Boulder Real Estate News, Analysis & Trends - Burgess Group | Compass

Boulder Real Estate News & National Statistics

March 17, 2023

Blog, Boulder, Boulder CO, Boulder Real Estate News
- March 17, 2023

Friends,

Now is a terrific time for luxury buyers to purchase. Sellers, quality local inventory below $1.5mm is particularly needed right now. The national inventory shortage continues.

LOCAL MARKET TAKE-AWAYS

BUYERS

There is a silver lining for luxury buyers right now: competition is sparse and jumbo products now have lower rates than most other types of loans, as there is much less risk that high-end buyers will default on their mortgages. High-end borrowers can get further rate discounts by storing substantial funds at the bank offering the mortgage. Plus, if you purchase now, many lenders will refinance for free when rates go down.

SELLERS

Our housing shortage continues in the $1.5mm and below category. The trick for sellers right now is coming to market with a product so compelling that buyers will buy. To do that, condition, location, and price must all be in alignment. Talk early with Boulder realtor at Burgess Group | Compass about what that means for your property.

Local Market Nitty Gritty - Boulder County

Boulder real estate agents report on 90 new listings coming to market last week, vs 99 in 2018, 105 in 2019, 86 in 2020, 106 in 2021 and 85 in 2022. So, there was still a slightly low amount of new inventory last week relative to the non-pandemic numbers.

71 properties went under contract last week, in comparison with 88 in 2018, 86 in 2019, 87 in 2020, 106 in 2021, and 79 in 2022. This is the highest number of under-contracts in 2023, with mostly week-over-week increases.

With this rate of inflow and outflow, Boulder County inventory is still considerably low.

Please remember that 2020, 2021 and 2022 were outliers. 2018 and 2019 are more reflective of our historic real estate normals.

Activity By Price Band and Price Reductions- Boulder County

Boulder County realtors last week saw the highest activity in the $1mm and below market. There is more inventory to shop above $1mm, particularly in the $1-1.5mm and $2-2.5mm price bands.

Price changes popped up to 46 week-over-week from 17. In the weeks since January 1st, we've had 15, 32, 25, 26, 39, 25 ,38, and 17. So, this is a substantial increase, possibly as sellers see the Fed less committed to tapering the tightening. Price changes are a coincident indicator, directly reflecting seller confidence.

National Market Take-Aways

There is still a residual shortage of housing, Says The National Association of REALTORS Chief Economist.

National Market Nitty Gritty

According to NAR chief economist Laurence Yun, there was a housing shortage before the pandemic. In the low interest rate housing boom years of 2020 and 2021, the shortage intensified. In 2022, home sales declined, then declined further, because of rising mortgage rates. Said Yun, "Furthermore, apartment building went gangbusters, 40-year high activity. So, we still have a residual shortage of housing. So, before 5 million, now 4 million in my estimation."

So, the trick right now for sellers nationwide is coming to market with a product so compelling that buyers will buy.

Speaking of low inventory, below you'll find the types of homes our buyers are currently seeking. Do you know someone who is on the fence about selling their home? Perhaps you've been considering it?

Please let our Boulder realtors know if you or anyone you know has a home that might fit. We’d love to help!

Click anywhere below to check out Burgess Group | Compass Boulder realtor team’s current exclusive listings.

🏆 5280 Magazine Double Black Diamond Award

Our Compass Boulder real estate agents are proud to once again be named a Double Black Diamond Team by 5280 Magazine! (This means we sold over $40 million! It’s the highest award!)

We could not do this without your support and referrals.

Do you know someone curious about buying or selling real estate? We'd be grateful for an introduction -- let's all grab lunch together!

🏆 #4 Boulder Compass Team

Proud to announce that we've been named the #4 Team by Sales Volume at Compass Boulder in 2022! That's up one spot from #5 in 2021 -- we love making progress and challenging ourselves to be better every year!

Our deepest gratitude goes out to all of our friends and clients who trust us with their real estate needs...and refer their friends to us as well!

[email protected] | 303.301.4718 | burgessgrouprealty.com

[email protected] | 303.506.5669 | burgessgrouprealty.com

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Boulder Real Estate News & National Statistics

March 03, 2023

Uncategorized
- March 03, 2023

Friends,

In the past two weeks, needed inventory came to market; as a result, under-contracts increased. Nationally, homeowners are hanging on to their homes for an average of 12.3 years.

LOCAL MARKET TAKE-AWAYS

BUYERS

Cash buyers and savvy loan buyers have recognized right now as a strong buy opportunity with lower competition and softer prices. A historically normal amount of inventory came to market last week, so there is more to choose from. Our under-contract and sell-through numbers from the past two weeks reflect that buyers are still buying in all price categories.

SELLERS

Price changes continue to hold steady at a fairly low rate, showing sellers have confidence in the current market. Inventory continues to be at historic lows; our under-contract numbers show that sales are indeed happening. In this market, preparing your home correctly and pricing according to the condition of the home are critical for success, so call our Compass Boulder realtor team early to make good prep decisions. Prepare your home to be the one in its category that buyers want to buy.

Local Market Nitty Gritty - Boulder County

Boulder real estate agents reported 82 new listings coming to market last week, vs 66 in 2018, 87 in 2019, 62 in 2020, 73 in 2021 and 67 in 2022. So, a good amount of new inventory came to market last week vis a vis the last 5 years.

63 properties went under contract, in comparison with 65 in 2018, 90 in 2019, 79 in 2020, 91 in 2021, and 64 in 2022. This is the highest number of under-contracts in 2023, with mostly week-over-week increases.

Overall, Boulder County realtors report that inventory is still considerably low.

Please remember that 2020, 2021 and 2022 were outliers. 2018 and 2019 are more reflective of our historic real estate normals.

Activity By Price Band and Price Reductions- Boulder County

Again, in the past two weeks buyers have been active in all price ranges of our market. Last week saw a lot of entry-level market activity, with a 300% sell-through rate.

Price changes were slightly down week-over-week at 36. In the weeks since January 1st, we've had 15, 32, 25, 26, 39, 25 ,38. So, price changes are holding steady, indicating sellers are still confident about the market. Historically, March, April and May bring more buyers than any other months in the Boulder market. Also, historically interest rate changes have not impeded buyers from buying, so hopefully we'll see this again this year. The Burgess Group | Compass Boulder realtors here will keep watching the price change numbers to monitor seller confidence.

National Market Take-Aways

Exploring Inventory: U.S. Homeowners Typically Sell Every 12 Years, Down From 2020 Pinnacle

National Market Nitty Gritty

Why does inventory continue to be low throughout the country?

Due to all the unknowns of the pandemic, many homeowners refrained from selling in 2020; that year, the average duration holding a property was 13.4 years. In comparison, in 2005, the average home ownership tenure was 6.5 years.

In the past two decades, homeowners have held their properties for nearly double the amount typical previously. This has decreased the amount of sale inventory.

More than 1/3 of Boomers age 65 and older have held their properties for more than 33 years. On the opposite end of the trend, millennial homeowners own for an average of 3 years or less.

Property tax laws also impact how frequently people move, so trends can be different from state to state. This year, the average U.S. homeowner has lived in their home for 12.3 years.

Click anywhere below to check out Burgess Group | Compass Boulder realtor team’s current exclusive listings

Fed Might Be Winning Inflation Fight, Depending on Index Used

Year-over-year Rent Growth Continues to Decelerate

42% of homeowners have no mortgage, and may hold key to unlocking buyer inventory

Freddie Mac House Price Index Declines for 7th Consecutive Month in January

5280 Magazine Double Black Diamond Award

Our Compass Boulder real estate agents are proud once again to be named a Double Black Diamond Team by 5280 Magazine! (This means we sold over $40 million! It’s the highest award!)

We could not do this without your support and referrals.

Do you know someone curious about buying or selling real estate? We'd be grateful for an introduction -- let's all grab lunch together!

[email protected] | 303.301.4718 | burgessgrouprealty.com

[email protected] | 303.506.5669 | burgessgrouprealty.com

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Boulder Real Estate News & National Statistics

February 17, 2023

Uncategorized
- February 17, 2023

Friends,

Locally and nationally, buyers may still have an opportunity to move forward with some negotiating room, but that window is starting to close.

Sellers, there are more buyers now and some properties are getting multiple offers; inventory is still historically low.

LOCAL MARKET TAKE-AWAYS

BUYERS

Buyers have a strong buying opportunity right now. The current local 97.5% list-to-sale price ratio means that sellers are still negotiating. Inventory is rising, so you have more options. Average Days-On-Market (DOM) is 57 days, so buyers can take a little more time deciding on purchases. As more buyers enter the spring market, prices will go up. Our Boulder realtor team is already seeing an increase in multiple offers across disparate parts of the market.

SELLERS

As you can see from our chart below, inventory is still historically low, providing a strong sell opportunity. Sellers, mortgage lock rates (a leading indicator of buyer activity) have gone up. In order to be successful in this market, you have to prepare for market; this is critical for getting an offer or even multiple offers. Connect with Burgess Group Boulder real estate agents early so that you have the best success.

Local Market Nitty Gritty - Boulder County

Local Boulder realtors report on 63 new listings coming to market last week, vs 74 in 2018, 90 in 2019, 85 in 2020, 65 in 2021 and 66 in 2022. So, last week's new listings were a little bit fewer than the low inventory arenas of 2020 and 2021.

43 properties went under contract, in comparison with 78 in 2018, 81 in 2019, 90 in 2020, 78 in 2021, and 53 in 2022. So, under-contracts are still substantially lower this year, with a week-over-week slip also. This lower under-contract number likely reflects our historically low inventory.

Please remember that 2020, 2021 and 2022 were outliers. 2018 and 2019 are more reflective of our historic real estate normals.

Activity By Price Band and Price Reductions- Boulder County

In general, we've had consistent activity in all the price bands since the beginning of the year. Last week saw lower sell-through rates in the high luxury market. $1.5mm-2mm had the greatest sell-through rate last week at 125%.

Price changes popped up last week to 39. In the weeks since January 1st, we've had 15, 32, 25, and 26. As you can see from the chart below, these are far better numbers than last summer/fall, representing a notable and quick turn-around in the market since last fall. Our Boulder County realtors will keep checking price changes as a metric of seller confidence.

National Market Take-Aways

Inventory is up over 2022 numbers, but down below 2019 numbers. Inventory is still historically low. Price changes are dropping, which reflects more buyer activity and a tightening housing supply.

National Market Nitty Gritty

Single family home inventory has moved up 78% year-over-year for the first week in 2022, but it is down 45.4% year-over-year compared to the first week in 2019. Inventory is still historically low, providing . A key will be when inventory starts increasing in 2023 - so far inventory has declined about 9.7% over the first six weeks of 2023.

KACIE, please insert the chart below here.

The price reduction chart below shows us supply and demand also at play.

Every line below represents a year. This past week only had 32% of homes reducing price, which is a reduction. This year's dark red line below shows rapidly reducing price reductions. If the dark red trajectory continues, it could be below 30% in a few weeks.

That change would illustrate a remarkable turnaround from the conditions last fall.

Click anywhere below to check out Burgess Group | Compass Boulder realtor team’s current exclusive listings

Mortgage Rate Locks Break 9-Month Losing Streak

Here’s the breakdown of the inflation report for January — in one chart

Slow Progress for Inflation

Current State of the Housing Market: Overview for mid-February

Andy Named #5 Realtor in Boulder County

We're happy to announce that with the help of Catherine, Andy has been named the #5 Realtor in Boulder County for the year of 2022 by Real Producer's Magazine.

Click here to see the whole list.

[email protected] | 303.301.4718 | burgessgrouprealty.com

[email protected] | 303.506.5669 | burgessgrouprealty.com

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Boulder Real Estate News & National Statistics

February 03, 2023

Uncategorized
- February 03, 2023

Friends,

Burgess Group | Compass Boulder realtors report that the real estate market is showing signs of bottoming out and has begun to bounce up, both locally and nationally.

BUYERS

Buyers have a tremendous opportunity right now. Nationally mortgage applications and pending sales are trending up, indicating we've bottomed and are now in a rising market. Look at the history of the 30-year fixed below going back to 1971. At 6ish % (often lower, ask us for lender info), we're near historic lows. Additionally, look at the chart below of the history of home prices below.

The market hasn't made its full comeback yet, but it will go up again as it has after every slowdown and recession since 1963. Census data shows a huge bubble of volume of first-time buyers ahead; we still have limited supply. Buyers, get organized and take advantage of the lower competition and prices - this lull may last until the end of the Fed's quantitative tightening is finished, likely in early March or by the end of the spring.

The demanding seller's market will likely be back in place by the end of 2023, with an inventory-short market.

SELLERS

Sellers, the market is looking a little rosier for you. We still have quite low inventory in most categories and buyers are starting to try to get ahead of the market.

How you prepare your home for market is super important, as there is more competition for buyers right now than we've seen in recent years. That said, our Boulder realtor team is seeing more recent buyer activity and some multiple offers. Let's connect early so that you come to market poised to sell well.

Local Market Details - Boulder County

Boulder real estate agents report on 66 new listings coming to market last week, vs 70 in 2018, 76 in 2019, 93 in 2020, 57 in 2021 and 57 in 2022. So, last week's new listings were a little better than our inventory starved 2021 and 2022, fairly close to 2018's numbers.

55 properties went under contract, in comparison with 73 in 2018, 76 in 2019, 84 in 2020, 69 in 2021, and 56 in 2022. So, our under contracts are still lower this year, but if we look at our January 2023 week-over-week numbers, we see an improvement in buyer confidence / stabilization of mortgage rates, as under-contracts have progressed as follows:

25,

48,

42, and last week to

55. To note, 2022's lower under-contract rate was a result of limited inventory, not low buyer confidence.

Please remember that 2020, 2021 and 2022 were outliers. 2018 and 2019 are more reflective of our historic real estate normals.

Activity By Price Band and Price Reductions- Boulder County

Since the beginning of the year, we've had good activity in all the price bands. Boulder County realtors indicate that the market looks pretty healthy, with buyers active from the very high end down into the condo market.

Price change information will be an important way to assess if the real estate market locally has bottomed and is beginning to improve.

Each week since January 1st, we've had the following price reductions: 15, 32, 25, and 26. We saw similar numbers in March of 2022, when the market was still very hot and beginning the downturn. These are a far cry from the 80-100+ weekly price reductions we saw through the summer and fall. Hopefully, these lower price change numbers together with the national trends noted below, indicate that our local market has moved past its lowest point and begun its recovery.

Nationally, there are signs the housing market has bottomed and perhaps is in the beginning of its bounce.

Mortgage rates appear to have stabilized a bit. As a result, mortgage applications are up.

The National Association of Realtors just released Pending Home Sales data; this data also quantifies this potential shift. As we can see in the chart below, pending home sales have risen at the fastest pace since October 2021.

According to NAR chief economist Lawrence Yun, “This recent low point in home sales activity is likely over. Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.”

In addition to applications and pending home sales, United States Census data shows us that there will be a tremendous burst of buyers coming to market soon.

As seen in the chart below, there are 15.3 million adults aged 35 and below who are expected to move from renting to owning in the near future!

What's going on with Mortgage Rates?

Leading Boulder realtor Catherine Burgess sits down and chats with SVP of Mortgage Lending & Branch Manager of Origin Point, Karen Hope to discuss where rates are this week, and where they could be going.

<- Click here to watch the video (less than a minute!)

Click anywhere below to check out Burgess Group | Compass Boulder realtor team’s current exclusive listings

The Most Stable Mortgage Rate Trend Since 2021

There’s more evidence of slowing inflation and other central banks are noticing

Latest Home Sales Data Adds to Case For a Bounce

Has Housing "Bottomed"?

Housing Share of GDP Lower in the Fourth Quarter of 2022

[email protected] | 303.301.4718 | burgessgrouprealty.com

[email protected] | 303.506.5669 | burgessgrouprealty.com

More News Here

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Boulder Real Estate News & National Statistics

December 09, 2022

Uncategorized
- December 09, 2022

Friends,

Seller confidence has steadied substantially this fall, with buyers making purchases in every price band. Nationally, home price acceleration has slowed.

BUYERS

Buyers finally have an opportunity to purchase a home without competing with out-of-towners and investors. Because prices and rates are high, a lot of buyers are offering below asking price, negotiating with sellers on a rate buydown, or considering new construction because many builders are offering significant incentives, including rate buydowns, to offload their inventory.

SELLERS

Sellers we still have fairly low inventory in most categories. That said, there is more competition than there has been in several years, so how you prepare your home is super important. Let's talk that through so that you come to market poised to sell well.

Local Market Details - Boulder County

We had 32 new listings come to market last week, vs 53 in 2018, 50 in 2019, 61 in 2020, and 43 in 2021.

46 properties went under contract, in comparison with 59 in 2018, 51 in 2019, 65 in 2020, and 48 in 2021. Given that interest rates are currently much higher, this under-contract rate is pretty darn good. This is the stability that Boulder County real estate is known for.

When looking at these numbers, keep in mind that 2020 and 2021 and the first half of 2022 were outliers. The more relevant numbers are from 2018 and 2019. Our current market is a little quieter than 2018 and 2019.

Activity By Price Band and Price Reductions- Boulder County

In the last month, we've had activity in all parts of the market, including robust sell-through rates in every segment. This may have been reflecting buyer efforts to get under contract before the upcoming Fed meeting on December 13-14, 2022.

Since the beginning of October, we've seen the following price change numbers week-over-week:

92,

98,

76,

94,

76,

79,

69,

52,

14, and

42 last week. These numbers are a coincident indicator of seller confidence, reflecting a stabilizing within the current environment. We will keep watching to see how seller confidence behaves through the next two projected interest rate hikes.

Home-Price Growth Is Cooling Fastest in Pandemic Boomtowns Like Austin and Boise

Places where home prices shot up due to out-of-towners moving in with big budgets are now seeing prices rapidly decline.

Home-price growth has slowed fastest in pandemic boomtowns including Austin, Phoenix and Boise as high mortgage rates and an uncertain economy deter would-be buyers.

All five of the metros where price growth has sped up this year as the nationwide housing market cools are affordable places with relatively stable local markets.

Click anywhere below to check out our current exclusive listings.

Homebuying Sentiment Stabilizes After Long, Slow Slide

‘There is a slowdown happening’ – Wells Fargo, BofA CEOs point to cooling consumer amid Fed hikes

Builders Are Cutting Prices & Offering Incentives, But It’s Not 2008

Update: Framing Lumber Prices Close to Pre-Pandemic Levels

[email protected] | 303.301.4718 | burgessgrouprealty.com

[email protected] | 303.506.5669 | burgessgrouprealty.com

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Boulder Real Estate News & National Statistics

November 11, 2022

Uncategorized
- October 21, 2022

Friends,

Boulder County listings and under-contracts did reasonably well in the last two weeks. The Fed did raise rates, and simultaneously there were some good indications that inflation is slowing, so mortgage rates have actually gone down.

BUYERS

Buyers, a down market is usually a very strong time to buy, and now is no exception. There is much less competition now and prices are softer than they've been in a long time. So while rates are higher, you can get a property you really love (usually without going over asking price) and refinance when rates go down. Sellers are motivated in a way that our Compass Boulder real estate agents haven’t seen in several years.

SELLERS

Sellers, we still have fairly low inventory in most categories. That said, there is more competition than there has been in several years, so how you prepare your home is super important. Talk that through with a local Compass Boulder realtor here at Burgess Group so that you come to market with your best chance of selling well.

Local Market Details - Boulder County

We had 65 new listings come to market last week, vs 76 in 2018, 53 in 2019, 79 in 2020, and 69 in 2021.

51 properties went under contract, in comparison with 67 in 2018, 59 in 2019, 82 in 2020, and 85 in 2021. Given that interest rates are currently much higher, this under-contract rate is pretty darn good. This is the stability that Boulder County real estate is known for.

When looking at these numbers, keep in mind that 2020 and 2021 and the first half of 2022 were outliers. The more historically relevant numbers are from 2018 and 2019; it is very possible that our numbers in Q3 and Q4 of 2022 and 2023 will be more similar to or lower than 2018/2019 while inflation is being brought under control.

Activity By Price Band and Price Reductions- Boulder County

In the last two weeks, Boulder realtors have seen activity in all parts of the market. The predicted increase in the federal funds rate may have motivated luxury buyers two weeks ago, as the luxury under-contract rate was much higher two weeks ago than last week.

Last week, .096% of our market had a price drop, with price drop rates in the mid to high 70s in the last two weeks. This is not a low number, but it reflects more moderate seller anxiety than we were seeing two and three months ago. Hopefully, sellers are pricing more realistically for today's market.

Mortgage rates declined sharply on Thursday, November 10, 2022.

Key points:

The Fed has been raising rates to slow inflation.

Since housing is a key transmission mechanism for Fed policy, the housing market has slowed dramatically as the Fed raised rates (and mortgage rates increased).

The Consumer

Price Index (CPI) report this morning contained some good news on inflation, coming in lower than expected, showing year-over-year declines. As a result, bond yields fell sharply and then mortgage rates declined.

Corroborating the good news on inflation, home-sale prices rose 3.2% year over year during the four-week period ending November 6, the smallest increase since July 2020. The median home sale price has fallen 8.4% since reaching an all-time high in June 2022.

Click anywhere below to check out Burgess Group | Compass Boulder realtor team’s current exclusive listings.

Mortgage rates plummet 0.5% after key Fed inflation measure drops to 6.3% in Oct from 6.6% Sept peak

Fed officials welcome inflation news but still see tighter policy ahead

Redfin Shuts Home-Flipping Business, Lays Off 13% of Staff in Slumping Housing Market

Fed's Kashkari: Talk of Pivot 'Premature,' on Good Policy Path

[email protected] | 303.301.4718 | burgessgrouprealty.com

[email protected] | 303.506.5669 | burgessgrouprealty.com

More News Here

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Boulder Real Estate News & National Statistics

October 21, 2022

Blog, Boulder, Boulder CO,
Boulder Real Estate News, Buying, Featured Properties, Hot Local News

October 21, 2022

Friends,

THE HEADLINES:

Local buyers moving fast to stay ahead of interest rates; nationally, urban housing costs are declining.

Watch the video below to find out more...

BUYERS

Buyers are moving fast right now to take advantage of interest rates before they rise again. Cash buyers are taking more time, choosing carefully and moving forward.

SELLERS

Let's talk about how to get your home ready to sell in a more competitive environment.

Local Market Details - Boulder County

Our Compass Boulder realtors report on 72 new listings coming to market last week, vs 84 in 2018, in 2019, 109 in 2020, and 82 in 2021.

66 properties went under contract, in comparison with 73 in 2018, 101 in 2019, 108 in 2020, and 101 in 2021.

We gained a bit more inventory again last week. As you can see from the chart below, we're still not at inventory highs reflected below.

Activity By Price Band and Price Reductions- Boulder County

In the last two weeks, we continued to have good activity in the 0-$500k and $501k -$1mm markets. Every section of the market has had decent to good activity in the past two weeks. Lots of buyers have been motivated to get under contract before interest rates go up again.

After 4 weeks of August declining price reduction numbers (between 82-65/week), we had 4 weeks of higher September price reductions (between 92-102/week). Last week had 76 price changes. Hopefully, we'll continue to see more moderate numbers. The Compass Boulder real estate agents here at Burgess Group will keep tracking this as The Fed continues to try to bring inflation under control.

Square Footage Is Now Worth More in the Suburbs Than Cities

Nationally, there's been a decline in urban price per square foot (ppsf); suburban and rural ppsf are now higher than urban ppsf. This reflects the solidification of the work-from-home trend, allowing workers, particularly from SF, Nola, Philly, NYC, Oakland, Boise, Chicago, and DC to migrate to other parts of the country.

There are still parts of the country that are maintaining Y-O-Y median sale price increases, with the highest increases in many FL locations. Ft Lauderdale and Cape Coral, for example, are still receiving loads of inbound migration, which is keeping year-over-year prices high.

(Click the chart below to see in its entirety)

Click anywhere below to check Burgess Group | Compass Boulder realtors team's current exclusive listings.

IRS: Here are the new income tax brackets for 2023

AIA: Architecture Billings Index "Moderates but remains healthy" in September

Fed's Kashkari says labor shortages still a big issue for business

Fed’s Bullard Sees 2023 Shift With End of Front-Loading Hikes

Existing home sales fall to a 10-year low in September, as mortgage rates soar

[email protected] | 303.301.4718 | burgessgrouprealty.com

[email protected] | 303.506.5669 | burgessgrouprealty.com

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Boulder Real Estate News & National Statistics

October 7, 2022

Birch Header_v5

Blog, Boulder, Boulder Real Estate News,
Hyper Local, Newsletter, Real Estate, Selling

October 7, 2022

Friends,

THE HEADLINES:

Prices are a little softer, so it is a great time for buyers to make moves in the Boulder County real estate market; sellers, don't fear, buyers are still buying. Nationally, bidding wars are declining.

Watch the video below to find out more...

BUYERS

Historically, prices go up in the spring and come down some in the fall. Now is the time, buyers, to marry the price and date the rate. Purchase now for the lower pricing and refinance when rates come down. Take advantage of more inventory, less competition, and more time to make decisions. Cash buyers may have a competitive advantage (depending on how their contract is written). There are some surprisingly attractive loans as well; call us - Our Compass Boulder realtor team is happy to share info about these.

SELLERS

There are still many people moving for business, first-time homebuyers looking to get into the market, etc. Sales are still happening. Let's talk about how to get your home ready to sell in a more competitive environment.

Local Market Details - Boulder County

Boulder realtors had 71 new listings come to market last week, vs 81 in 2018, 107 in 2019, 109 in 2020, and 82 in 2021.

59 properties went under contract, in comparison with 82 in 2018, 82 in 2019, 98 in 2020, and 119 in 2021.

Overall last week, Boulder real estate agents are reporting a gain in inventory. As you can see from the chart below, we're not yet at any of the inventory highs that we saw in 2012-2014 or in 2019-2020.

Activity By Price Band and Price Reductions- Boulder County

In the last two weeks, the 0-$500k and $501k -$1mm markets have been more active than the top of the market, which made us wonder if these lower-priced properties were being purchased by cash buyers. Of the 87 sales in the $0-$1mm categories in the past two weeks, just 16% were cash transactions. For the market as a whole over the past two weeks, we had 143 sales, with only 18% cash sales. Relative to our recent past (see our last blog), we've seen a surprising increase in the number of people using loans.

After 4 weeks of declining price reduction numbers (8/07 - 9/04), we've had 4 weeks of higher price reductions in the 90 - 105 per week range. Two weeks ago we had an 18% price reduction rate; last week's rate was 16%. We will keep tracking this as The Fed continues to try to bring inflation under control.

Bidding-War Rate Drops to Lowest Level Since April 2020 As Mortgage Rates Surge

Nationwide, the number of competitive offer scenarios is going down. Dropped from a high of 63.5% six months ago, nationally in July 2022 we were at 44.6% of offers facing competition.

Around the nation, the bidding war rate varied tremendously in July 2022, from a high of 63.8% in Raleigh NC to a low of 26.6% in Phoenix.

Metro Denver's rate came in at 37.1%, down month-over-month from 50.9% in June of 2022. Given how our market has been behaving, it is highly likely that the percentage of multiple offer scenarios is substantially lower than that at this time.

An offer scenario is considered competitive if there is at least one competing bid.

Take Time for Self-Care This Fall

Autumn in Boulder is a busy time, and, let’s face it, sometimes that brisk pace of school, work, and the kids' extracurriculars can cause stress. Plus, the holidays are right around the corner!

If you’re looking for a way to relax and unwind, our Boulder Compass agents recommend the Deep Rest and Release Yoga and Meditation class taught by two beloved Boulder yoga teachers and our friends, Jennifer Davis-Flynn and Bria Tavakoli.

Your stress-releasing practice starts with deep stretches to soothe and calm the body and release tightness and tension. Then the session shifts into breathwork and guided meditation for somatic opening. A long, revitalizing savasana with aromatherapy accents completes your yogic reboot.

You’ll float out feeling refreshed, receptive, and revitalized.This mellow yet powerful class is perfect for desk denizens, athletic folks, and anyone who experiences stress (aka all of us).

No yoga or meditation experience necessary. Newbies welcome, and Bria and Jenn believe that everybody has a “yoga body.”

Secure your ticket here

Deep Rest and Release Workshop

Saturday, October 8, 2022

5:30-7:30 PM at Yoga Pearl in Boulder

Do you have a community event you'd like featured in our newsletter? Email Kacie to be considered. We're always happy to support our friends' endeavors!

Click anywhere below to check out Burgess Group | Compass Boulder realtor team's current exclusive listings.

Q3 GDP Tracking: 1% to 2% Range

Realtor.com Reports Weekly Active Inventory Up 29% Year-over-year; New Listings Down 10%

Mortgage Rates March Towards 7%, Reaching Highest Level Since 2007

Fed Vice Chair Brainard warns against retreating from inflation fight prematurely

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Boulder Real Estate News & National Statistics

September 23, 2022

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Blog, Boulder, Boulder Real Estate News,
Hyper Local, Real Estate

September 23, 2022

Friends,

THE HEADLINES:

Locally, there is a bit more inventory and price reductions just jumped up. It can be a great time to be a buyer right now, and broadly speaking, sellers, Boulder real estate agents still need inventory. Nationally, cash purchases are at a 31% rate.

Watch the video below to find out more...

BUYERS

In many ways, it is a great time to be a buyer. You have less competition, more choice, and more time to make decisions. Cash buyers may have a competitive advantage (depending on how their contract is written), though buyers with loans are also able to have their pick of great properties and refinance when interest rates go down.

SELLERS

When you look at our chart of total inventory, you see that we're not yet at inventory highpoint, we're still mostly in a seller's market. (A few parts of the market are buyer strong, let's be in touch to discuss). The important thing is to prepare your home in a way so that when you come to market, you'll have the house that sells. Our Boulder realtor team is happy to consult on what that means for your specific home. Please reach out to us to discuss.

Local Market Details - Boulder County

We had 109 new listings come to market last week, vs 119 in 2018, 97 in 2019, 104 in 2020, and 108 in 2021.

89 properties went under contract, in comparison with 80 in 2018, 88 in 2019, 105 in 2020, and 123 in 2021; the under-contract rate last week for Boulder realtors shows healthy buyer participation after some quiet periods during the last 3 months.

So, last week we had a 20 unit gain in inventory. We're still not in the range of the inventory highs since 2012, but we're out of the inventory basement.

Activity By Price Band and Price Reductions- Boulder County

In the last two weeks, we've seen robust buyer activity in the $1.5-2.5mm price bands. There was decent activity in all the other price bands. Right now, all price levels are engaging with the market, which is a sign of health.

There were 92 Boulder County price reductions last week. After 5 weeks of declining price reduction numbers, Boulder County realtors reported a decent uptick last week. We'll have to keep watching to see if this is a one-off increase or if sellers are again adjusting price due to increasing inventory and lower buyer demand.

Across the 41 most populated US metro areas, 31% of homes in July sold with cash, up from 27.5% year-over-year. Within the Denver metro area, 28% of July sales sold with cash.

Cash purchases became more popular in 2022 (and throughout the pandemic) as they allowed buyers to create stronger offers in the competitive bidding-war market; as a reminder, the sub-3% mortgage rates and ability to work remotely drove homebuyer demand up during late 2020, 2021 and 2022. Remote work increased the number of buyers able to pay cash, as many remote workers were able to liquidate their record-setting homes in expensive parts of the country and to move to more affordable parts of the country. About three-quarters of investor home purchases are made with cash; loads of people are investing in real estate during this time when equities are less stable.

When you talk with friends around the nation, note that cash-buyer rates vary enormously (66.5%-15.1%), which impacts how the local markets work, see the chart below. Denver Metro comes in at 28.1%, meaning that a cash buyer has some cache that makes sellers take notice.

Click anywhere below to check out Burgess Group | Compass Boulder relator teams's current exclusive listings.

Decline in Single-Family Permits in July 2022

Retail Sales, Industrial Production Soften as Core Inflation Comes in Hotter than Expected

Home Price Growth Has Just Showed a Clear Sign It’s Reaching Its Peak—Here’s Proof

Percent Share of 5,000+ Square Foot Homes Rises in 2021

Q2 Update: Delinquencies, Foreclosures and REO

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Boulder Real Estate News & National Statistics

September 9, 2022

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Blog, Boulder, Boulder CO, Boulder Real Estate News, National Trends, Newsletter

September 09, 2022

Friends,

Locally, it was a quiet week for inventory, buyers engaged well. Nationally, the sale-to-list price ratio is now below 100%.

TO SUM THE LOCAL MARKET UP:

BUYERS

Buyers are recognizing that even with a higher interest rate, it is a great time to purchase, due to greater inventory and lower competition. Many buyers say that they will refinance when rates go down.

SELLERS:

Boudler real estate agents are reporting a shortage of inventory. Expect homes to linger on the market at least 25+ days. Homebuyer budgets are thinner due to rising rates and ongoing inflation, so make your home and your price attractive to get buyers’ attention.

Watch the video below to find out more...

SELLERS:

We’re better at pricing. We’re better negotiators. And our Boulder realtors have the numbers to prove it.

Looking at sale-to-list percentages can help sellers know how successful their agents are at pricing a home right out of the gate, and how they negotiate once offers come in.

The sale-to-list ratio is the final sale price (what a buyer pays for the home) divided by the last list price expressed as a percentage. If it's above 100%, the home sold for more than the list price. If it's less than 100%, the home sold for less than the list price.

So where do we stack up?

On a $1M sale, Catherine and Andy's sellers have averaged 107.2% of asking price this year, netting $45,000 more than the average Compass agent and $54,000 more than average Boulder County realtors.

Thinking of selling your home? Partner our Boulder realtor team's proven talent and contact us today for your free home valuation.

BUYERS:

Our buyers get under contract faster and with more ease.

According to a survey done by Money Magazine, it took 56% of respondents five or more offers for one to be accepted. For more than 25% of first-time buyers, it took 10 or more offers to buy a home.

In 2022, 90% of all buyers who worked with Catherine and Andy had their first offer accepted by sellers.

10% of Burgess Group buyers had their second offer accepted.

100% of our buyers were under contract in 2 offers or less.

Negotiating the best price is a combination of art and science best honed by doing it frequently. Catherine and Andy average 39 buyers a year. That means on average 35 of our 39 buyers have their first offer accepted. Only 4 buyers have to make a second offer.

Thinking of buying? Experience matters now more than ever. Contact us today to get your home search started.

Local Market Update - Boulder County

Our Boulder realtor team is reporting on 83 new listings coming to market last week, vs 111 in 2018, 120 in 2019, 109 in 2020, and 89 in 2021; so, last week had less inventory come to market than in the past years (y-o-y).

97 properties went under contract, in comparison with 65 in 2018, 78 in 2019, 120 in 2020, and 99 in 2021; our under-contract rate last week shows healthy buyer participation after some quiet periods during the last 3 months.

Activity By Price Band - Boulder County

For the past two weeks, activity by price band had robust buyer activity in every price band, with the exception of the $2.5mm+ market activity, in which there was limited activity.

Two weeks ago, the $0-$500k price range had a 533% sell-through rate (which is crazy high), likely as a result of the sale of condos for college students. This consistent activity is wonderful to see after the relatively low summer 2022 buyer activity. Our market historically has had an uptick in buyer demand after Labor Day; Our Boulder real estate agents will continue to monitor buyer activity closely.

There were 65 Boulder County price reductions last week. Price reductions may have peaked in the second week of July. The market has now had five weeks of declining price reductions, indicating that seller confidence may be stabilizing and that sellers may be pricing more appropriately when coming to market.

AGAIN, TO SUM THE LOCAL MARKET UP:

BUYERS

Buyers are recognizing that even with a higher interest rate, it is a great time to purchase, due to greater inventory and lower competition. Many buyers say that they will refinance when rates go down.

SELLERS

We're still short on inventory. Expect homes to linger on the market at least 25+ days. Homebuyer budgets are thinner due to rising rates and ongoing inflation, so make your home and your price attractive to get buyers’ attention.

Nationally, on average, homes are now selling for less than the asking price.

For the first time since March 2021, the average sale-to-list price ratio fell below 100%, meaning that the average home has sold for slightly less than its final asking price, after all price reductions.

Click anywhere below to check out Burgess Group | Compass Boulder realtor team's current exclusive listings.

Fed Vice Chair Brainard vows ‘we are in this for as long as it takes’ to stop inflation

The Sharp Slowdown in Year-over-year House Price Growth

Shift for Homes Built in Low-Density and Low-Cost Markets Since the Pandemic

Foreclosure Starts Pull Back in July, Holding Well Below Pre-Pandemic Levels, While Early-Stage Delinquencies Edge Slightly Higher

[email protected] | 303.301.4718 | burgessgrouprealty.com

[email protected] | 303.506.5669 | burgessgrouprealty.com

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Boulder Real Estate News & National Statistics

August 26, 2022

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Blog, Boulder Real Estate News, National Trends, Newsletter

August 26, 2022

Friends,

Locally, price reductions appear to be stabilizing. inventory is slowly increasing, and buyers are buying at a seasonally appropriate rate. Nationally, July price reductions varied enormously from city to city.

Local Market Update - Boulder County

Our Boulder realtor team is reporting on 118 new listings coming to market last week, vs 80 in 2018, 111 in 2019, 95 in 2020, and 115 in 2021 ; last week saw more inventory come to market than in the past for years (y-o-y).

91 properties went under contract as indicated by Boulder County realtors, in comparison with 87 in 2018, 87 in 2019, 101 in 2020, and 119 in 2021; our under-contract rate this last week shows a healthy amount of buyer participation.

Activity By Price Band - Boulder County

Last week most of the buyer activity was in the $1-1.5mm, the rest of the market was relatively quiet. To note, that week school was starting and many people are still on vacation in August. We typically see buyer demand increase after Labor Day.

There were 82 Boulder County price reductions last week. Price reductions may have peaked in the second week of July. The market has now had four weeks of price changes lower than that peak, with price change rates in the 80s and 90s. We will have to keep watching to see if the market correction truly has peaked.

TO SUM THE LOCAL MARKET UP VIS- A-VIS PURCHASES AND SALES:

BUYERS

According to Boulder real estate agents, it's is an easier time to buy, with far less competition, more time to consider your options, and more inventory. It is a good opportunity for buyers to find something that they love and then to refinance when rates go down. Cash buyers are having lots of outstanding opportunities.

SELLERS

Sellers, as you can see from the chart showing City of Boulder and Boulder County inventory, there are still good opportunities to sell, with more inventory recovery in Boulder County than in the City of Boulder. The luxury market has a fair amount of inventory and functions like a buyer's market in some categories. Sellers will have the most success going to market with homes that have been well prepared, pricing correctly from the start and expecting the sale to take 30 days or longer.

July 2022 Price Reductions Around The Country

Nationwide, buyers have come to expect lower prices because of a cooling market.

Pandemic boomtowns have seen the most change in their markets.

Boise was tops, with 70% of sellers dropping price. Denver came in 2nd with 58% dropping price in July.

(To note, Denver has had more price decreases than Boulder. For example, last week Denver 53% of sellers had price reductions last week, where in Boulder 43% of sellers have price reductions, down 5% from 48% the week before.*)

Some pandemic boomtowns are still booming. Miami and Honolulu, for example, both only had 18.5% price reductions in July. The majority of markets that saw few price reductions were not pandemic boomtowns.

Price drops are likely to flatten out as sellers come to terms with the shifting market. As new properties come to market, they will hopefully be priced more appropriately for today's market.

*Altos Research

See the full chart here

Click anywhere below to check out Burgess Group | Compass Boulder realtor team's current exclusive listings.

Mortgage Rates Quickly Approaching 6%

Pending home sales slip 1% in July, but Realtors say market may be ‘at or close to the bottom’

Housing Inventory August 29th Update: Growth has Slowed

Weak Growth Continues as Housing Slows

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Boulder Real Estate News & National Statistics

August 12, 2022

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Blog, Boulder Real Estate News, National Trends, Newsletter, Real Estate

February 21, 2022

Friends,

The Headlines: Locally inventory is improving, and buyer demand is fairly quiet. According to Boulder real estate agents, a soft landing is predicted.

Watch the video below to learn more.

Local Market Update - Boulder County

Our Boulder realtor team is reporting on 102 new listings coming to market last week, vs 85 in 2018, 105 in 2019, 110 in 2020, and 119 in 2021 - a decent amount of listings for late July/early August and in alignment with 2018 and 2019.

71 properties went under contract, in comparison with 70 in 2018, 96 in 2019, 102 in 2020, and 99 in 2021. This is similar to 2018, but substantially below the following three years, reflecting a more temperate buyer approach right now.

Year-to-date under-contracts remain lower, with 2470 thus far in 2022. This info totally coincides with the local chart below and the chart in the national section below, showing that although inventory is rising, overall we still have low inventory.

Activity By Price Band - Boulder County

Happily, last week we had a sell-through rate favoring sellers in the $2.5mm+ category. In other words, the number of under contracts was higher than the number of new listings. This is hopefully a vote of confidence in our housing market among savvy luxury buyers. Anecdotally, the number of showings in the $2.5mm+ market has increased in recent weeks as well.

Boulder County price changes were close to 100 for the past two weeks. From a trending perspective, the rapid rise in price reductions (that resulted from the abrupt decrease in buyer demand in Q2) that Boulder County realtors saw from April into July has slowed. Price reductions are holding fairly steady, indicating a leveling off of this pricing correction and a leveling in seller confidence.

TO SUM IT UP:

Locally, buyers have more options than they had at the start of the year. Yes, interest rates are higher, but competition is much lower and prices are softer. So, buyers, remember the adage "Marry your house, date your interest rate." Move forward now with an awesome property and refinance when rates drop.

Sellers have not flooded the market with inventory, so most of our market is still functioning as a seller's market. There is more competition than before, so home prep and accurate market-level pricing is more important than ever.

July 2022 Monthly Housing Market Trends Report

Nationally, the inventory of homes actively for sale on a typical day in July increased by 30.7% over the past year, the largest increase in inventory in the data history and higher than last month’s growth rate of 18.7% which was itself record-breaking.
Despite this improvement, as the chart below clearly illustrates, active listings lag their pre-pandemic and even early-pandemic level. The number of active listings in July was 15.7% below 2020 and 45.4% lower than the pre-pandemic 2017-2019 average.
The market is not flooding with inventory, nationally or locally. The economy is strong, unemployment is low. Even with GDP leveling out, homeowners are in good shape. Buyers should not expect to see panic selling. Some experts are projecting a soft landing for real estate in the coming year.

Price reductions are leveling out nationally and projected to top out in late October around 40%.

Please note that this national number is very different from what is happening in areas with strong inbound migration and an ultra-hot market. Boulder is currently at a 48% price reduction rate. Boise is in the 60% range. Tampa, Phoenix - all the cities that saw dramatic price appreciation have greater price reductions than cities with less inbound migration such as Cincinnati. So, as you talk to people around the country, experiences will be very different. Keep track of your local and national markets.

Andy Ranks #2 In Boulder County

Three of Burgess Group's Boulder realtors made the Top 200 Realtors list for Boulder County in the Real Producers Magazine for Q2!

Our Tricia Dessel was featured on the cover! Read Tricia's article here.

Andy Burgess placed #2 for production volume among Boulder County realtors. Congratulations, Andy!

As always, thanks to all of YOU, our friends and past clients, who continue to trust our Boulder real estate agents with their buying and selling needs.

Click anywhere below to check out Burgess Group | Compass Boulder realtor team's current exclusive listings.

Mortgage Rates Are Actually Lower Than Last Week

July CPI: Foot Off the Gas

Wholesale inflation fell 0.5% in July, in another sign that price increases are slowing

Housing Affordability Falls to Lowest Level Since Great Recession

Fed to raise interest rates to 4% next year, Evans says

[email protected] | 303.301.4718 | burgessgrouprealty.com

[email protected] | 303.506.5669 | burgessgrouprealty.com

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Boulder Real Estate News & National Statistics

July 29, 2022

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Blog, Boulder CO, Boulder Real Estate News, Buying, Education, Entertainment, Hot Local News, Hyper Local, National Trends, Newsletter, Real Estate

February 21, 2022

Friends,

The Headlines: Locally inventory is improving, and buyer demand is fairly quiet. These trends are echoed nationally.

Local Market Update - Boulder County

Our Boulder realtor team is reporting on 121 new listings coming to market last week, vs 89 in 2018, 94 in 2019, 123 in 2020, and 119 in 2021.

102 properties went under contract, in contrast with 101 in 2018, 89 in 2019, 119 in 2020, and 122 in 2021.

We had 1.95 months supply of inventory, in comparison with 2018's 1.11, 2019's 1.16, 2020's 1.13, and 2021's 1.12 MSI.

Year-to-date under-contracts remain lower, with 2320 thus far in 2022. At this time in 2018, there were 2642 under-contracts; 2019 had 2743; 2020 had 2677; and 2021 had 2849 under-contracts. So, our total this year is lower than the number we had in 2020, having had 2 months of shutdown under our belts. This reflects the continued overall lack of inventory in the market, but according to Boulder real estate agents, this amount of inventory is improving.

Activity By Price Band - Boulder County

Buyer activity was slow relative to new listings in all categories except the 0-$500k. As the Boulder realtor team here at Burgess Group | Compass looks back through the last several weeks, there have been bursts of buyer demand in all the different price bands, but overall, buyer demand has been lower.

Again, our most important indicator here right now is the price change column. After months of increases in price decreases, we're now seeing ups and downs in the number of price changes, with the overall higher numbers reflecting a loosening of seller grip on the market.

The sale process is slowing, as indicated by the following:

41% of homes that went under contract had an accepted offer within the first two weeks on the market, down from 46% a year earlier.
28% of homes that went under contract had an accepted offer within one week of hitting the market, down from 33% a year earlier.
Homes that sold were on the market for a median of 19 days, up from 18 days a year earlier and up from the record low of 15 days set in May and early June.
49% of homes sold above list price, down from 54% a year earlier.

On average, 7.3% of homes for sale each week had a price drop, a record high as far back as the data goes, through the beginning of 2015.
The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, declined to 101.4%. In other words, the average home sold for 1.4% above its asking price. This was down from 102.1% a year earlier.

Leading indicators of homebuyer activity:

For the week ending July 21, 30-year mortgage rates rose to 5.54%. This was down from a 2022 high of 5.81% but up from 3.11% at the start of the year.
Fewer people searched for “homes for sale” on Google—searches during the week ending July 16 were down 23% from a year earlier.
Touring activity as of July 10 was down 2% from the start of the year, compared to a 22% increase at the same time last year, according to home tour technology company ShowingTime.
Mortgage purchase applications were down 19% from a year earlier during the week ending July 15 to the lowest level since April of 2020, while the seasonally-adjusted index was down 7% week over week.

Congratulations to our very own Boulder realtor Tricia Dessel who is featured on the cover of the August 2022 edition of Boulder County Real Producers.

Click here to read the article.

“I love helping people prepare their homes

for sale,” she says. As a leading Boulder real estate agent, Tricia has a keen eye

for prudent improvements to a home that

will make the property truly shine when

it hits the market. “I work with my clients

to elevate the value of their home, using

smart improvements that will offer the

highest return on investment,” she says.

Congratulations, Tricia!

C

lick anywhere below to check out Burgess Group | Compass Boulder realtor team's current exclusive listings.

Home price growth slowed for the second straight month in May, S&P Case-Shiller says

U.S. Economy Slowing, but Recession Not Inevitable, Yellen Says

BLACK KNIGHT’S FIRST LOOK AT JUNE 2022 MORTGAGE DATA

Housing Demand Flattens as 1st-Time Buyers Retreat

Homebuilders are boosting incentives as they suddenly struggle to sell homes

[email protected] | 303.301.4718 | burgessgrouprealty.com

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Boulder Real Estate News & National Statistics

July 08, 2022

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Blog, Boulder CO, Boulder Real Estate News, Buying, Education, Entertainment, Hot Local News, Hyper Local, National Trends, Newsletter, Real Estate

February 21, 2022

Friends,

The Headlines: Inventory up, under-contracts down, price changes are down; nationally interest rates settle and 2nd home demand is down.

Local Market Update - Boulder County

The Burgess Group | Compass Boulder realtor team reports on 97 new listings coming to market last week, vs 72 in 2018, 80 in 2019, 120 in 2020, and 79 in 2021.

93 properties went under contract, in contrast with 103 in 2018, 98 in 2019, 128 in 2020, and 153 in 2021.

We had .97 months supply of inventory, in comparison with 2018's 1.33, 2019's 1.27, 2020's 1.09, and 2021's .60 MSI.

According to Boulder real estate agents, year-to-date under-contracts remain lower, with 2082 thus far in 2022. At this time in 2018, there were 2355 under-contracts; 2019 had 2460; 2020 had 2298; and 2021 had 2553 under-contracts. So, our total this year is lower than the number we had in 2020, having had 2 months of shutdown under our belts. This reflects the continued overall lack of inventory in the market; this amount of inventory is improving.

Activity By Price Band - Boulder County

Buyers bought in all price categories last week, after they discovered there were still good mortgages after the Fed raised interest rates. Every segment of the market had decent to good buyer activity.

Price changes went down for the first time in months, backing down to 66 last week. Was this because of the holiday weekend? Or because of an increase in showings? Our Boulder realtors will keep track of this trend.

BUYER OPPORTUNITY: Interest Rates Down

Rates have dropped in the past few weeks, due to a lot of things: they probably rose too aggressively in June, the Core PCE inflation findings show reduced inflation for the 3rd month in a row, manufacturing orders are slowing, etc.

Lenders currently have a lot of interesting loans to keep the rates low. It is possible to find good options in the 4s.

BUYER OPPORTUNITY: Demand for Vacation Homes Now Below Pre-Pandemic Levels

If you thought you missed your opportunity to invest in a vacation home, now is the time.

Vacation home demand slowed considerably this year, with the unknowns of the stock market and rising interest rates.

Mortgage locks for 2nd homes, a coincident indicator of second home buyer demand, are now slightly lower than it was before the pandemic.

There is less competition right now to buy a second home. Not having to pay a premium/not having a competitive offer scenario may be a net gain over higher interest rates.