and use for this specific purpose or they may help you find the best way to arrange your current furniture and décor to best attract buyers. At this point, it’s all about getting buyers to see themselves in the home and be motivated to put in an offer. Top realtors agree staging will always increase the sale price of the home.

 

 

4. Choose a real estate agent who is worthy of your business

There always seems to be an agent in the family or an acquaintance from church that dabbles in real estate and while it seems ideal to work with someone you know and like, if you really care about selling your home for top dollar and in the least amount of time with the least amount of headaches and work on your part, it’s best to go with someone who is experienced and will work hard to sell your home. 

Think about it, your friends and family didn’t really do anything to earn your business, you’re thinking of going with them only because you know them and if they’re doing it for a lower commission, they likely don’t have a huge incentive to put in the long hours of marketing or searching for your next home. 

Research potential agents, their background, their team, read reviews, and interview a few to see who may be the right match for you. 

An agent will be your partner in this very emotional process and you want one who is trustworthy, who understands your wants/needs and is experienced in handling these types of important transactions.

We are that type of agent. 

You can count on our agents to walk through this process with you, give you the advice you need, be by your side at every step from pre-listing to close (and beyond!) 

Call, Text or Email Anytime! 

 

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