Spring Market Update 2024

Interest rates have continued to be a driving force in our market. Economic predictions indicate mortgage rates may decline modestly this year. This would ease the cost of borrowing and generate an increased demand for home sales.

For Buyers - The question many are considering is whether to buy now with rates in the 6.75% range or wait until rates drop a bit. My opinion is that it's best to buy now rather than later for two reasons:

#1 - If interest rates begin to decrease, it will lead to an influx of buyers into the market. The pent up demand will result in increased competition and in turn drive up the prices of available homes. Buying now means more selection, less competition and lower prices. And, there is always the option to refinance if interest rates drop.

#2 - For perspective, interest rates were at about the same rate in 1998 that they are now. If a buyer in 1998 had waited until interest rates dropped to 5.875%, they would have been waiting 5 years for a better interest rate and during that period, home prices increased over 50%. In this example, waiting for a lower interest rate would have been very costly.

For Sellers - Spring is the best time to list their home because buyers have the highest sense of urgency this time of year. Current statistics across Boulder County show that the number of homes on the market is increasing and the number of sales are increasing while prices are either flat or rising slightly. These stats show that the market is active and it's a good time to sell.

Whether you are considering buying or selling, please contact me anytime to discuss how to make the current market work for you.

Happy Spring and All The Best,

Rich

Boulder's Newest Upscale Project

I’m pleased to be representing the developer of Sanitas View along side my co-listing agent Lynn Ryan at RE/MAX of Boulder. Sanitas View is Boulder's newest upscale project and consists of 13 luxury townhome style units each with individual, enclosed & private west facing backyards. All units have an attached one car garage + carport, EV chargers, solar panels and options for a roof top deck & elevator. There are two unique floor plans to these lock & leave, sleek, modern units. All units have spectacular views of Mount Sanitas from all levels and some also have Flatirons views. There are beautiful finishes and design details throughout - all units feature skylights, smooth drywall, wood floors and a modern gas fireplace in the living room.

These units are a great fit for anyone who is looking to simplify and embrace a lock & leave lifestyle. The location is incredibly convenient at Broadway & Hawthorn in North Boulder with easy access to open space trails, the Ideal Market area shops and Downtown Boulder.

If you are considering downsizing, simplifying, splitting your time or have a family member moving to Boulder, Sanitas View is an excellent option. Please reach out to me for your own personal tour or if you think Sanitas View may be right for a friend, family member or co-worker. Check out more info at www.SanitasView.com

Thanks and All The Best,

Rich

2024 Real Estate

2024 marks my 30th 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 6.191%. In 2023, the median price of single-family homes in Boulder County decreased a mere 0.6% and attached dwellings decreased 4.4%. Property values in Boulder County traditionally flatten out when the market slows and we are currently in that cycle. The good news is that prices haven't dropped dramatically even though interest rates came close to 8% in October and the number of sales decreased about 20% in 2023. I believe that values will remain stable and most likely will rise a bit in 2024 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 a decade of rapid appreciation, the Boulder County real estate market has settled down a bit and buyers have more options. Also, interest rates have dropped a bit and may drop further this spring. 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 2024! 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