Market Update: January 2018
I’m always eager to see what the new year brings, especially when it comes to the Denver real estate market. Click on the image above for a brief video. Highlights for this market update include:
- Inventory is only 1/3 of normal. The Denver real estate market typically has 13,000 homes for sale in January. This year, we have only 3,800.
- Buyers want “the perfect house.” This is playing out in two primary ways. First, buyers are unwilling to pay asking price for homes that need work. At the same time sellers are not quite ready to drop prices. This has led to a drop in the number of sales completed. Second, buyers are increasingly turning toward new construction to get a home in tip-top shape. (There are deals to be had in new construction; contact me for information and help.)
- Tax reform didn’t change things as we had feared. The capital gains exclusion (up to $500,000 for married couples; up to $250,000 for single filers) was left intact. For all but buyers of the most expensive homes — where just the interest on the mortgage exceeds $750,000 — the ability to deduct mortgage interest was essentially unchanged.
“Sunday Funday” Events
I will be hosting “Sunday Funday” events bimonthly in 2018. The first one will be a happy hour on Sunday, February 18 at Dry Dock Brewing Company in Aurora (South Dock location, 15120 E. Hampden Ave.), from 4-6 p.m. Dry Dock is a casual, fun, pub-style place, and a great local business (I love to support local businesses). Kids are always welcome at Dry Dock, so feel free to bring them along. Please plan to join me, and bring your real-estate questions!
As always, we are grateful for your trust in us and for your referrals. If a new home is on your list of New Year’s resolutions, I would love to help! Contact me here.