May 2023 Denver Porch Report

Can you believe that summer is just around the corner? Hopefully, you have plans to enjoy new adventures and plenty of sunshine. If you’re looking to buy or sell a home, today’s very nuanced market presents challenges for both buyers and sellers. So, get in touch, and let’s talk numbers and what strategies are needed to help you accomplish your goals.

With inventory remaining tight and buyers growing accustomed to today’s higher mortgage rates, homes are getting snapped up nearly as fast as they’re going on the market.

The median price for detached, single-family homes in April came in at $640,000 compared to $620,000 the prior month. Year-over-year, that’s a drop of 5.9% which is good news for buyers.

As for home inventory, there were 3,377 new listings that came on the Denver real estate market in April, a 5.2% decrease over March and 32.7% lower compared to April of 2022. On the flip side, 3,186 single-family homes went under contract last month, so the market is moving along.

A recent report found that the median distance between the home that recent buyers purchased and the home they moved from was around 50 miles—previously, the median was 15 miles.

What’s behind this change? The most likely conclusion is the pandemic. Millions of people went fully remote during the lockdown and millions now remain fully work from home or have a hybrid schedule. If that includes you, a permanent home office is key. Here’s what it should include:

     • The Right Location
     • The Right Workspace
     • The Right Equipment
     • The Right Vibe
     • And the Right Routine

Buying a home without an inspection is technically possible, but it’s generally not a good idea. Home inspections can reveal property issues such as potential hazards, existing damage and aging infrastructure—all things you want to know about before you buy.

However, mortgage lenders don’t require a home inspection before you can close on your loan (although they do require an appraisal). That means that getting a home inspection is up to you.

And although it’s generally not advisable, there are buyers who have found that waiving the home inspection contingency in their contracts works to their advantage.