November 2023 Denver Porch Report

Happy Thanksgiving! With so many changes and challenges in the market this year, I find myself grateful for the ongoing support of clients and friends like you. Please reach out if I can help with anything home or real estate related. Referrals welcome. Call, text or email any time. Cheers!

Last month, the Denver real estate market reflected both seasonal slowing and ongoing pressure from today’s higher interest rates.

New listings of detached, single-family homes decreased by 17.4% compared to September while closed sales were down 12.1% month-over-month and 15.3% year-over-year. Days on market also remained in the double digits as buyers took their time to find the right home and the right deal.

However, October’s median home price of $649,000 was 3.84% higher than in 2022. Historically, homes appreciate by 3-5% year-over-year, so the market remains strong.

While many people look forward to the holidays and spending time with their family and friends, it can be a stressful time. To help you get through it and even have fun, here are a few tips.

For less-stress cooking, delegate appetizers, sides, and dessert—or write out a list of tasks that others can tackle like peeling potatoes. Stick to your tried and true recipes, and even embrace shortcuts like boxed stuffing. Don’t forget to play your favorite tunes and take breaks.

If you’ll be a guest, bring fresh fruit or a nice bottle of wine. Help in the kitchen, corral the kids, or volunteer to do the dishes. Also, steer conversations away from hot topics and drink responsibly.

The key to wealth creation is homeownership. This has been a major foundational building block for creating generational wealth that lives on, and it’s a big topic in the United States right now.

You can boil down the link between buying a house and building wealth in a single word: equity. Not only can homeownership provide stability for families and anchor them in their communities, but it’s also the key to providing a long-lasting financial legacy.

“Most people do not see real estate as an investment. They see it as a roof over their head. Yet they celebrate when they are able to move up in two, three, five years due to the equity they’ve gained in their current home,” said William Dawes, a mortgage industry professional.