Good Morning, Everyone, and Happy New Moon!

I hope you all had a fantastic weekend! I was thrilled to spend yesterday afternoon at Jazz in the Park for their last concert of the season. With all the talk of kiddos heading back to school, it truly feels like we are moving out of the summer—but we aren't into fall just yet—even if the real estate world feels like 'things, they are a changing!'

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Here's your comprehensive Monday Market Update, keeping you informed about the latest trends and insights in the Colorado real estate market.

 

Current Real Estate Market Opportunities in Metro Denver present the best buyer opportunity in a decade. Inventory levels are up significantly, sellers are more willing to negotiate, and market activity is expected to grow until September.

Mortgage Rates:
Mortgage rates have started to fall significantly. They are currently in the mid- to low 6s, with opportunities to buy into the 5s. There are talks of an emergency Fed rate cut that could further decrease mortgage rates.
Last week saw the biggest two-day drop in mortgage rates in several years. Rates are as low as they have been in the last two years. For example, a 30-year fixed conventional loan is now at 5.75% for a $750,000 purchase with a $150,000 down payment and a 780 FICO score.

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Client Stories:
HELOC Success: I recently took out a buyer on Sunday who will be doing a HELOC on his current property, which I sold to him about a year ago. He plans to rent that property and use the HELOC money to pay down on his new primary residence. It’s exciting to see him expand his portfolio, especially since he now has the opportunity to be more specific about his preferences, such as wanting a fireplace and a spacious backyard, due to the increased inventory.
Green Mountain Buyer: Another client of mine is very specific about buying in the Green Mountain area. My team had her pre-approved overnight because properties there move fast. Although we missed out on a recent listing that went under contract within a day, I'm proud of our readiness and commitment. Next time, we’ll be quicker to secure her dream home.

Tips for Buyers and Sellers:
Be Prepared: Always be prepared and maintain communication with your agent. If you're looking to buy, ensure your agent knows exactly what you're looking for and what factors would prompt you to act quickly. This will help us stay ahead of market trends and seize opportunities as they arise.
 

Personal Insights:
The second half of the year might see increased sales and a slight rise in home prices as rates potentially decrease. While high prices and interest rates are challenging, the long-term benefits of homeownership remain significant, particularly given the forecasted growth in home prices.

If you’re considering buying, now is a great time to get pre-qualified.

Get pre-qualified now!

Are you considering selling your home? Let’s discuss how we can make it happen.

Schedule a meeting with me.
 

Upcoming Events in Denver:
Smash Fine Arts Festival: August 10-11 at Cherry Creek North.
Westwood's Saigon Azteca Night Market: August 10.
CinemaQ Film Festival: August 9-11 at Sie FilmCenter.
Bright Nights at Four Mile: August 7-11 at Four Mile Historic Park.
Yoga on the Rocks: August 10 at Red Rocks Amphitheatre.

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Stay informed, stay prepared, and let's make the most of the opportunities in today’s market!

Erin Rose
Broker/Owner - Amplicity Real Estate Agency

(720) 588-0579