September 2023 Denver Porch Report

As we transition to fall, there’s been a surge in activity that will likely be followed by many buyers and sellers pausing to enjoy the holidays. This seasonal slowing, along with low inventory, could potentially lead to more competition and higher prices. If you are thinking about making a move, feel free to reach out! Let’s talk strategy so that you can achieve your goals.

While low home inventory is a known and ongoing issue, buyers are holding off due to higher interest rates. And that’s keeping prices from drastically increasing like they did in years past.

Taking a look at detached, single-family homes, August inventory increased by 1.8% over July while the median price remained flat at $650,000. However, that’s a slight increase compared to the same period in 2022, the first year-over-year increase we’ve seen in nine months.

The standout stats in the detached market are pending and closed properties. Just 2,736 homes went pending in August, 2.7% higher than July but 14% below 2022 numbers. In addition, 2,632 homes closed which is 2.7% lower than July and a decrease of 16.5% year-over-year.

So you’ve decorated a room in your home, but it feels like something is off and you can’t figure out how to fix it. Do you need to swap out your coffee table? Perhaps paint an accent wall?

For a fresh perspective, first take photos of your room. Then, consider adding these elements to help you create a more personalized space that looks both finished and welcoming.

1. A Focal Point: Whether a piece of furniture, artwork or simply your fireplace, provide a visual anchor that instantly draws the eye.

2. Walking and Breathing Room: You shouldn’t have to shimmy or sidestep through a room. Remove furniture and clutter as needed.

3. Height Variation: Balance the low lines of a sofa and coffee table with vertical elements like artwork, shelving or a chandelier.

Knowing how to build credit to buy a house can give you a serious advantage when it comes to homeownership.

Your credit score can affect the interest rate you receive. Generally speaking, borrowers with higher credit scores tend to qualify for the more competitive interest rates. But rates are highly dependent on the borrower’s overall financial profile, as well as current market conditions.

So, the higher your credit score, the better your chance of qualifying for a mortgage, getting a competitive rate, and being pre-approved for the amount you need to buy the home you want.