2023 Market Update

2023 marks my 29th year in real estate. I couldn't have made it this far without you and it has truly been a privilege working with you! In looking ahead at what this year might look like; I can only guess it's going to be interesting as always. Since RE/MAX of Boulder began tracking Boulder County home values in 1978, annual appreciation has averaged 6.185%. In 2022, the median price of single-family homes in Boulder County increased 7.4% and attached dwellings were up 12.4%. Not too shabby in a year when interest rates doubled and the number of sales decreased 27%. I believe that values will remain stable and most likely rise a bit in 2023 since inventory levels remain near historical lows and Boulder County continues to be rated one of the most stable real estate markets in the country. In the context of other investments – stocks, bonds, crypto-currency, etc. – buying REAL property in Boulder County rises to the top as a powerful and consistent way to build wealth.



It has been my observation over the years that the best time to buy real estate in Boulder County is always 6 months ago, so if you are considering buying, think sooner rather than later. After 11 years of rapid appreciation, the Boulder County real estate market has settled down a bit and buyers have more options. Also, interest rates have risen, but lenders have some creative loan programs. If you’re going to sell this year, the first quarter is traditionally an excellent time to be on the market. Buyers have a high sense of urgency in the first quarter and I’m already seeing good market activity and quick sales in some cases.

As we get into the swing of a new year, I’m writing to offer you my time. Let’s meet for a cup of coffee and review your real estate portfolio (whether it’s one property or many). Together, we can brainstorm goals or talk through any options you may be considering – upsizing, downsizing, remodeling, venturing into income property, purchasing a 2nd home outside of Boulder County or leveraging your investments to increase your holdings.

I’m optimistic about our market in 2023! I hope I’ll have the opportunity to put my experience and passion for real estate to work for you – whether it’s all-around service or just some straightforward advice. Also, please know that I always have time for your friends, family and co-workers and greatly appreciate your referrals. I promise to provide outstanding service that will make us both look good.

Best, Rich

Discounted Holiday Real Estate and Happy Thanksgiving!

The real estate market has continued to slow as we enter the holiday season. This is completely normal for this time of year and as always, the slower market offers an excellent opportunity for investors and owner occupants alike. I have investor clients who have done incredibly well buying rental properties during the holidays and it's also a great time for owner occupants who happen to be looking right now. Every year there are sellers who came on the market too late in the season and at too high of a price. As the holidays approach, some sellers become very motivated. Traditionally, I see properties selling at a 5% discount during December, but this year it is entirely possible to purchase a property for 10% lower than it would have sold for this summer. And as a bonus, it will most likely be worth more by next March. I have seen this pattern play out year after year. Interest rates have recently dropped because of reports showing that inflation is improving. I am working with a lender who currently has rates below 6%. For sellers, it's best to list after the New Year since the market will pick up once the holidays are over. Please let me know if you'd like to discuss the opportunity that the current market presents. Also, I'd like to take a moment to express my gratitude to you, my clients, for your business, referrals and friendship. I am sincerely thankful for you. Happy Thanksgiving to you and your family! All the Best, Rich

September Market Update

The Boulder County real estate market has continued to slow into September with available inventory increasing and the number of homes under contract decreasing. Statistically, this is normal for this time of year, but rising interest rates are causing housing demand to slow more than usual as some buyers pause to see what will happen with interest rates. This is most likely a temporary situation.

There has been speculation by some economic observers that housing prices will be falling. However, there is one thing that is overlooked in these predictions when it comes to our market - housing supply. The inventory of available homes in Boulder County is still close to the lowest in the last 20 years with the exception of 2021 which had the lowest amount of housing inventory on record. The rapid double digit appreciation of 2020 and 2021 may be behind us, but the Boulder County real estate market is among the most stable in the country. According to a recent CoreLogic Home Price Insights Report, they expect to see a more balanced market in the next year with year-over-year appreciation slowing to 3.8% by July 2023. Annual appreciation at 3.8% may not sound exciting, but it's way better than falling prices.

Housing supply has been on a downward trend for many years in our market which has helped to stabilize and increase home prices. These factors point to our real estate market continuing to remain strong and stable. If you want to buy or sell, I would encourage you to reach out to me for questions, ideas and advice.