Denver | Mid-December | Top Ten Talking Points

1) As we enter the new year, expect the media headlines to SCREAM about a loss in home value versus the reality, which is a return to a normal market. The data being compared is the chaos of 2022 versus now which is our market "normal".

2) SELLERS - In general, higher prices hit closer to the end of the spring season. February to May is ideal across all price points, but your ideal list time is neighborhood- and price-dependent.

3) Inventory is down (1.8mo) in the last month which is seasonally expected.

4) SELLERS - Listing your home for sale does not mean it will sell. The odds of selling is 45% (an increase from this time last month). The odds go up when you price your home appropriately and have a broker with an effective launch strategy in today's market.

5) Superbowl weekend will be the catalyst of the "spring market" where more homes go under contract after the weekend.

6) Although a shallow year for appreciation, homeowners are still flush with equity over the last decade of extreme home appreciation.

7) SELLERS - Dropping your price is strategic today. There is an ideal window to actually drop your price and if you do it too early, you will be ineffective. Also be aware of what type of price reduction is needed to get a contract. A 1% reduction will not work.

8) BUYERS - You have an ideal negotiation time, but don't expect it to be right after a price reduction. Sellers are establishing a new "anchor" when they drop price. As a buyer, anticipate roughly 6-8% negotiation power if the seller has not reduced pricing yet.

9) 57% of all closings had a seller concession likely used by buyers to buy their rate now.

10) The reality is that the sellers of early 2022 simply WON THE LOTTERY. The lottery is over. Selling or buying a home takes significant strategy from a broker who has their ear to the ground every single day to identify opportunities.

CJ Porterfield Greg Cox

#luxuryhomes #denverrealestate #livsothebys #denvercolorado #denverrealestateagent