January 2023 Denver Porch Report

Happy New Year! With so many changes in the market last year, you can trust that Im staying on top of whats coming next to provide you with valuable info and expert guidance. Thinking about buying or selling soon? Feel free to reach out. Id love to catch up over coffee sometime.

In December, the median price for detached, single-family homes dropped to $600,000, down from $615,000 the month prior. There were also price decreases for condos and townhomes.

However, looking at 2022 as a whole, the median price came in at $588,000 and 12% higher than all of 2021. For more perspective, the median home price for the entirety of 2019 was $420,000.

So, homeowners have gained a significant amount of equity over just three years and even with prices retracting now (excellent news for buyers), sellers still stand to make a hefty return. 

While mortgage rates have started to come down, the low rates of the past two years will likely not be seen again for some time. So, how do sellers and buyers adjust to the 2023 market?

For sellers, a pricing strategy based on todays numbers is vital. Your home also needs to be in tip-top shape and look its best with the help of expert staging, photos and marketing. Offering financial incentives and being open to negotiations can also help to ensure a quick sale.

Buyers should take the time to find the ideal home for their needs and budget. You should shop for lenders and financing options, and work with your agent to negotiate all aspects of the deal.