Every year when our property tax valuation comes in the mail, my wife and I think, “No way! Our house value didn’t jump that much!—we wish!”We live in Adams County.
2024 Projections
Dated: January 3 2024
Views: 5
2023 is a wrap.
A new year. A new market. Lower interest rates. Lower inflation. More sellers. More opportunities. Enough buyer demand to generate more closings but not too much to inflame home affordability, and a return to historic Metro Denver appreciation.
…Some of these dreams will come true in 2024.
2023 buyers were challenged. 30-year fixed rate bounced from 6.6% down to 5.9% up to 8% and back down to 6.6%, making budgeting and planning to buy a home a bit like wandering punch drunk. For those that were up for the challenge–a 1.7% loss in value from the year prior, but because they were able to negotiate lower prices, seller concessions for rate buy-downs and closing costs and had little to no competition, what a gift they received!
Metro Denver had one of its lowest “new listing” years coming in 18% lower than 2022 and 30% lower than 2019. Sellers who priced right and staged right and were willing to negotiate, closed on their homes.
In the world outside, joblessness remained low, stocks did well and there was no recession. 2023 was not the magical year we hoped for though with 2 monumental wars around the world, government shutdown threats, bank failures, employee strikes, and erratic mortgage rates hit 23 year highs.
Yet life goes on with new marriages, new babies, new jobs, new transfers and people yearning to move to a new home.
I am not sure 2024 will feel much different than 2023 for the real estate market. I think we will notice a slight tick up in price growth by the end of the year. We will probably have slightly more transactions with a mortgage rate a little lower than where it is now by mid year. But none of that defines the year. Each homeowner, every first-timer, every dream, every family bursting at the seams, they are the ones we help and they define our moments and give us reason to celebrate.
Ron Gerbrandt
Ron and Michele Gerbrandt are award-winning REALTORS® with Berkshire Hathaway HomeServices Colorado Real Estate, recognized with the Chairman’s Circle Gold Award—placing them among the....
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2023 is a wrap. A new year. A new market. Lower interest rates. Lower inflation. More sellers. More opportunities. Enough buyer demand to generate more closings but not too much to
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