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Your Castle Real Estate September 2023 Newsletter

Updated: Nov 5, 2023

REAL ESTATE NEWS


A Very Brady Home Sale


In a quirky bit of real estate news — the iconic home that many remember as the "The Brady Bunch" house now belongs to a new owner, Tina Trahan. She recently bought the L.A. property for $3.2 million. If you can believe it, she considers that price a bargain! However, she sees the house as more of an art piece than as a livable home.



As a bonus to being the home exterior shot used on “The Brady Bunch”, back in 2019 “The Property Brothers” Drew & Jonathan Scott renovated the home's interior to mirror the original show as well. This was during their 4-part special, “A Very Brady Renovation.” Using their fame, and H.G.T.V.’s fortune, they recreated elements like the family’s floating staircase and the 60’s style orange and green kitchen.



Trahan, the wife of a former HBO chief executive, plans to use this one-of-a-kind purchase for charitable events, highlighting its rich TV history and present-day design magic. It is a surrealist monument for fans of the classic show, and often has tour buses driving by to take photos. Maybe someday you too will have a chance to walk down memory lane in what the new owner refers to as “a life-size dollhouse."



LOCAL MARKET UPDATE


An Unexpected Surge in New Listings


In a departure from the typical August lull, the metro Denver market showed an 8% month-over-month surge in New Listings since July. That is a shocking increase, since historically we would never expect activity to speed up moving from summer into fall.


It is too early to tell if this is an ongoing trend or just a blip, but Your Castle Founder Lon Welsh thinks it may be due to a recent rise in seller sentiment. Potentially, sellers have given up on waiting for rates to go down this year, and rate hikes have convinced some to cave into the pressure of life events that usually make people move (having kids, getting divorced, upsizing, downsizing, a death in the family, etc.) However, it is still too early to tell why more new listings were added in August.



Despite fluctuating rates, which reached a peak of 7.5% in mid-August, the market seems to be holding steady. Homes are selling right at the asking price, as opposed to at a premium. With a mere 2 Months of Inventory (MOI), the market still leans in sellers’ favor, but the new listings give a glimmer of hope to buyers.

(Info Source: DMAR (The Denver Metro Association of Realtors, Your Castle Real Estate Analysis).


INFO FOR SELLERS


Equity Is Your Advantage



A significant portion of homeowners find themselves with over 50% equity in their homes, making this a potentially lucrative time to sell. That pent-up equity can be used to offset the costs of rising rates, and also for a higher down payment on your next home. Well-priced homes in prime locations are still selling quickly. The demand for homes remains high.


Looking forward, the number of Active Listings will likely continue to increase until a few weeks before Thanksgiving. Then, historically speaking, a number of those listings will get pulled off the market until mid-January (if they come back at all). Sales are typically slower around the holidays due to travel plans, time with family & friends, bad weather, etc.

(Info Source: DMAR (The Denver Metro Association of Realtors, Your Castle Real Estate Analysis).


INFO FOR BUYERS


New Listings Are Helpful in Your Search


Despite a roller-coaster August in terms of mortgage rates, the recent spike in listings should be noticeable for buyers. But keep in mind that it is still a seller’s market. This is not the time to ask for too many concessions or discounts. Homes are selling for close to list price. Instead, this change might amount to having 2 or 3 more houses to choose from in your search.


For those on the fence about buying, know that when rates do eventually drop, whether it’s 6, 12, or 24 months from now, there will likely be a massive influx of buyers. Competition will be fierce. Buying now may spare you from some of that drama. Plus, you would be building equity in the meantime since modest price appreciation is prime to continue over the next several years.

(Info Source: DMAR (The Denver Metro Association of Realtors, Your Castle Real Estate Analysis).


*We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors of omission in the content.

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