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Front Range Real Estate Market Update, September 21, 2023

Attom Data Solutions is a leading provider of property and real estate data. We like to monitor Attom to understand the market better.

Data from Attom’s just-released “Home Equity and Underwater Report” shows a positive side of the current real estate market and one that will likely help increase the number of homes for sale in the future.

The report indicates that “the number of seriously underwater homes, where the loan balances exceeded the property’s market value by at least 25%, decreased. Only 2.8% of mortgaged homes were seriously underwater in the second quarter, the lowest figure since 2019.”

That’s great news!

You may hear that there’s been an increase in foreclosures recently. That’s true, but mainly because foreclosures stopped during the pandemic. They’re still low compared to historic rates. I just searched our MLS, and only 23 bank-owned homes are for sale in our entire region. There are only 14 HUD-owned homes for sale in the whole state. (Both types of homes have usually been through the foreclosure process.)

Attom reports that many homeowners are “equity-rich.”

The report states, “49% of mortgaged residential properties in the US were considered equity-rich, meaning that the estimated loan balances for these properties were no more than half of their estimated market values. This was an increase from the previous quarter’s 47%, marking the highest point in at least four years.

This rise in equity-rich properties followed two quarters of decline due to a temporary housing market slowdown. The report attributed this upturn to recovering home prices across the US. The data indicated that the levels of equity-rich mortgage holders increased in 45 out of 50 states during this period.”

When equity increases, homeowners often want to access the money invested in their homes. They can get this money in several ways, including by taking out home equity loans or selling their homes.

High interest rates have kept some sellers from moving and limited inventory. Rising equity may encourage some homeowners to sell, giving buyers more to choose from and helping to ease price increases.

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For informed guidance before you buy or sell a home, contact David and Tom at The Principal Team. Call us now at 720-782-2468 or schedule a time for us to call you.

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Metro Denver Real Estate Market Activity

During the last week:
New Listings – 1290
Back On Market – 288
Price Increase – 107
Price Decrease – 1569
Pending – 1174
Withdrawn – 195
Closed – 1054
Expired – 237

Previous week:
New Listings – 1455
Back On Market – 285
Price Increase – 358
Price Decrease – 1704
Pending – 1176
Withdrawn – 192
Closed – 983
Expired – 205

Based on data from REColorado®

“David’s services were an outstanding value for the 1% commission he charges. I’ve done many real estate deals throughout Colorado in the last 10 years, and I can say, David doesn’t skimp on service. Not only is this the lowest commission I’ve paid, the service and expertise I received from David is probably the best and highest I’ve ever received. I highly recommend David. Frankly I’ve never understood why other realtors get such high commissions on real estate transaction. David’s pricing structure will hopefully lead other brokers to more sane pricing.”
– Allen H., Castle Rock

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