August 2023 Denver Porch Report

As kids head back to school, we’re expecting to see the seasonal shift of buyers and sellers heading back to the real estate market. Fall is a popular time to make a move, so if you’re thinking about buying or selling, now is the time—get in touch and let’s talk smart strategy!

With summer vacations in full swing and higher interest rates persisting in July, new inventory of detached, single-family homes decreased 26% year-over-year and 16.7% compared to the prior month. However, fewer homes went pending and closed last month.

This combination of low inventory and low demand kept prices in check, and the median home price for July price came in at $650,000—a slight dip month-over-month. Average days on the market also held steady month-over-month at 23, though that number was just 14 a year ago.

As for condos and townhomes, attached homes, the median price of $420,000 remained flat between June and July but increased by 2.9% year-over-year.

As the warmth of summer gives way to the crispness of fall, transitioning your exterior spaces will not only enhance their beauty but also prepare your home for the upcoming winter.

Take a look at a variety of projects you can complete during the warmer weather to ensure your yard remains vibrant and appealing even as the temperatures drop:
1. Prune & Trim Everything
2. Tackle Exterior Repairs
3. Plant Winter-Friendly Flowers
4. Add a Bounty of Fall Accents
5. Keep Your Lawn Lush

Private mortgage insurance is a fact of life if you put down less than 20% on a conventional loan. Why? Because lenders take on more risk the lower the down payment they accept. Private mortgage insurance (known as PMI) helps to reduce that risk.

But far from being a dirty word for homebuyers, PMI on a conventional loan is actually a good thing. The option to purchase a home for as little as 3% or 5% down provides the flexibility to buy a home much sooner than you could if you had to save up 20%.

And the sooner you buy a home, the faster you can build up equity—one of the biggest factors in wealth creation in the U.S.