Episode Transcript
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Speaker 1 (00:00):
Colorado housing market currently characterized by increased inventory and a
cooling off of sales, with home prices showing a recent decline.
Higher mortgage rates also influencing seller behavior, leading to more
listings and longer times on the market. Now, while some
areas like Denver seeing a rise in inventory, others, in
particular in the mountainous regions, are still experiencing shortages. Joining
us now in the KA Common Spirit Health Hotline with
(00:21):
some further insight and analysis is my friend in realtor
Gay Ribble with the Empower Home team of Keller Williams.
Speaker 3 (00:27):
Gay.
Speaker 1 (00:27):
Good morning, Glad that you're joining us here in Colorado's
Morning News. Our business editor Pat Woodard is joining us
on this conversation as well our intro to get into
you Gay. Is that a fair assessment of what you're
seeing and experiencing with the Denver housing market.
Speaker 2 (00:41):
Yes, absolutely, we're seeing lots of inventory, longer days on market,
prices going down, though it can be hit and myths.
There are nuances with the market. There are areas that
are still going up and don't have enough houses, so
it's a little at bo.
Speaker 3 (01:00):
While you mentioned it's always about inventory, why is the
inventory increasing in some parts of Metro Denver and in
other parts still lagging in terms of other areas of
the state.
Speaker 2 (01:11):
Well, it really has to do a lot with growth initiatives.
So the area the area that I'm seeing that still
has a lack of inventory, though we're starting to see
the numbers cooled down a little bit, is Golden But
you may remember that about twenty years ago in Golden
they did a growth freeze, so they weren't allowing any
(01:36):
new construction or new building. And so while Golden is beautiful,
people want to live there, they want to be closer
to the mountains, there hasn't been an increase in houses
with the increase of numbers of people wanting to go there.
So Golden Boulder they both have growth initiatives where they
won't allow new growth, and so that has really messed
(01:59):
with the buy in demand. So a lower supply a
higher demand. Everywhere else, however, that I am seeing is
very much a product of the houses are sitting. We
went from about four thousand houses on the market this
time last year to about thirteen thousand right now. And
it's not because there's a lot more people selling. It's
(02:22):
because there's a lot fewer homes that are selling.
Speaker 1 (02:25):
How much of this gay as a psychological barrow barrier
when it comes to the interest rates? And I know
not everybody, if they're fortunate enough, doesn't have to worry
about that in the same way they may be paying
cash for their home. But does that even put a
barrier on people who aren't looking to use financing to
buy a home. Does that make them a little more
cautious and not buy in as much?
Speaker 2 (02:45):
Well, I think that it's probably a little more complicated
than that. Yes, absolutely, interest rates you know, are going
to command a lot of people, and it's not just psychological,
it's financial. They just simply can't afford what they want.
The psychological piece, however, is that because we're starting to
see prices go down, I think that there are a
(03:07):
lot of buyers, even if they're not financing, that they're thinking,
why would I want to buy now before the prices
go down, and so they're waiting to see. Also, with
so many new houses coming on the market week after
week and price reductions week after week, they're kind of
just sitting and watching. Maybe something better is going to
(03:29):
come on the market, or maybe the house that I've
been watching is going to lower their price, and so
I think both of those things impact the people who
are not getting financing.
Speaker 3 (03:39):
You know, a lot of people. It seems like first
time home buyers were getting discouraged about being able to
ever get into a home because the price is just
so much. So are we seeing increases for inventory primarily
in single family homes or maybe in multifamily developments like
apartments or town homes it would be for rent.
Speaker 2 (03:58):
So surprisingly, the multifamily is not doing well. That's probably
the least of what is we're seeing sell right now.
And a lot of that has to do it's all complicated, right.
A lot of that has to do with insurance. Homeowners
in insurance, and so with these big communities, they're having
(04:19):
to raise their ahoas. So there are ahoas that are
five hundred, six hundred, seven hundred dollars a month, So
in addition to having to pay that, you know, with
the house, it sometimes is just more affordable to go
to a single family house. So the single family and
the first time buyers. There are first time buyers out there,
(04:39):
they've kind of bitten the bullet with the interest rates,
but they're not too interested in the multifamily right.
Speaker 1 (04:44):
Now, specifically the Denver metro Gay, what is the most
affordable and accessible place to buy a home right now?
If you are a first time home buyer, Where can
you go and you get the most bang for your buck?
Speaker 2 (04:55):
Well, East is always going to be less expensive, and
it has a lot to do with proximity to the mountains.
People come to Colorado because they want to enjoy all
of the mountain activities, and so the further you get.
I have some buyers right now buying in Golden and
we're calling the mountains the ocean.
Speaker 1 (05:12):
Right.
Speaker 2 (05:12):
You understand ocean view, You understand being close to the
ocean in places where there is an ocean, Well, the
mountains are our version of the ocean. So the closer
you are to it, the more extensive it gets. The
further out, the more.
Speaker 1 (05:26):
Affordable and gay final question, what is your advice to
those that are trepidous about getting in the market and
waiting until possibly they feel things get better. Is it's
smart to wait at this point?
Speaker 2 (05:37):
Well, I think it just depends on how long you
want to stay. Any time you're planning real estate, it's
a long term gig. So if you are planning unstaying
for more than five years, even up to ten years.
I think that you could buy now, you can refinance later,
and you'll do just fine. If you are thinking you're
only going to be buying for about a two year
(05:58):
or owning for about a two year period the time,
it might not be the best thing to do.
Speaker 1 (06:03):
Gay Ribbel with the Empower Home team, Keller Williams. You
hear me advocate for her. I'm proud to say she's
my realtor. She's a client of KOA. Gay as always
appreciate your sage advice and coming on with us.
Speaker 2 (06:11):
Thank you, Thank you.
Colorado housing market currently characterized by increased inventory and a
cooling off of sales, with home prices showing a recent decline.
Higher mortgage rates also influencing seller behavior, leading to more
listings and longer times on the market. Now, while some
areas like Denver seeing a rise in inventory, others, in
particular in the mountainous regions, are still experiencing shortages. Joining
us now in the KA Common Spirit Health Hotline with
(00:21):
some further insight and analysis is my friend in realtor
Gay Ribble with the Empower Home team of Keller Williams.
Speaker 3 (00:27):
Gay.
Speaker 1 (00:27):
Good morning, Glad that you're joining us here in Colorado's
Morning News. Our business editor Pat Woodard is joining us
on this conversation as well our intro to get into
you Gay. Is that a fair assessment of what you're
seeing and experiencing with the Denver housing market.
Speaker 2 (00:41):
Yes, absolutely, we're seeing lots of inventory, longer days on market,
prices going down, though it can be hit and myths.
There are nuances with the market. There are areas that
are still going up and don't have enough houses, so
it's a little at bo.
Speaker 3 (01:00):
While you mentioned it's always about inventory, why is the
inventory increasing in some parts of Metro Denver and in
other parts still lagging in terms of other areas of
the state.
Speaker 2 (01:11):
Well, it really has to do a lot with growth initiatives.
So the area the area that I'm seeing that still
has a lack of inventory, though we're starting to see
the numbers cooled down a little bit, is Golden But
you may remember that about twenty years ago in Golden
they did a growth freeze, so they weren't allowing any
(01:36):
new construction or new building. And so while Golden is beautiful,
people want to live there, they want to be closer
to the mountains, there hasn't been an increase in houses
with the increase of numbers of people wanting to go there.
So Golden Boulder they both have growth initiatives where they
won't allow new growth, and so that has really messed
(01:59):
with the buy in demand. So a lower supply a
higher demand. Everywhere else, however, that I am seeing is
very much a product of the houses are sitting. We
went from about four thousand houses on the market this
time last year to about thirteen thousand right now. And
it's not because there's a lot more people selling. It's
(02:22):
because there's a lot fewer homes that are selling.
Speaker 1 (02:25):
How much of this gay as a psychological barrow barrier
when it comes to the interest rates? And I know
not everybody, if they're fortunate enough, doesn't have to worry
about that in the same way they may be paying
cash for their home. But does that even put a
barrier on people who aren't looking to use financing to
buy a home. Does that make them a little more
cautious and not buy in as much?
Speaker 2 (02:45):
Well, I think that it's probably a little more complicated
than that. Yes, absolutely, interest rates you know, are going
to command a lot of people, and it's not just psychological,
it's financial. They just simply can't afford what they want.
The psychological piece, however, is that because we're starting to
see prices go down, I think that there are a
(03:07):
lot of buyers, even if they're not financing, that they're thinking,
why would I want to buy now before the prices
go down, and so they're waiting to see. Also, with
so many new houses coming on the market week after
week and price reductions week after week, they're kind of
just sitting and watching. Maybe something better is going to
(03:29):
come on the market, or maybe the house that I've
been watching is going to lower their price, and so
I think both of those things impact the people who
are not getting financing.
Speaker 3 (03:39):
You know, a lot of people. It seems like first
time home buyers were getting discouraged about being able to
ever get into a home because the price is just
so much. So are we seeing increases for inventory primarily
in single family homes or maybe in multifamily developments like
apartments or town homes it would be for rent.
Speaker 2 (03:58):
So surprisingly, the multifamily is not doing well. That's probably
the least of what is we're seeing sell right now.
And a lot of that has to do it's all complicated, right.
A lot of that has to do with insurance. Homeowners
in insurance, and so with these big communities, they're having
(04:19):
to raise their ahoas. So there are ahoas that are
five hundred, six hundred, seven hundred dollars a month, So
in addition to having to pay that, you know, with
the house, it sometimes is just more affordable to go
to a single family house. So the single family and
the first time buyers. There are first time buyers out there,
(04:39):
they've kind of bitten the bullet with the interest rates,
but they're not too interested in the multifamily right.
Speaker 1 (04:44):
Now, specifically the Denver metro Gay, what is the most
affordable and accessible place to buy a home right now?
If you are a first time home buyer, Where can
you go and you get the most bang for your buck?
Speaker 2 (04:55):
Well, East is always going to be less expensive, and
it has a lot to do with proximity to the mountains.
People come to Colorado because they want to enjoy all
of the mountain activities, and so the further you get.
I have some buyers right now buying in Golden and
we're calling the mountains the ocean.
Speaker 1 (05:12):
Right.
Speaker 2 (05:12):
You understand ocean view, You understand being close to the
ocean in places where there is an ocean, Well, the
mountains are our version of the ocean. So the closer
you are to it, the more extensive it gets. The
further out, the more.
Speaker 1 (05:26):
Affordable and gay final question, what is your advice to
those that are trepidous about getting in the market and
waiting until possibly they feel things get better. Is it's
smart to wait at this point?
Speaker 2 (05:37):
Well, I think it just depends on how long you
want to stay. Any time you're planning real estate, it's
a long term gig. So if you are planning unstaying
for more than five years, even up to ten years.
I think that you could buy now, you can refinance later,
and you'll do just fine. If you are thinking you're
only going to be buying for about a two year
(05:58):
or owning for about a two year period the time,
it might not be the best thing to do.
Speaker 1 (06:03):
Gay Ribbel with the Empower Home team, Keller Williams. You
hear me advocate for her. I'm proud to say she's
my realtor. She's a client of KOA. Gay as always
appreciate your sage advice and coming on with us.
Speaker 2 (06:11):
Thank you, Thank you.
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