July 2023 Denver Porch Report

Summer is now in full swing, so hopefully you’re out enjoying the sunshine and new adventures. If you’re staying close to home and have projects in the works, feel free to reach out if you need recommendations for pros who can give you a hand. It would be great to catch up! Of course, if you or anyone you know is interested in making a big move, help is just a phone call away!

Summer officially started last month. Kids finished up school and warm-weather activities kicked into gear. And along with it, Denver’s real estate market slowed.

Looking at detached homes, 4,045 new listings came on the market in June. While 10.2% higher than in May, it was 28.7% lower compared to June of 2022. The month also closed with 4,400 listings still available—6.1% below 2022 but more reflective of that initial lack of new inventory.

The median price was flat month-over-month, coming in at $655,000. ​​Compared to June 2022, that's also a drop of 2.2%. So, some good news for buyers despite persistent high interest rates.

Staycations are popular and for good reason. It’s a great way to relax, read a book, even camp in your own backyard. You can also take on easy DIY projects like painting an accent wall, creating a vertical garden, or updating those ubiquitous, builder-grade dome lights.

If you want to venture beyond home, book a weekend at the historic Brown Palace Hotel and Spa in Denver or enjoy rustic-chic accommodations by staying a night or two at Basecamp Boulder.

Once you’re done with book reading, head to a local day spa such as Woodhouse in Denver or Spavia Boulder for a rejuvenating massage. Swim, fish, or SUP at Chatfield State Park or Union Reservoir. The Front Range also has tons of museums to explore.

Debt-to-income ratio, or DTI, is your total monthly debt payments divided by your gross monthly income (before taxes) and tells lenders how much of a mortgage payment you can afford.

Different loan programs have different debt-to-income ratio (DTI) requirements, so a lot comes down to the type of loan you hope to get. Guidelines for the most common loan programs are:
• Conventional loans: 50%
• FHA loans: 50%
• VA loans: 41%
• USDA loans: 43%

A good rule of thumb is that the lower your DTI, the better your chances are of getting approved –and the more money you may be able to borrow.