Why Overpricing Your House Can Cost You

 
 

If you’re trying to sell your house, you may be looking at this spring season as the sweet spot – and you’re not wrong.

We’re still in a seller’s market because there are so few homes for sale right now. And historically, this is the time of year when more buyers move, and competition ticks up. That makes this an exciting time to put up that for sale sign.

But while conditions are great for sellers like you, you’ll still want to be strategic when it comes time to set your asking price. That’s because pricing your house too high may actually cost you in the long run.

The Downside of Overpricing Your House

The asking price for your house sends a message to potential buyers. From the moment they see your listing, the price and the photos are what’s going to make the biggest first impression. And, if it’s priced too high, you may turn people away. As an article from U.S. News Real Estate says:

Even in a hot market where there are more buyers than houses available for sale, buyers aren’t going to pay attention to a home with an inflated asking price.”

That’s because no homebuyer wants to pay more than they have to, especially not today. Many are already feeling the pinch on their budget due to ongoing home price appreciation and today’s mortgage rates. And if they think your house is overpriced, they may write it off without even stepping foot in the front door, or simply won’t make an offer if they think it’s priced too high.

If that happens, it’s going to take longer to sell. And ideally you don’t want to have to think about doing a price drop to try to re-ignite interest in your house. Why? Some buyers will see the price cut as a red flag and wonder why the price was reduced, or they’ll think something is wrong with the house the longer it sits. As an article from Forbes explains:

“It’s not only the price of an overpriced home that turns buyers off. There’s also another negative component that kicks in. . . . if your listing just sits there and accumulates days on the market, it will not be a good look. . . . buyers won’t necessarily ask anyone what’s wrong with the home. They’ll just assume that something is indeed wrong, and will skip over the property and view more recent listings.”

Your Agent’s Role in Setting the Right Price

Instead, pricing it at or just below current market value from the start is a much better strategy. So how do you find that ideal asking price? You lean on the pros. Only an agent has the expertise needed to research and figure out the current market value for your home.

They’ll factor in the condition of your house, any upgrades you’ve made, and what other houses like yours are selling for in your area. And they’ll use all of that information to find that target number. The right price will bring in more buyers and make it more likely you’ll see multiple offers too. Plus, when homes are priced right, they still tend to sell quickly.

Bottom Line

Even though you want to bring in top dollar when you sell, setting the asking price too high may deter buyers and slow down the sales process.

Connect with a local real estate agent to find the right price for your house, so we can maximize your profit and still draw in eager buyers willing to make competitive offers.

Read more at KeepingCurrentMatters.com

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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West + Main Agent Emily Lawless Named to NAR's 30 Under 30 Class of 2024

 
 

Congratulations to West + Main Agent Emily Lawless for being selected as a NAR 30 Under 30 Honoree!

I’m honored to be named one of NARs 2024 30 Under 30 Honorees. Having the opportunity to serve my Summit County community and share the mountain lifestyle I love is something I’m tremendously grateful for. Being recognized amongst these incredible Realtors means so much. Thank you friends, family, and clients for your continued support over the years, you all inspire me every day.

- Emily Lawless

About Emily Lawless

Emily Lawless was born + raised in Overland Park, Kansas, before she made the move to Fort Collins to attend CSU (Go Rams!) in 2012. After receiving her degree in Marketing, Emily headed West to the beautiful town of Breckenridge, where she worked as an event planner.

The transition to Real Estate felt natural to Emily, where she combines her meticulous organization, marketing, and people skills to help folks reach their home ownership goals. Whether she’s meeting with a new buyer to help them sort through their wants vs needs list, or helping clients understand the unique market of Summit County - there is no one better to guide you through this journey. Having spent multiple years as a Real Estate Agent in Summit County, Emily is well versed in many types of sales, from primary residences to investment and vacation homes.

When Emily isn’t helping her clients make smooth moves + transitions, you’ll find her walking her adorable dog K.C. or enjoying one of Colorado’s incredible outdoor activities - like hiking, biking, or snowboarding. On NFL game days, Emily will be cheering on Patrick Mahomes as he dominates the field for the Chiefs at Ollie’s, and on snowy afternoons she’ll be enjoying a happy hour beer at RMU. Need a food recommendation, or ready to chat about buying in the mountains? Emily is your gal for all things Summit County!

About NAR’s 30 Under 30

The mission of 30 Under 30 is to recognize young members of the National Association of REALTORS® who are achieving extraordinary things in their businesses, associations and communities in every part of the country.

The 2024 class of 30 Under 30 is a group of entrepreneurs characterized by their innovation, resilience, and dedication to serving their clients. They have demonstrated exceptional problem-solving skills and adaptability, overcoming challenges with poise and creativity. Some entered the field following life-altering experiences during the COVID-19 pandemic, while others held a lifelong passion for effecting change and serving their communities through real estate opportunities.

They’ve persevered in a challenging market, laying the groundwork for the next wave of homeowners. Whether launching their own brokerages, bridging homeownership disparities through community engagement, or crafting ingenious marketing campaigns, these individuals have exhibited proactive, solution-oriented mindsets.

This year, approximately 300 young real estate practitioners applied for a spot in the esteemed 30 Under 30. In early March, a panel of judges narrowed the field to 50 finalists. Then, from April 3 to 10, the public cast 40,680 votes in the Web Choice Award voting. The remaining 29 honorees were chosen by the judges from the pool of finalists, including West + Main Agent Emily Lawless. Discover more about the 25th class on June 24, when their individual profiles will be published in a special digital edition of REALTOR® Magazine. You may also read the profiles on the 30 Under 30 homepage.

Learn more here.

Your complete guide to Colorado farmers markets 2024

 
 

Spring has officially sprung, which means it’s time to grab your favorite canvas bag or woven basket and start shopping local again.

When it comes to fresh, Colorado food, those of us along the Front Range have lots of options. Local farmers markets are stocked with plenty of farm-fresh produce, as well as delicious baked goods and specialty and prepared items. But there’s more to the farmers market scene than all that. The markets double as festive street fairs, many featuring music, live entertainment, and/or activities for kids.

Take some time this season to enjoy the wonderful markets listed below. Who knows? You might even decide to try a new market every week of the summer.

Boulder Farmers Market (Saturdays)

Open: Starting April 6 on Saturdays from 8 a.m. to 2 p.m., through Nov. 23.

Things to know: Run by Boulder County Farmers Market, these  markets make sure everything is truly local, and focus on produce, protein, plants, and dairy. Look for monthly artisan markets on the second Saturday of every month. No pets allowed.

Features: Weekly live music, kids’ crafts; first-taste-of-the-season product samplings; community gatherings.

Location: Near Central Park, on 13th Street between Canyon Boulevard and Arapahoe Avenue, Boulder; bcfm.org

Longmont Farmers Market
Open: Starting April 6 on Saturdays from 8 a.m. to 1 p.m., through Nov. 23.

Things to know: Run by Boulder Country Farmers Market, the Longmont market is a local institution featuring over 120 local producers and artisans. Keep an eye out for monthly artisan markets on fourth Saturdays. No pets allowed.

Features: Plenty of parking; live music; kids’ crafts and play space.

Location: Boulder County Fairgrounds, 9595 Nelson Rd., Longmont; bcfm.org

Boulder Farmers Market (Wednesdays)

Open: Starting May 1 on Wednesdays from 3:30 to 7:30 p.m., through Oct. 2.

Things to know: Run by Boulder County Farmers Market, this is the smaller version of the weekend market, but there are still plenty of local farms, ranches and craftsmen to keep the kitchen stocked. No pets allowed.

Features: Weekly live music; new producer features; pop-up beer garden serving local brews.

Location: Near Central Park, on 13th Street between Canyon Boulevard and Arapahoe Avenue, Boulder; bcfm.org

Southwest Plaza

Open: Starting May 4 on Saturdays from 8 a.m. to 2 p.m. or sellout, through Oct. 26.

Things to know: The oldest market in Denver. Metro Denver Farmers’ Market has been running markets for 40 years and accepts SNAP and EBT cards. This modestly sized market mixes farmers with local food makers and crafts vendors. Drop by early, April 6 to April 27, for a spring merchant market (artisans and vendors only; no farmers).

Features: Over 30 vendors weekly, including a handful of local farms (Mazzotti Farms and Greenhouses, Mumms Farms, and more).

Location: The southeast parking lot at Wadsworth Boulevard and West Bowles Avenue, Littleton; denverfarmersmarket.com

Cherry Creek (Saturdays)

Open: Starting May 4 on Saturdays from 9 a.m. to 2 p.m., through Oct. 12.

Things to know: Run by Colorado Fresh Markets, this is a popular, contemporary fresh food event located in the heart of Denver’s Cherry Creek neighborhood. The market is open rain, snow or shine, and on all holidays. Free parking; get your ticket validated at the market. Well-behaved pets are welcome.

Features: Dozens of vendors selling everything from Colorado produce, including local cherries, fresh flowers, organic wagyu, artisan pastries, vegan and gluten-free products, street food stands and pet treats. Also, look for the pop-up boutiques and fashion trucks, live music and food trucks.

Location: New this year, the market will be on the east side of Cherry Creek Shopping Center, along South Steele Street near Macy’s; coloradofreshmarkets.com.

City Park Farmers Market

Open: Starting May 4 on Saturdays from 8 a.m. to 1 p.m., through Oct. 26.

Things to know: For its fourth season, key changes make it easier for patrons to shop for a full week of groceries. They’ve added vendors that sell staples like cheese and chicken while continuing to build variety in categories like produce and baked goods. The market features over 100 local vendors.

Features: The market’s chef demo program continues to expand, kicking off with Chef Paul Worthen of Potager on May 25. There’s plenty of parking available in the East High School parking lot. SNAP, WIC and Double Up Food Bucks.

Location: The market’s located near City Park, at City Park Esplanade, the quarter-mile promenade beginning at 2551 East Colfax Ave., running between Columbine Street and East 17th Avenue; cityparkfarmersmarket.com.

Highlands Ranch

Open: Starting May 5 on Sundays from 10 a.m. to 2 p.m. or sellout, through Oct. 27.

Things to know: The oldest market in Denver. Metro Denver Farmers’ Market has been running markets for 40 years and accepts SNAP and EBT cards. This modestly sized market mixes farmers with local food makers and crafts vendors. Drop by early, April 7 to April 28, for a spring merchant market (artisans and vendors only; no farmers).

Features: More than 30 vendors weekly, featuring TruBucha Kombucha, Brad B Jammin Jam, and a variety of local farms (Martindale Farms, Forte Farms, and more).

Location: Highlands Ranch Town Center, 9288 Dorchester St., Highlands Ranch; denverfarmersmarket.com.

South Pearl Street Farmers Market

Open: Starting May 5, Sundays from 9 a.m. to 1 p.m., through Nov. 10.

Things to know: The community-focused group Jarman and Co Events manages this busy market, providing not just produce, but an experience as well. Check out the online calendar of musical guests. The market is open rain, snow or shine, and on all holidays. It closes only for extreme weather conditions.

Features: Fresh produce, meat, cheese, wine, prepared foods and more. Seats available for eating; dozens of vendors; multiple entrances.

Location: South Pearl Street between East Iowa and East Arkansas avenues; southpearlstreet.com/farmers-market.

Erie Farmers Market

Open: Starting May 9 on Thursdays from 5 to 8 p.m., through Sep. 26. No market on Thursday, July 4.

Things to know: This dog-friendly market is run by Real Farmers Market, and has plenty of room for the kids to run around. The market features a diverse line-up of vendors selling locally grown fruits and vegetables, meats, eggs, artisan breads, honey, cheese, coffee, and baked goods, among other specialty items.

Features: Growers sell Colorado-grown organic and pesticide-free vegetables, and orchard keepers bring organic and conventional fruit from Palisade. Expect a mixture of Colorado farms, handicrafts and ready-to-eat foods, and look for natural body care and on-site massage. SNAP and Double Up benefits accepted.

Location: Briggs Street between Wells and Moffatt streets, Erie. realfarmersmarketco.com.

Louisville Farmers Market

Open: Starting May 11 on Saturdays from 9 a.m. to 1 p.m., through Oct. 19.

Things to know: This dog-friendly market is run by Real Farmers Market, and features a diverse line-up of vendors selling locally grown fruits and vegetables, meats, eggs, artisan breads, honey, coffee, baked goods, fresh salsas, pastas, natural body care, cheese and more.

Features: Check the vendor schedule online to make sure your favorite producers are there the week you’re visiting. SNAP and Double Up benefits accepted.

Location: 824 Front St., Louisville; realfarmersmarketco.com.

University Hills Farmers Market

Open: Starting May 11 on Saturdays from 9 a.m. to 1 p.m., until Oct. 26.

Things to know: Small market in the University Hills Plaza parking lot. Plenty of free parking available for shoppers. Kick things off early with a one-day-only spring pop-up market on Saturday, April 13, from 10 a.m. to 1 p.m.

Features: Local produce, handmade goods, food trucks, prepared food, jewelry and more.

Location: University Hills Plaza, 2500 S. Colorado Blvd.; uhplaza.com.

Backyard Sessions at Stanley

Open: Starting May 12 on the second Sunday of every month from 11 a.m. to 3 p.m. through Sept. 8.

Things to know: Formerly known as the Stanley Summer Series, this popular event is getting a makeover for the 2024 season.

Features: Load up on local produce and visit and support Colorado artisans and makers. Live bands, music, dancing and plenty of activities for the kids, including jumpy castles, splash pads and mini-pools. Thanks to Stanley’s common consumption rules, you can grab a drink from one of the bars or breweries indoors and take it with you while you shop outside.

Location: Stanley Marketplace, 2501 Dallas St., Aurora; stanleymarketplace.com/events.

Southlands Farmers Market

Open: Starting May 12 on Saturdays from 8 a.m. to 1 p.m., through the end of September.

Things to know: Run by The LOCAL Colorado, a multifaceted marketplace on a mission to connect Coloradans by making space for communities to engage with local producers and businesses.

Features: Expect a mixture of seasonal produce, locally made home and body products, and art from Colorado creatives.

Location: Town Square in Southlands Shopping Center, E-470 and Smoky Hill Road, Aurora; thelocalcolorado.com.

Parker Farmers Market

Open: Starting May 13 on Sundays from 8 a.m. to 1 p.m., through Oct. 31.

Things to know: Run by The LOCAL Colorado, a multifaceted marketplace on a mission to connect Coloradans by making space for communities to engage with local producers and businesses.

Features: You’ll find more than 100 vendors at this bustling market in historic downtown Parker. Come for local produce, meats and dairy, food trucks, artwork, home and body products and much more.

Location: 19565 Mainstreet, Parker; thelocalcolorado.com.

Highlands Square Farmers Market

Open: Starting May 19 on Sundays from 9 a.m. to 1 p.m. through October 13

Things to know: Jarman and Co Events manages this newer market. Check out the online calendar of musical guests.

Features: Colorado-grown produce, local meat, fresh flowers, baked goods, prepared food and live music. Swing by the market bar for a delicious concoction.

Location: At 32nd Avenue between Julian and Mead streets; highlandssquarefarmersmarket.com.

Glendale Farmers Market

Open: Starting May 25 on Saturdays from 8 a.m. to 1 p.m., through Aug. 31.

Things to know: Brand new this year and run by the Hispanic Restaurant Association. This community-focused market will celebrate a rich tapestry of local flavors, traditions and crafts.

Features: Expect a traditional farmers market experience with produce from local farmers along with meat, artisan breads, pastries, preserves and more. Look for food trucks, demos by local chefs and special booths run by aspiring entrepreneurs from the HRA Academy, a culinary training program at CSU Spur.

Location: 4601 E. Kentucky Ave., near Infinity Park, Glendale; glendalefarmersmarket.com

Festival Park Farmers Market

Open: Starting May 26 on Sundays from 9 a.m. to 2 p.m., through Oct. 13.

Things to know: Located in downtown Castle Rock; run by The LOCAL Colorado, a multifaceted marketplace on a mission to connect Coloradans by making space for communities to engage with local producers and businesses.

Features: Expect a mixture of local produce, meats and artisan products.

Location: Festival Park, 300 Second St., Castle Rock; thelocalcolorado.com.

Evergreen Farmers Market

Open: Starting May 28 on Tuesdays from 10 a.m. to 2 p.m., until Oct. 1.

Things to know: Run by Jump Ahead Events, the market relocated to El Rancho last year, and is now easy to reach from I-70. Lots of free parking right next to the market.

Features: Shop for produce, tamales, pasta, seafood, hummus, tabouli, bread and other baked goods, in addition to women’s clothing, health and wellness items, and CBD products. Lifestyle products and services offered, along with freshly cooked food.

Location: El Rancho, 29260 US-40, Evergreen; farmersmarketscolorado.com.

Urban Market at Union Station

Open: Five summer weekends, June 1 and 2, June 15 and 16, July 6 and 7, Aug. 10 and 11, and Aug. 17 and 18 from 12 to 6 p.m.

Things to know: New this year, Denver Union Station and the Downtown Denver Partnership are teaming up to host a series of unforgettable local markets on the Wynkoop Plaza.

Features: Expect to find a Colorado makers market with some fresh produce and food in the heart of downtown, with plenty of restaurants and shops nearby. Special event: the Mile High Global Bazaar on June 29 and 30.

Location: Denver’s Union Station, at 17th Avenue and Wynkoop Street; unionstationfarmersmarket.com.

Rebel Marketplace

Open: Starting June 1 on Saturdays from 9 a.m. to 1 p.m., through Aug. 31, with a special opening day event on Saturday, May 11 from 9 a.m. to 1 p.m.

Things to know: This small but mighty market is put together by urban farmer James Grevious, and is entirely neighborhood-run, making it a true community market. Many of the goods you’ll find at Rebel Marketplace come from nearby urban farms and local creators.

Features: Hyper-local produce, handicrafts, prepared foods and baked goods. SNAP and Double Up benefits accepted.

Location: Del Mar Park, at Peoria Street and East Sixth Avenue, Aurora; rebelmarketplace.com

Golden Farmers Market

Open: Starting June 1 on Saturdays from 8 a.m. to 1 p.m., through Oct. 5.

Things to know: Established in 2002, the Golden Farmers Market is a cherished community event managed by the Golden Chamber of Commerce. At this busy, sizeable market shoppers can expect live entertainment and products from plenty of local artisans.

Features: Local vegetables, produce, fresh bread and pastries, prepared foods and local art. SNAP and Double Up benefits accepted, and there’s a special booth on the north side of the market to help people out.

Location: Golden Library’s west parking lot, 10th and Illinois streets, Golden; goldenfarmersmarket.org.

Arvada Farmers Market

Open: Starting June 2 on Sundays from 9 a.m. to 1:30 p.m., through Sept. 29. Returns on Saturdays in December for a winter market from 11 a.m. to 3 p.m.

Things to know: A fun, moderately-sized market with a wide variety of specialty items. Parking can be tricky, but it’s worth it, especially at the end of summer when Western Slope peaches are available.

Features: Produce, honey, fresh bread and pastries, dairy, pickled products, house plants, and artisan products including soaps, jewelry, and bath and body products. Enjoy prepared foods such as tamales, burritos and pierogi. You can walk around with libations in Olde Town Arvada.

Location: Olde Town Square, 5702 Olde Wadsworth Blvd., Arvada; arvadafarmersmarket.com.

People + Produce at Belleview Station

Open: Starting June 2 on Sundays from 9 a.m. to 1 p.m. through Oct. 13.

Things to know: A newer farmers market series serving Southeast Denver, Cherry Hills Village, Greenwood Village and DTC.

Features: A place where the South Denver community can shop for local produce, meat, fish, baked goods, dog treats and more. Over 50 vendors weekly, with a beer garden, live music, local performers, food and fashion trucks.

Location: Belleview Station, nestled into the corner of I-25 and East Belleview Avenue, DTC; belleviewstation.com.

The Orchard Farmers Market

Open: Starting June 2 on Sundays from 9 a.m. to 2 p.m., through Sept. 29.

Things to know: This moderately sized market will add new vendors for the 2024 season. Guest parking is available near the market, but shoppers should save the spots closest to Macy’s for department store shoppers.

Features: Delivers a variety of the season’s best produce, including microgreens. Look for dairy, baked goods, honey, local art, and more.

Location: Orchard Town Center, 14535 Delaware St., near the Macy’s parking lot, Westminster; orchardfarmersmarket.com

Green Valley Ranch Farmers Market

Open: Starting June 5 on Wednesdays from 5 to 8 p.m. through Aug. 28.

Things to know: A well-run market in far northeast Denver highlighting hyper-local producers.

Features: Look for a variety of products, including organic and locally-grown micro-greens, baked goods, European pastries, quiches, dairy products, honey, jams, jellies, hand-popped kettle corn, tea, coffee, handmade crafts, jewelry, and more. Free live music and family-friendly activities.

Location: On the south edge of Town Center Park, 4890 Argonne St.; gvrfarmersmarket.com.

Lakewood

Open: Starting June 15 on Saturdays from 10 a.m. to 2 p.m. or sellout, through Sep. 28.

Things to know: Metro Denver Farmers’ Market has been running markets for 40 years, and this is one of its smaller ones. Accepts SNAP and EBT cards.

Features: Expect an intimate shopping experience with around 15 vendors offering produce, dairy, baked goods, prepared foods, clothing and art.

Location: Mile Hi Church, 9077 W. Alameda Ave., Lakewood; denverfarmersmarket.com.

Castle Rock Farmers Market

Open: Starting June 15 on Saturdays from 8 a.m. to 12 p.m. until Oct. 5.

Things to know: This venture has been going strong for over 30 years with the aim of strengthening the local food supply while bolstering a vibrant community of producers and shoppers. The market is set up in the upper parking lot.

Features: Lots of vegetables from farms and micro-farms; fresh fruit, including Palisade peaches; mushrooms; baked goods; local meat raised by Snow Creek Ranch Steaks, among others. There’s even emu oil from Emusement Acres.

Location: Douglas County Fairgrounds, 500 Fairgrounds Drive, Castle Rock; originalcastlerockfarmersmarket.com.

Littleton Aspen Grove

Open: Starting June 19 on Wednesdays from 10 a.m. to 2 p.m. or sellout, through Sept. 25.

Things to know: Metro Denver Farmers’ Market has been running markets for 40 years, and this is one of its smaller ones. Accepts SNAP and EBT cards.

Features: Expect an intimate shopping experience with around 15 vendors offering produce, dairy, baked goods, prepared foods, books, clothing and local art.

Location: Aspen Grove, 7301 S. Santa Fe Drive, Littleton; denverfarmersmarket.com.

Central Park Farmers Market

Open: Starting June 23 on Sundays from 8:30 a.m. to 12:30 p.m. through Oct. 13.

Things to know: Jarman and Co Events manages this neighborhood market. Check out the online calendar of musical guests.

Features: Dozens of vendors selling farm produce, beverages, baked goods, prepared foods and more. Live music or a live DJ every day the market runs.

Location: Founders Green at Central Park, on Syracuse Street and 29th Avenue; centralparkfarmersmarket.com.

Larimer County Farmers' Market

Open: Starting May 18 on Saturdays from 9:00 a.m. to 1:00 p.m. through Oct. 26.

Things to know: The Larimer County Farmers' Market is the oldest farmers' market in Northern Colorado.  Started in 1976 by volunteer Colorado Master Gardeners, the market today still relies on volunteers to be a success. It supports local growers and is a staple of Old Town Fort Collins.  

Features: The market is a growers-only market, which means that all products offered must be grown, produced, or made by our local vendors. We are proud to include around 100 vendors per market season. Vendors offer a wide variety of items including fruits, vegetables, coffee, flowers, baked goods, art, and crafts.

Location: Larimer County Farmers’ Market, 200 W. Oak St, Fort Collins; larimer.gov/extension/larimer-county-farmers-market.

Colorado Springs Farmer’s Markets - Briargate + Cordera

Open: Starting June 5 on Wednesdays from 9:00 a.m. to 2:00 p.m. through Sept. 25., or June 2 on Sundays from 10:00 a.m. to 2:00 p.m. through Sept. 1.

Features: With an average of about 35 vendors, you can look forward to seeing many booths set up including (but not limited to) Abdul's Produce, Royal Crest Dairy, Mountain Man Honey, Homemade Bread, seasonal Palisade peaches,  pasta, tupperware, Pampered Chef, jewelry, dog bones and treats, locally ground coffee, and many more.  This year we will have more produce along with even more vendors!

Location: Briargate: 7610 North Union Blvd, Colorado Springs, Cordera: 11894 Grandlawn Circle, Colorado Springs. https://www.springsfarmersmarkets.com/northern-springs

Breckenridge Sunday Market

Open: Starting June 9 on Sundays from 10:00 a.m. to 3:00 p.m. through Sept. 8.

Features: Featuring over 45 vendors from all over Colorado with a unique selection of artistic creations, handcrafted and homegrown items.

Location: Main Street Station Plaza, 505 South Main Street, Breckenridge; rockymountainevents.com/breckenridge-farmers-market/.

Kremmling Farmers Market

Open: Starting June 6 on Thursdays from 5:00 p.m. to 8:00 p.m. through July 25.

Features: Will feature local artisan vendors and local farmers/ranchers selling local grown or made items. A great opportunity to get fresh, homegrown food, homemade items and as always support our mission to Support Local!

Location: Kremmling Town Square, skyhinews.com.

Read more at DenverPost.com

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Don’t Let Your Student Loans Delay Your Homeownership Plans

 
 

If you have student loans and want to buy a home, you might have questions about how your debt affects your plans.

Do you have to wait until you’ve paid off those loans before you can buy your first home? Or is it possible you could still qualify for a home loan even with that debt? Here’s a look at the latest information so you have the answers you need.

A Bankrate article explains:

Roughly 60 percent of U.S. adults who have held student loan debt have put off making important financial decisions due to that debt . . . For Gen Z and millennial borrowers alone, that number rises to 70 percent.”

This includes one of the biggest financial decisions you’ll ever make, buying a home. But you should know, even with student loans, waiting to buy a home may not be necessary. While everyone’s situation is unique, your goal may be more within your reach than you realize. Here’s why. 

Can You Qualify for a Home Loan if You Have Student Loans?

According to an annual report from the National Association of Realtors (NAR), 38% of first-time buyers had student loan debt and the typical amount was $30,000.

That means other people in a similar situation were able to qualify for and buy a home even though they also had student loans. And you may be able to do the same, especially if you have a steady source of income. As an article from Bankrate says:

“. . . you can have student loans and a mortgage at the same time. . . . If you have student loans and want a mortgage, there are multiple home loan programs you might qualify for . . .”

The key takeaway is, for many people, homeownership is achievable even with student loans. 

You don’t have to figure this out on your own. The best way to make a decision about your goals and next steps is to talk to the professionals. A trusted lender can walk you through your options based on your situation, and share what’s worked for other buyers.

Bottom Line

Lots of other people with student loan debt are able to buy their own homes. Talk to a lender to go over your options and see how close you are to reaching your goal.

Read more at KeepingCurrentMatters.com

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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What will happen to home prices with more inventory?

 
 

We have more listings, more active inventory and more sales than a year ago.

With the Easter holiday last week, data for housing inventory, new listings and the pace of new contracts started all took a breather from their growth pace. Each of those notched down from a week ago and compared to a year ago. This is a holiday effect and it should all be reversed back onto the year’s growth trend by next Monday’s report.

Here’s how 2024 is shaping up: There are now more listings, more active inventory and more sales than a year ago. What’s notable is that last year there were more immediate sales, fewer withdrawals and fewer price reductions. 

The way to look at this is that demand for homes hasn’t really picked up from a year ago. Mortgage rates haven’t fallen — if anything, mortgage rates are higher than they were a year ago. So demand isn’t increasing. 

Sales are increasing because supply is increasing. We’re slowly emerging from a supply-constrained market. Sales in 2023 were held back because there were not enough homes to buy. As sellers gently re-enter the market, more home sales can happen and are happening. 

This flat demand with more supply means that there are less upward pressures on home-price appreciation this year than a year ago. We finished 2023 with 3-5% home-price appreciation and it looks like 2024 will be flat for home-price gains.

Inventory 

There are now 513,000 single family homes for sale on the market. That’s almost 1% fewer than the previous week, with the decline due to the Easter holiday. Inventory will climb again with this week’s data.

There remain about 25% more homes on the market now than a year ago. That’s 100,000 more single-family homes for sale now than a year ago. Some of the markets like Southwest Florida have big inventory gains, others like Boston are still just barely climbing off pandemic lows. But they’re all gaining over last year. 

After this week, it’ll be interesting to watch if the year-over-year changes slow down at all. In 2023, inventory finally started climbing in mid-April and I expect our current inventory growth path to continue for a few more months. Last year there were so few sellers each week and we now observe 10-15% more sellers each week. That growth looks poised to continue.

One reason we know that inventory will keep growing is that we can measure the pre-listings. These are marketed as “Coming Soon” — they’re not actually listed for sale yet. The coming soon listings jumped by 26% this week and are 34% greater than a year ago. That tells me we’ll be back on our inventory growth pace with just this one week dip.

New listings

In the new listings data, you can most clearly see the impact of the Easter holiday. There were only 55,000 new listings last week for single-family homes. That’s down 8.5% for the week and actually 1.5% fewer than a year ago. The Easter holiday was later in April last year, so next week’s data comparison will show a big jump weekly and yearly with two easy baseline comparisons. Because of the mismatched holiday weeks, this was the first week of annual decline in new listings volume since way back at Thanksgiving.

In other words, seller growth continues. It’s not huge, but it is a real growth. And except for the mismatched holiday comparisons, it would have climbed last week, too.

We’ve consistently had more sellers easing into the market. I haven’t seen anything in the data that indicates this will change. Even as inventory builds in some parts of the country, there’s not a general surge. There’s no sign of an imbalance with too many sellers for the current demand levels.

New pendings

The holiday weekend pushed a few contracts out later too. So the new pendings dipped last week too, to just 65,000. That’s 65,000 single-family homes that took offers and started the sales process. There were another 15,000 condos that got offers last week. 

That’s down 6.5% from the previous week and just fractionally fewer than the same time last year. 

Just like the listings volume, the sales volume is definitely increasing. I don’t see any sign in the data of that trend changing. Like I’ve said, if we have a big jump in mortgage rates, that would slow down the sales process. 

And in fact, the 10-year yield has been climbing in response to the continued strength in the economy. It seems like every macro economic data point we get makes it less likely that the Federal Reserve will cut rates soon. Those data points drive the 10-year higher, which puts pressure on the 30-year mortgage rate. The good news is that the spread between the 10-year and the 30-year mortgage rates has been compressing a bit. So even though the 10-year is up a lot, mortgage rates are only up a little. 

That compressing spread is one reason that mortgage rate forecasters keep anticipating lower rates coming this year. Will it happen? I don’t know. We haven’t seen falling mortgage rates yet. The good news is that this housing market will continue to expand even if rates are just stable. They don’t have to fall.

Meanwhile, homes are spending just under 40 days in contract now. That’s less than last year at this time when it was closer to 50 days. Fewer days in contract implies a more resilient market, more likely to close and less likely to fail. It probably also is related to the increase is cash buyers we’ve seen this year.  If you’re looking for bearish signs in the housing data, the days in contract is one you might pay attention to. Days in contract is lower now than a year ago and is ticking down as you’d expect for the season. Currently no notable bearish signal in that data point.

Home prices 

At $395,000, prices for the latest sales (the homes going into contract) are up 5.7% over last year. Home prices are only 2% higher than where they were two years ago. At that time, the pandemic boom was ending and mortgage rates were climbing very quickly. Buyers were getting the very last of the affordable payments and the prices paid for the homes reflect that.

I want to point out that I’m sharing the pending sales data here. The active market is shifting a bit differently. The median price of all the homes on the market, which is the price data I usually share, has actually lost ground since the start of the year. The median price for all the single-family homes on the market now across the U.S. is $440,000. That’s unchanged since last year.

By that measure, home prices haven’t climbed at all in a year now. Zero percent home price appreciation. Last year, the tighter supply was leading to more upward pressure each week on the market. By that measure, we started 2024 with 3% home-price gains and right now we have 0% home price gains. When I say that home prices are looking less bullish than the sales volume numbers, this is what I’m talking about. 

The asking prices are soft and are now showing no appreciation over last year. The sales prices are still showing their 5-6% annual gains that you’ll hear in the headlines.

Price reductions

Let’s close today with the leading indicator percent of the homes on the market with price reductions. Currently 32% of the single-family homes on the market have taken a price cut from the original list price. That’s up just a fraction from the previous week but it’s notably higher than last year at this time. There are more sellers now who have felt the need to cut their asking prices than a year ago. We can see slight weakness in those asking prices now.

Now, it’s not a lot of price cuts and it’s not rising super rapidly. It’s not deteriorating from here. And that’s why we do this data work each week. This market is trying to grow, but homebuyers are obviously sensitive to the cost of money.

Read more at HousingWire.com

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