September 2022 Market Update

Read on for seasonal tips to consider and discover lifestyle tips curated just for you!

4th Annual Making

Moves Open

Thank you to all our friends and clients who attended the 4th Annual Making Moves Open. The golf tournament was held on August 27 at Willis Case Golf Course. We had over 130 participants and raised over $2,000 for charity. The proceeds will benefit A Precious Child.

MARKET UPDATE

Experts Project MortgageRates Will Stabilize

While mortgage rates continue to fluctuate due to ongoing inflationary pressures and economic uncertainty, experts project they’ll start to stabilize in the months ahead. According to the latest projections, mortgage rates are expected to hover in the low to mid 5% range initially, and then potentially dip into the high 4% range by later next year (see chart below):

Mortgage Rate ProjectionsAugust 2022

That could bring you some welcome relief. So far this year, mortgage rates have climbed over two percentage points due to the Federal Reserve’s response to inflation, and that’s made it more expensive to buy a home. And wondering if the rise in rates will continue is keeping some prospective buyers on the sidelines.
But now that experts say mortgage rates should stabilize, this gives you a bit more certainty about what they think the future holds, and that may help you feel more confident about your decision to buy a home.

BOTTOM LINE...

Whether you’re looking to buy your first home, move up to a larger home, or even downsize, you need to know what’s happening in the housing market so you can make the most informed decision possible. Let’s connect to discuss your goals and determine the best plan for your move.

Renting vs. Buying

Rental prices are on the rise. Denver rental prices increased by 20 percent since June 2019. The median 2-bedroom rental is currently going for $2,340.
According to Keeping Current Matters, "The equity you build as a homeowner gives your net worth a big boost. And with high inflation right now, the link between owning your home and building your wealth is especially important."
"Year-to-date, Denver Metro is up 8.49 percent in median sales price. That translates to the average homeowner gaining $49,233.51 in equity," (DMAR).

Top Tips for Denver Metro Home Buyers

If you are looking for a "deal," search for homes with price reductions and/or that have been on the market longer than the average (19 days).
Get quotes from multiple lenders on rates since your monthly payment will significantly change based on your locked-in rate.

Top Tips for Denver Metro Home Sellers

Prices dipped month-over-month by 4.53 percent. We will likely see prices continue to drop as we head into the cooler months.
Home sales are expected to decrease in the coming months as the market continues to cool seasonally.
Establish a selling timeline for your home and be ready to make price reductions as needed to make that timeline work. If your home takes three weeks to sell, what does that mean for your moving plan?

LUXURY LIFESTYLE

August Market Snapshot ($1M+)

Included Counties:

Adams | Arapahoe | Boulder | Broomfield | Clear Creek

Visit luxuryatcompass.com

FEATURED LISTINGS

& SALES

6680 Canosa Street Denver Offered at $760,000	10143 Wyandott Circle North Thornton Offered at $460,000
1308 Elbert Avenue Loveland Offered at $675,000	1750 Wewatta Street, Unit 1213 LoDo Pending
866 South Reed Court, Unit D South Alameda Pending	1142 Rubinette Lane Berthoud Sold for $755,000 (Represented Seller)
956 South Ogden Street Washington Park West Sold for $1,720,000 (Represented Buyer)	640 Colorado Boulevard Denver Sold for $759,000 (Represented Buyer)
8153 Kline Street Arvada Sold for $685,000 (Represented Buyer)	3760 South Elati Street Englewood Sold for $575,000 (Represented Buyer)

LOCAL HAPPENINGS

Denver Oktoberfest

September 16th-18th & 23rd-25th

The Denver Oktoberfest has been a staple two weekend festival in Downtown Denver since 1969. From keg bowling to stein hoisting, live music and more, there’s something here for Oktoberfest pro’s and first timer’s. So grab your stein, throw on your lederhosen and head downtown!

Learn more here.

Telluride Blues & Brews

Festival — Telluride Arts

District

September 15th-18th

Telluride Blues & Brews Festival is a three-day music festival in the Town of Telluride. Blues & Brews is a celebration of music and microbrews held in Telluride Town Park, an outdoor music venue with 13,000 foot mountains as a backdrop.

Learn more here.

Denver Beer Week

September 30 – October 8, 2022

Enjoy 9 days of all things beer during Denver Beer Week. There will be more than 100 beer-related events in Denver, Want to experience the best of the city's craft brewery scene? Explore the Denver Beer Trail where you'll find a diverse range of brews broken down by neighborhood.

Learn more here.

LIFESTYLE TIPS & TRICKS

Colorado’s Fall Colors Are Coming

Leaf-peeping season is around the corner and we’re counting down the days until fall colors erupt all over Colorado, and experts say this could be an exciting year for fall colors across Colorado. Last year the change began in northern Colorado the second week of September.

Click here for a map of the average view dates!

5 Scenic Overlooks in Colorado You Can Reach in Your Prius

From 14,000-foot mountaintops to roadside pulloffs and a lofty memorial site, passenger cars will have no trouble reaching these five scenic overlooks located within about two hours of Denver, from Rocky Mountain National Park to Pueblo.

Courtesy of 5280

8 Historic Architects Every Colorado Design-Lover Should Know and Celebrate

Their impressive designs have played a major role in making our state's built landscape so unique.

Courtesy of 5280

Meg Pitkin

REALTOR®
M: 815.608.7482
[email protected]

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.