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10 11 24 Colo real estate expert Cooper Thayer talks about new housing market info
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Experience sensational sound with Vizio's soundbar collection. Starting at just $99, there's a sound bar for every budget. With Dolby Atmos in every model, cinema quality sound is closer than ever. This collection features Vizio's simplest setup yet, so you'll be streaming your favorite iHeart Radio playlist in no time. Whether you're looking for a simple setup or the cutting-edge Elevate SE with 360-degree sound immersion and auto-rotating speakers, Vizio has you covered. Head to Best Buy or Amazon to find the perfect Vizio sound bar for you. It is Colorado's morning news. Marty Lenz, Gina Gondack, good morning. A new housing report highlighting data for the Denver metro area showing that home prices are showing a slight decrease year over year. Yeah, this comes after the Fed reduced interest rates last month in active inventory starting to improve as well. Joining us now on the KOA common-spirit health hotline from the Colorado Association of Realtors, it's Cooper Thayer. Cooper, thank you so much for your time this morning. Hey, thanks so much for having me. Hey, listen, as someone who just started peeking around, seeing what the buying options are, I can't relate to the title of this report anymore, of inventory supply, reaching the highest level in decades yet buyers are choosing to wait out the election in possible future interest rate cuts. So explain a little bit more about those main points in that report and why some people are kind of holding off for right now. Yeah, absolutely. So the current state of the market statewide, is that home prices really have remained pretty stable this year. And in fact, last month, median sale price in Colorado was nearly identical to that of this time last year. But the dynamics within the market have definitely changed a little bit recently, even though prices haven't moved much. They're about 19% more active listings on the market right now than this time last year. And that abundance of supply combined with, as you mentioned, a little less enthusiasm from home buyers has really slowed down the pace of sales activity, resulting in listings spending about 20% more time on the market before finding a buyer than this time last year. Cooper, how much do interest rates play into this as well when you're trying to get a mortgage? They're certainly a major factor for buyers when analyzing their monthly budgets. And of course, we did get some good news from the Federal Reserve last month with a reduction in their interest rates. However, we haven't quite seen any relief in the mortgage market quite yet. The common misconception that those rates are directly correlated, but the truth is mortgage rates are really set by the investors in mortgage, in the secondary mortgage market, who haven't quite cooled off yet with their inflation expectations. So, Cooper, with all of that information right now today, is it a buyer's market or a seller's market? In most areas of the state, I would say, it is actually relatively balanced market. There's not a significant advantage between buyers and sellers in transactions. Historically, we've always been a very strong seller's market, especially in the Denver metro area with such a constraint on supply and abundance of demand. But now we've started to see things balanced out a little bit. Demand has waned and supply is at a fairly high level, but not so high that buyers have all of the negotiating power in transactions. Where's the toughest price range? Is it that $500 to $1 million range to find that home? Is that where most people are congregating at this point to what is affordable, at least based on the costs of Denver? Yeah, that is certainly the most prevalent price range in where a majority of transactions occur. Although, I would say the toughest price range to be at a buyer is going to be below that. We certainly, especially in the Denver metro area, have a shortage of supply of truly entry-level housing, which you may disagree with, but it really starts below about $500,000 today. And at a seller, a tough market to be in right now is going to be the luxury market. We've seen quite a bit of a slowdown in homes of priced over $1 million this year as especially sophisticated buyers in that luxury market or really taking that weight and fee approach with it being an election year and economic uncertainty on the horizon. Well, Koopa, let's go there with the entry market because I've drive around the front range quite a bit, just for a variety of reasons. And I see homes that are under five that are in the forest. The problem is, is you're living 35 minutes or 35 miles, whatever it is, outside of a metropolitan area. So there's opportunity, but there's other costs associated. You've got to be willing to give up a probably a little bit of lifestyle, be willing to drive a little more. Are those some of the things that younger or entry-level home buyers have to maybe get their arms around and realize, this isn't the reality if I want to be able to buy in? Yeah, absolutely. Those are certainly important factors that play into pricing and lack of affordable pricing in that entry-level segment. And another big factor is the condo market, especially in Denver. We really have a shortage of condos. And the condo market has been struggling recently due to affordability with the ongoing monthly costs of homeownership, like HOA dues and rising insurance premiums. So those factors have strained buyer's budget and decreased the total purchase price they're able to afford and really slowed down the pace of sales in the condo market specifically. So Cooper, what would be your biggest recommendation for buyers looking to buy right now? For buyers, it's definitely the best time to be patient and trust the process. You know, there's a lot of inventory out there. You have a lot of choices and you do have more negotiating power than buyers have had in this market historically. So be strategic in your approach and work with a realtor you trust that understands the market and can help find good deals for you both with home prices, firms, and finances. And just a quick follow-up to that. If you're a seller in this market, now that's more balanced, what should they be aware of? Sellers should be focused on making your home stand out. There's lots of competition on the market and it's important to put in the extra little bit of work to attract buyers to your listing. I will say most buyers I've worked with this year have been very reluctant to purchase a home that needs repairs or updates. So sellers can complete those projects before going on the market and that'll result in a pretty big advantage in this competitive environment. From the Colorado Association of Realtors, it's Cooper Thayer. Cooper, thank you so much. Great insight. We really appreciate it this morning. Thanks for having me. Head over to NFLShop.com today for the largest collection of officially licensed gear from all your favorite brands. NFLShop is your ultimate destination for the official NFL sideline collection worn by players and coaches on game day. Explore the same sideline and on-fuel gear worn by your favorite players and coaches at NFLShop. To shop now, go to NFLShop.com. It is Ryan C. Chris here. People always say it's good to unwind, but that's easier said than done. The exception, Chumba Casino. They actually make it easier done than said, or at least the same. Chumba Casino is an online social casino with hundreds of casino-style games like Slots and Blackjack. Play for fun, play for free for your chance to redeem some serious prizes. Sign up now and collect your free welcome bonus at ChumbaCasino.com. Sponsored by Chumba Casino. No purchase necessary. VGW Group. Void we're prohibited by law. 18-plus terms and conditions apply. 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