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Your Castle Real Estate August Newsletter 2023

Updated: Nov 5, 2023

Mikaela Shiffrin's Denver Condo Hits the Market

One of our very own Realtors®, Ben Babbitt, is spearheading the sale of none other than Olympic gold medalist Mikaela Shiffrin's second home in Denver! She holds the record for the most Alpine World Cup wins of any alpine skier in history (88 wins). Her elegant condo is located on the 34th floor of The Spire.

Purchased when The Spire was first opened back in 2009, the condo served as a family retreat for the Shiffrins before Mikaela’s World Cup races. Shiffrin shared, "It’s a place that’s close to my heart and I have so many memories of my dad and so much time we spent there with him." Yet, despite the emotional attachment, the Shiffrin family has decided to sell the condo, closing a cherished chapter.


Listed at just $745,000, this condo offers more than a place to live; it presents buyers with a unique opportunity to own a piece of Colorado ski racing history and connect with Mikaela Shiffrin's extraordinary legacy. As Mikaela and Ben navigate this sale, they are bringing a touch of Olympic prestige to the Denver real estate market. Good luck you two!

(Story Source: 9news.com/article/money/markets/real-estate/mikaela-shiffrin-denver-condo/73-196d9968-7e38-4595-8d10-06e761e83cc3 . Image Sources: Benjamin Babbitt and Alessandro Trovati, AP)


LOCAL MARKET UPDATE


Buyers Rates Increasing, but Sellers with Rates Under 5%


The Metro Denver real estate market remained slower in July, with an 18.5% decrease in sales. The number of Active Listings for sale also saw a notable decline of 14% as compared to last July. This decrease in activity can be attributed to the reduced attractiveness of moving for homeowners who locked in mortgage rates around 3% in 2020-2022. A recent Zillow® survey showed that homeowners with mortgages over 5% are twice as likely to consider selling within the next three years as those with rates under 5%.

Mortgage rates are on the rise again as of 8/16, at 7.58% on average nationally, due to inflation concerns. That story is likely to slow the market even more as it develops, but on the bright side, may mean less competition for qualified buyers for the rest of summer.

Average prices demonstrated a modest 1% increase in July as compared to July ‘22. This real estate market recovery follows a slight but consistent upward trajectory since the bottoming out of prices around September/October 2022. The rest of the year is expected to see prices fluctuate by about -2% to +2% year-over-year.


INFO FOR SELLERS


Acting Now May Be Less Stressful


The reduced number of Active Listings shows that moving is less attractive for many, especially those who locked in lower mortgage rates a few years ago. Forecasts suggest that sometime next year rates might decline, leading to a surge of buyers and a temporary spike in prices. However, holding off for that moment or trying to time the market may not be the wisest decision.

Although waiting could lead to better prices for Denver sellers, those trading up might find it advantageous to act now with less market stress. Plus, if you plan on buying elsewhere in Colorado, now may be an opportune time to trade up or down, with the option to refinance later if rates become more favorable. Collaborate with me to strategize and get the best value for your home in this shifting market.


INFO FOR BUYERS


Seize the Moment: Why Buying Now Makes Sense


Current conditions present an interesting opportunity for potential homebuyers. Though mortgage rates have risen again recently, the market is not as competitive as it might become when rates drop, potentially as soon as next year based on economic forecasts. Waiting for a year might also lead to a temporary spike in home prices due to increased buyer demand, increasing competition, potentially making now an ideal time to act.

Additionally, properties currently sell around their asking price, unlike last year where they were typically selling above. This provides a better negotiation environment for buyers. Prices have stabilized and you can potentially secure a property without extreme bidding wars. And remember, you can always refinance later if rates drop. Reach out to me today and let’s discuss getting you a foothold in the Denver housing market.


*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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