What lies ahead for homebuyers and sellers in 2023? While the pandemic-induced surge may have subsided, it is crucial to recognize that the housing market is not on the verge of a crash. Colorado, like other highly desirable areas in recent years, witnessed a significant surge in home prices, resembling the trajectory of a rocket. However, such exponential growth is not sustainable, particularly with the current higher mortgage rates compared to 2021 and the first half of 2022. Although prices may experience a slight dip from current levels, they are unlikely to plummet, primarily due to the persistently low housing inventory in Colorado. Also, if you are looking to buy or sell a home in Colorado, consider Mark Eibner as your agent.
2023 Real Estate Predictions
In 2023, buyers who have the means to afford mortgage rates or pay in cash have a favorable position of leverage. It is an opportune time to consider making offers below the asking price and negotiating concessions from sellers, such as requesting assistance with closing costs. By utilizing this leverage, buyers can explore potential opportunities to secure more advantageous terms in their home purchase transactions.
If you’re a seller who is prepared to make a move, it’s crucial to assess the local market conditions. For instance, in Adams and Arapahoe Counties, sellers encountered an excess of inventory at the start of the year, resulting in a 5 percent decrease in prices. Conversely, in Larimer County, competition remained intense, with open houses drawing significant crowds of potential buyers. Collaborating closely with your real estate agent will provide you with insights into the specific dynamics unfolding in your neighborhood, rather than relying solely on the broader state-level trends. Understanding the local market will enable you to make informed decisions throughout the selling process.
When considering selling your house in Colorado, it’s important to remember that there are costs involved in the process. These costs include real estate commission fees, prorated property taxes, and other expenses. Additionally, sellers in Colorado typically cover the cost of a title insurance policy for the new owner. For a sale of $500,000, the seller would typically pay around $1,575 for a new policy. It’s crucial to account for these expenses as part of your overall financial planning when selling a house. Also, if you are looking to buy or sell a home in Colorado, consider Mark Eibner as your agent.
Tips For Selling Your Home in 2023
Deciding whether to sell your house now or wait depends on your financial situation and future plans. With the Colorado housing market stabilizing, there may be no need to delay if you’re prepared to relocate. If you reside in a larger city, college town, or a sought-after ski destination, consulting a real estate professional can provide insight into the potential rental income you could generate from the property. This information can help inform your decision-making process before determining whether to sell.
In the evolving Colorado housing market, securing the services of a competent real estate agent is vital for both buyers and sellers. For buyers, an agent plays a crucial role in steering clear of common pitfalls, such as hasty decision-making and overpaying for a property. On the other hand, sellers benefit from the expertise of realtors who can identify minor repairs that enhance the home’s value and provide guidance on the optimal timing and pricing for listing the property. Whether you’re buying or selling, a skilled real estate agent can significantly assist you in navigating the market.
Looking to buy a home in Colorado this year? Determining your homebuying budget in Colorado relies on the specific location within the state where you intend to reside. For instance, the median price of a single-family home in Boulder County exceeded $762,000 in January, as per CAR data. However, if you venture south to El Paso County, which encompasses Colorado Springs, the median price becomes a more affordable $445,000, making homeownership more manageable in that area. Also, if you are looking to buy or sell a home in Colorado, consider Mark Eibner as your agent.
Tips For Buying A Home In 2023
Throughout Colorado, the average down payment in 2022 was approximately $83,000. Nevertheless, don’t be discouraged by this figure. If you possess excellent credit, you might be eligible to make a down payment as low as 3 percent of the home’s purchase price. However, it’s important to consider that a smaller upfront payment translates to higher interest payments over time. Additionally, if you cannot provide a 20 percent down payment, you will be required to pay for private mortgage insurance. To gain a better understanding of your affordability, you can utilize Bankrate’s new-home calculator.
While upfront payments and closing costs are important considerations, it is crucial to look beyond them when contemplating homeownership. Take into account the overall costs associated with owning a home, including property taxes, insurance coverage, homeowners association dues, and ongoing maintenance expenses. Evaluating these factors will give you a clearer understanding of how they will impact your budget. In some cases, it may be more beneficial to continue renting and paying your landlord instead of taking on a mortgage. Rent prices vary across Colorado, but data from Rent Cafe suggests that the typical renter in Denver pays around $2,000 per month, which amounts to $24,000 annually without building equity. However, if you have excellent credit, sufficient savings for a down payment, and plans to stay in your current location for an extended period (preferably at least five years), purchasing a home is likely to be a more advantageous option.
In 2023, the Colorado housing market is undergoing a significant transformation. Despite this change, the state’s most desirable locations still provide numerous incentives for individuals to establish long-lasting homes. Fort Collins captivates with its college-town charm, while Denver presents abundant big-city opportunities. However, much like the nationwide trend, the prevalence of higher mortgage rates is causing prospective buyers to reassess their plans, prompting sellers to carefully consider the optimal timing for their next move. Also, if you are looking to buy or sell a home in Colorado, consider Mark Eibner as your agent.
Colorado Real Estate Trends 2023
Based on data provided by the Colorado Association of Realtors (CAR), the median sale price of a single-family home in Colorado remained steady at $520,000 in January 2023 compared to the same month in 2022. However, there has been a notable change in the housing market as homes are now taking considerably longer to sell. On average, a typical home spends 60 days on the market, marking a significant increase from the 35-day timeframe observed in 2022.
The housing market in Colorado has seen a notable rise in the number of available homes, with inventory experiencing a substantial increase of over 68 percent, as reported by CAR. This boost in supply has contributed to a less overwhelming atmosphere for buyers, but it has also impacted sellers’ profitability. Nevertheless, despite the increase, the current supply of homes for sale in Colorado is still insufficient to meet the demand from buyers. Presently, there is only a 1.5-month supply of homes, significantly lower than the five to six months of inventory typically associated with a balanced market.
Looking for a kid-friendly place for your autumn vacation? Look no further than Colorado Springs! Located about one hour south of Denver, Colorado Springs is actually the state’s second most populated city. There is truly something for everyone in this city, from outdoor activities, sightseeing, shopping, restaurants, and museums. Continue reading for some of the reasons why kids love Colorado Springs. Also, if you are looking to buy or sell a home in Colorado, consider Mark Eibner as your agent.
Why Kids Love Colorado Springs
Perhaps the most popular spot in Colorado Springs, Garden of the Gods Park is a Colorado National Natural Landmark. This scenic park spans 1,367 acres and welcomes an estimated six million visitors per year. The area offers a self-guided audio tour and guided nature walks. Your kids will love the Visitor and Nature Center at The Garden of the Gods. The center has exhibits and galleries, a geo trekker theater, water bottle refilling stations, and a complete list and map of the area’s hiking trails. Though some of the guided tours cost money, the visitor center is completely free for everyone.
Another place that kids find magical in Colorado Springs is The North Pole. That’s right, this destination moves the magic of the North Pole and all of its Christmas lore to Colorado. It is a family-friendly amusement park that allows guests to keep the holiday spirit around long after December. There are more than 25 rides, including child-only rides, family rides, and infant-friendly rides. Safety is a top priority here, so parents can rest easy. Each ride has height requirements that determine whether or not a child must ride with an adult. There’s a real Santa and an amazing gift shop on the campus. They even have a local glass blower that makes unique ornaments that you can purchase!
Colorado is full of National Parks and Monuments. But what’s the difference between the two? The primary difference between national monuments and other kinds of sites, such as national historic sites, national battlefields, national seashores and national parks, is in the way they are established by the government. Continue reading for some of the most popular national monuments in the state of Colorado. Also, if you are looking to buy or sell a home in Colorado, consider Mark Eibner as your agent.
Popular National Monuments
One of the most iconic national monuments in Colorado is the Canyons of the Ancients National Monument. This area contains a huge number of archaeological sites representing Ancestral Puebloan and other Native American cultures. Therefore the area contains a large amount of historic and environmental resources. Visitors should note that there aren’t many paved roads through the Monument. However, there are many walking trails that are easy to traverse and explore.
This next popular national monument is named simply The Colorado Monument. If you are visiting from out of state, the area is just 15 minutes from the Grand Junction airport. What makes this area popular is the plethora of things to see. Here you will witness sheer-walled canyons, monoliths, colorful formations, bighorn sheep, and if you’re lucky soaring eagles. They also offer ranger programs, 45 miles of beautiful hiking trails, and camping at the Saddlehorn Campground. You can even take a scenic bike ride or leisure car drive on the historic 23-mile Rim Rock Drive.
Have you heard of the Eagle Valley Trail? It is a scenic Colorado bike trail many years and many dollars in the making. With only 12 more miles to go for the current segment of the trail, bikers are getting ready to see what all the hype is about. This current stretch of pavement connects Dotsero to Gypsum. Once fully complete, cyclists will be able to pedal 63 miles between the top of Vail Pass to Glenwood Canyon without using the highway. Continue reading for more information. Also, if you are looking to buy or sell a home in Colorado, consider Mark Eibner as your agent.
Plans For The Trail
As if 63 miles isn’t already an incredibly long bike trail, things won’t end there. Linking with other pavement and trails, the new Eagle Valley Trail will allow extreme riders the chance to traverse nearly 140 miles from Breckenridge to Aspen. Again this is completely off the highway—there aren’t many places in the US that gives you this much distance with this much protected lanes. But why build such an expansive trail in the first place? Eco-tourism is one consideration. The other reason is to connect residents across Eagle County, from Vail to Minturn to Edwards west through Eagle Colorado.
The initiative is to create greener, healthier and more inclusive travel while giving communities safe routes that are accessible for all walks of life. Also, the trail connects to bus stops, places of work and other green open spaces. Of course such a major project does not come cheap. It’s expected to take $38.2 million from start to finish. There are several other segments of the trail left to complete. The biggest gap of trail is between the areas of Edwards and Wolcott. The goal of completing the Eagle Valley Trail in its entirety is to finish sometime in 2024.
Denver has a dryer climate than other cities, but that doesn’t mean that there are no waterways. The city actually has local lakes and there are alpine spots a couple of hours drive from the metro area. This means that here are plenty of terrific places to jet ski relatively close to Denver. With autumn arriving, this may the last time this year to enjoy the water before it gets too cold. Continue reading for some of the most popular jet skiing areas in Colorado. Also, if you are looking to buy or sell a home in Colorado, consider Mark Eibner as your agent.
Jet Skiing Areas in Colorado
One of the most popular jet skiing spots is Chatfield Reservoir. As a part of Chatfield State Park, the reservoir is southwest of Denver and about a thirty minute drive from town. The reservoir is a sight to see from atop a jet ski. It is surrounded by nature, trails, and there’s even a historic cabin called the Slocum Cabin that you can explore. Chatfield has two boat ramps, public restrooms, and multiple picnic areas. Remember, the marina here doesn’t rent jet skis, though they do have other boat rentals. So you’ll have to rent from somewhere outside the park or bring your own jet ski from home.
Another popular spot for jet skiing in Colorado is Boyd Lake. Boyd Lake is only one hour north of Denver. Unlike Chatfield, the marina at Boyd Lake does offer jet ski rentals. The surrounding State Park also features campsites. So if you want to extend your trip over a weekend, bring your tent equipment or RV and enjoy some smores by the fire! The nearby town of Loveland is also a great place to stop by and visit during your trip. For example, the town has a unique sculpture park, the famed Devil’s Backbone nature trail, a great museum and gallery, and the Budweiser Events Center where many hockey games are played.
Summer in Colorado is all about being outdoors and enjoying nature. When Coloradans are not at the park or hiking to see one of our great national landmarks, they’re perusing an outdoor flea market. Flea markets are great for finding all sorts of treasures like old movies, CD’s, and toy-sets for the kids. Continue reading for details on two of the most popular flea markets. Also, if you are looking to buy or sell a home in Colorado, consider Mark Eibner as your agent.
Thrifty Shopping in Colorado
One of the most popular flea markets in Colorado is the Jefferson Park Farm & Flea Market. This market, which is located near 26th and Federal, is an outdoor urban market. The Jefferson Park Farm and Flea Market is open on select Saturdays throughout the summer, so check out their website to see when they’re open. What makes this flea market special is that it is also a farmer’s market. It offers fresh produce, clothes, toys, collectible items, and special items sold by individual vendors, families, and local businesses. Because of their proximity, this flea market complements the Federal Indoor Flea Market very well.
Another popular flea market is the Paris Street Market at Aspen Grove and Park Meadows. This particular flea market has been around for over twenty years, so they must be doing something right! It is an open-air vintage, antique, and artisan market that sets up shop at Aspen Grove and the Park Meadows Mall parking lot during select Saturdays in the late spring and summer. What makes the Paris Street Market special is their focus on crafters and curators. This means that the items here are handmade and one of a kind. You don’t want to miss this flea market when it is available so make sure to keep a watch for them online.
Calling all adults! Are you looking for a place that you can go and hang out and feel young again? The Peter Pan Pop-Up at Tony P’s Bar & Pizzeria is designed to keep you young and make sure you never grow up! The venue will feature dozens of magical cocktails “sprinkled with faith and a little bit of pixie dust.” Continue reading to find out more about this fun, immersive experience before it is gone. Also, if you are looking to buy or sell a home in Colorado, consider Mark Eibner as your agent.
Peter Pan Pop-Up Party
Tony P’s will include a “Neverland bar,” designed to be the ultimate Peter Pan experience. Also, there will be other immersive features made purely for the fans of the timeless classic. Not only will there be treats for you to indulge in, there will also be a Captain Hook and a fairytale ticking crocodile. Hang with your friends or meet new people by competing in themed challenges. There will be prizes to be won, so bring your A-game!
As advertised, this pop up is based on the book Peter Pan by J.M Barrie. Other features based on the book include the Blue Lagoon, the Jolly Roger, and the Lost Boys Hideout. To share the experience with everyone, the venue is allowing people under 21 to witness the pop up during their “family-friendly sessions.” Remember, tickets are non-refundable but can be transferred in case you are unable to attend. Since this is a live performance, if you arrive more than 15 minutes late, you may be denied entry. The pop up is open now and will be until September 4th. Check out their website for more details.