9 21 August stats with Brenna

9 21 August stats with Brenna

Alright, everyone. It's Matt Harper with the Ben Kinney Denver Team at Keller Williams and joined as always right as we review the monthly stats with Brenna Harper with Lance Idols. So, uh every month, we want to review the numbers, the data real estate felt different but was it different? What's the real information If I'm a seller in this market? What do I need to know if I'm a buyer in this market? What else might I need to now, because this is all going to impact kind of the strategy and how you move forward depending on where you're at. Is it a good time to invest in real estate? Um you know, if you're watching this, I think it's a good time to invest in real estate. Currently, I'm doing it myself. I don't think we're at the top but uh you know, who knows don't have that crystal ball. So, uh Brenna for those who are watching who are not familiar with you and they should be if they're not Tell us a little bit about you and what is it that Land Title does? Yes.

Um well, my name is Brent Harper. I'm with Land Title Company. We are a um title insurance and closing company. Um so, we provide your title insurance policies when you buy a home and then we also do your closing and escrow services Um so, we are we've been around for over 50 years. We have just shy of fifty offices in the Colorado Um in Colorado. So, we are the largest title company here um and locally owned and operated. So, I love that. Yeah, we we appreciate having local ownership, right? As you know, the president of the company and uh he knows you, right? I mean, it's it's not one of those.

They're like, yeah, I know that celebrity but you know II don't actually know they don't know me, right? Yes. So, which segways very nice into the question that I had and we'll get to your question later but uh so Celebrity doppelganger. Um you know, who is the celebrity that you get told more often than that, you look alike. So, I actually don't know her real name but Lorelei from Gilmore Girls. Okay. Um they say I look like her like younger sister or daughter or something.

Um so, I get that one a lot and then um Catherine Mcphee who I got she was on um no uh American Idol So, when she was actually on American Idol, I got that a lot more. Um I think she's trying her hand at acting now. So, she's not as um prominent but yeah, I would say uh the the one I get the most is probably Lorelei and uh sorry I don't know her real name.

Uh I don't know her real name either and I have no idea who the Mcphee lady is. I'm not much for American Idol or so you think you can dance or or all of those shows It's not my cup of tea. Um I always thought you looked a lot like charisma Carpenter. Uh that that's one that I would go for. Uh for those who don't know, Chris Carpenter, go ahead, Google it. tell me if you think I'm off. I'll take it. I'll take it. Yeah. So, um let's talk about the real estate market real quick. What about you? Who's your doppelganger? Uh I thought I was going to skirt without having to go through mine.

Um I used to get John C. Mcginley a lot. Um he played Doctor Cox in the TV show Scrubs. Uh one of my favorite hits. Um I also got I don't know the actor's real name but uh Randall from um uh Clerks and Clerks two. I got that quite a bit. So it's got coming Uh I have heard that one um II don't quite see the resemblance but hey, I'll I'll take it.

It's got uh you know good looking guy. so we'll take that Alright. So, the real estate market Brenna felt different here the last month. Um you know, things seem to maybe make a little bit of a pivot. Now, are we seeing this this crash in the market? everybody was waiting for? Is somebody finally stuck that pin in that balloon and and everything's about to burst No. So we'll go over the data here in a second but I think I don't know about you but I really felt like August was like front half Um beginning of August, people were trying to get their kiddos ready to go back to school.

Excuse me. And it felt pretty slow uh and again, comparatively slow, not like halt, just um a little bit slower but then the second half of the month, I felt like it really picked up Um again, so it's interesting because we pull that monthly data and we we can't see exactly where things came in. Um you know, weekly but as far as us being in the industry and and feeling it every day that was that was what I felt. Talk to some other um clients and colleagues and they've had a similar take on kind of um we had a little bit of like a breath and then we're kind of back you know, it seemed to be a lot of the conversations I was having with uh the the colleagues and people that I know that. right. Okay. Things are slowing down. It feels a little bit different and then boom. all of a sudden, we're back into uh kind of some of the craze.

So, um you know, we'll we'll see the numbers as you put those together but it is um it is moving. right? It's still very much a seller's market even when we have that breath as you called it, it's still very much moving quick. If the house is new to the market, it looks good. Odds are they got multiple offers. If it's, you know, surviving that first weekend. we might be able to get it but at asking price. Yeah. Um I'm sharing my screen. So, go ahead and you're good. Okay. Um so, this is from our first to know that comes out on the first of the month um and I like this one because it's one metric. Um it's active listings.

Um you know, there's not a bunch of different things on the same graph so I think it's a little bit easier to read and a little cleaner. So, Red is 2021. Green is 2020 and orange is 2019. So, 2020 was a little bit a lot of bit of an anomaly um but if we're going back to the last year of kind of our historic trends. Um we've been looking back to 2019 for a lot of that. So, um you know, the last 2 months I've been excited to report that we have been up and active inventory um and unfortunately we took another dive um in So, that has played a part in some of um you know, I do think we're slowing down a little bit. I think there's less multiple offers. We'll get into some of that. Um you're not having to throw like the entire kitchen sink at things to get the deal done but this pull back in active inventory makes things tighter. Um so it'll be interesting to see what happens um in September if we kind of correct and go back towards the trend of um Building up a little bit of inventory in the last quarter of the year or if we're just going to kind of choose our own adventure here again um and struggle to keep that active inventory up Yeah, right.

It almost feels like that uh what's that that carnival game where you spin the giant wheel, right? And it's just okay here's what it lands on. Who knows what next month is going to look like and and nobody anticipated the the real estate market doing what it did last year. Yes Um and if you did, you're you're really better at guessing I am uh you know, but uh yeah, I would have assumed that inventory levels were going to go up.

Um here this last month and not go down Um so, if we look at the green line last year, we were decently below um where we were in 2019 and then unfortunately, the red line is significantly below. So, we're 52% year over year um but even more significant from that to 2019. Um now to put things in context, the National Association of Realtors says that a balanced market would be about 20 thousand homes on the market um for combined attached and attached single family. So, we're at 3200. Um so, it is an extreme seller's market but it's interesting that even though we're in this extreme seller's market, some other little changes can really make a big difference in how we're feeling. um about things like Matt talked about um with less multiple offers and even maybe getting something for list price. So, yes, we have historically low inventory um but are still incredibly aware of value and so pricing it correctly and pricing it within the market that we're currently in um and not April or may. Um you know, very like this weekend, what's happening in the market, what's happening in my neighborhood that is all very important to keep in mind.

um because yes, it's still an extremely uh strong seller's market but if you're coming in guns blazing like you did in April, you Probably going to miss the mark and have to do a price correction. Yeah, buyers are always in and it may sound like a broken record. Buyers are always going to be cognizant of value based on whatever else they've seen and it's all relative. So, now, buyers are not going to go back into the home that's sold. uh 3 months ago and walk through the house and say, okay, this is what 150 $150000 House looks like. Let me go look at the the one that's for sale and we'll walk through that and see if it's value. That's that's what appraiser does more or less except walking through the house. That's old. yet they are walking through the other house that's on the market and they're walking through this house and whichever house has more perceived value is the house that they're going to to pursue assuming the price is the same.

Now, if price is not the same, then it's a balance, right? So, pricing is is very fluid. It's not an exact science. Uh have this conversation with some colleagues earlier. Even appraisals can be wildly different on the same property at the same time. Yeah. So, interestingly enough, um you know, something that we hear a lot in the market in the news, on social media is no one is selling their homes.

No one is listing their homes. Well, that's not true. Um we actually are very very close to historically what you see all of these dots are right on top of each other. So, the amount of new homes that is coming on the market is right on trend. The problem is is we're in a deficit of our active inventory and so we are not keeping up Um more homes are going under contract that are being put on the market That's because um in 2020, we had less homes coming on. Um we have some of the new build issues with labor and lumber and different supplies and so our kind of our reserves of our active inventory is suffering um but people are are putting their homes at the market and they're doing it at a very similar pace as they have for the past several years. Yeah. right? It it almost feels like for those that are old enough to know and remember this, right? The Tickle Me Elmo deal.

Where you had to be super fast to get to the store to get the Tickle Me Elmo or you had to like make some uh you know, black market deal somebody on the underground to get one, right? So, homes are coming on. You just have to be there first. You have to be there first. You have to be there aggressively or be a little bit strategic and and take the one everybody else is overlooked.

Right? Don't go for the tickle me Elmo. Uh You're right. Don't go for the tickle me. That was a very annoying to. It's just my 2¢ but you know, grab something else that not everybody is chasing after and you get an opportunity to grab a good deal. There's a lot of great homes that are sitting on the market but just happen to have missed the price. right? There was one we talked about last month in our neighborhood. It's still sitting on the market in in our neighborhood. um active because again, they missed the price wildly uh when they first listed They've made price reductions and and still have not quite found the right deal.

Yeah. Over $100000 in price corrections and it it's you know, less than 4 years old, less than 3 years old. Um so again, people are aware of that value. Uh this is not one of those situations where it's like, let's stay, let's say we're going to start high and see where we come in. Um the data really shows us that you have one chance to make a first impression uh more times than in the first 7 days of listing, you're going to get your highest and best offer. Um so, that's where it's really important to know the market and you know, we talk kind of this 30 thousand foot view of Greater Metro on the whole but then it's important to look into your specific neighborhood.

Um and you know, county neighborhood level for that specific time um and position yourself accordingly to make sure that you are um where you want to be. Yeah For sure. right? Yeah. And that that's where it takes some some skill in internalizing the market and determining the the price strategy because there's different strategies at different price points. Do I start here? Do I start here? Do I start there? So, pending sales are demand um under contract.

Um is down year over year but we're up month over month as you can see on this red. So, unfortunately, we're falling a little bit more in line with that 2020. um trend line. then we have typically seen where pendings would start to taper off as summer comes to a close. So with actives dropping again, it would make sense that pendings would drop again. Um typically those kind of follow suit but we'll see um because again, it you know, for the last 5 years, we have had a very consistent Market with with regards to the trend and when things peak and when they fall and what we can expect in these last couple of years um have really just kind of skewed that for us so we can make our best predictions um based on what we've seen in the past and what kind of make sense um but then we're getting surprises as well like the active jumping or popping back down after the 2 months of it going up.

Yeah. You know, before 2000 2020, you could just about like set your watch to it. You know, you had a seasonal arc to it. Uh it's a very predictable pattern. Um last year was was an anomaly for sure yet to some degree that trend line still follows the uh a basic um demand level, right. But but The demand is just so much higher than the inventory that we have available. Um more people are buying homes Yeah. So, days on Mls, this one's interesting because we're down 2% year over year. We're up about 2 days, month over month. So, um this is the first to know that I'll show you on the other side but we're actually um when all is said and done, we're at about 12 days. um in the MLS or about four to 5 days as far as a median. Um so from the time the home goes active in the MLS to when it goes under contract.

Um So, 2 days from July. with how quickly the market is going is a significant shift um and that's where this like relativity comes in because obviously, the red line is significantly below um 2020 and 2019 but those small shifts um you do feel that. So, this is where um you know, especially those first couple weeks in August, there was some great buyer potential for people to get out there where um maybe they didn't have ago during their lunch break to look at the home.

They could actually wait until they got off of work. um but those in in this phase of the market, these really small adjustments, we feel a lot more significantly. Yeah. Now, now, if I was going to write a headline to draw people in, I'm going to say, you know, some along the lines of days on market is up like 18%, right. Oh my god, the sky is falling here. right here. Let's go, right. Understand that's clickbait. It sounds like a big number. 18% when we It's 2 days from eleven to thirteen, right? Or or from nine to eleven. Whatever the the the gap is, right? That sounds a whole lot more appealing, right? When we when we use the big numbers. So, just understand that percentage of a small number is um is still a small number. So, we are increased but we're not out of the woods yet here.

We're still going to be in this market for a bit and you know, to that clickbait. You know, the last month or two when we've had this active inventory pop up and it's like, oh my gosh, active inventory went up 22%. Well, that's 400 Homes. So, when we are at 3200 Homes, instead of 20 thousand homes, 400 Homes is not going to like change things that dramatically but again, small numbers, little changes equal those bigger percentages. Um so, some of this why we share this is just to kind of control the narrative of what you're hearing. Um you know, on the or whatever.

So, you're not scared out of a buying decision or you don't have unrealistic expectations as a seller um because things are a little bit different and you know, I've heard people getting frustrated that oh I only got $15000 over asking instead of fifty. um but you know, we're still seeing that month over month appreciation. So, you're still doing just fine. Um but you know, setting those expectations and understanding the data and what you're walking into makes it a much more um enjoyable and calm transaction. Whether you're on the buyer or the sell side. Yeah. the the interesting conversation is right. If you know my neighbor that got $50000 over 6 months ago, I started my price $45000 higher than I would have, Right? Because he's sold and now that's a new car.

So, I only got $15000. I still came out ahead. Right? That's still ten grand. uh ahead of where my neighbors sold. So, uh keep that in mind when when we're taking a look at this though the market's changed. You're still walking away with a lot of equity. Yeah. So, talking about those small shifts that are making a difference and we're feeling it. This percent of close to list price. So, this means for what the list price was and then what you closed for, it's a the average is 103% of the list price. So, at the peak, we were at um 600 606% for detached single-family and about 105 point 105.5 for combined. So, this number coming down. it's coming down about 4% and a half the last 2 months it looks like a pretty significant decline and it is comparatively but when we look at the data and we look at historically, when we typically just kind of graze that 100% or right above it as an average um during the spring selling season and we have been above 100% this entire year.

It's a good thing that this is coming down. um as far as like sustainability, affordability, sanity, all of these things. It's a good thing. We do not want this to continue to skyrocket um and that's You know, Matt and I are talking. We are seeing less appraisal gaps. Um less people waving inspection um and just basically like signing over their first born to get the house. It's still a great time. truly to be on either side. Um it's just not quite that like fire drill that we saw um a few months ago. So, still well above 2% above year year. Um and you know, very very strong but yes, it is coming down which we're happy to see Yeah, the the 106% of list price is part of the reason we're 15.7 15.7% above where we were this time last year.

An average sold price. It's it's a rapid number, A rapid increase in that um Trust me, it's frustrating on both sides. Um you know, for buyers and for sellers, when we're looking at what what is this look like? Um trust me, it's sellers aren't having as much fun as people would assume, right? When they're just throwing money at everybody. It's stressing people out. So, you know, as we balance this out a little bit and and tip the scales back to that that even point things are going to be just a little bit more steady and a little bit more even killed to where you know sellers getting freaked out about, you know what's happening during inspection now, right? Buyer overpaid for the price and now they want this seven page list of things fixed because I paid your way over.

You better make this house perfect. Yes. So, this is that basically everything. We just went over in a one-page report. Um our single-family average is about 693 um which is down a little bit month over month which is totally normal. Um the seasonality of it. Um I'm going to jump to a different report here and we'll kind of go into a little bit different detail but just kind of wanted to share that with you. Um so, this is our market snapshot that we go over every month. So, green is active, blue is pending or under contract and red is sold.

So, this really just shows the relationship between all of these metrics. Um obviously, the big difference from 2019 to 2021 is the active inventory is basically the inverse Um if you Look at pendings and solds. We are a little bit up but comparatively, it's pretty similar as far as kind of that wave of seasonality um but the active inventory is the big, the big outlier here that is causing some of these extreme Market to conditions Okay. I like seeing the green line below the red and blue for as long as it's been there Again, we need that to start growing and get above the the the red and the blue line. Yes. Um so, I think we talked about this a little bit before but there's been a lot of talk about the forbearance moratorium coming to an end um in a flood of homes coming on the market installing out the market just can't wait for the flood of homes to come on the market. I'm going to get me such a good deal when all those homes come on the market.

Uh think of the homeowners that that people are now rooting against that are in those scenarios but let's talk about the real numbers. Tell me about this Brenna. Yeah, so first of all, um we pull a report um notice of election which is basically anyone that is behind 3060 or 90 days. um on their mortgage So they're not in foreclosure yet. They're kind of in that pre foreclosure space um but we keep track of it. so that in in it we pull on a statewide basis last Friday there were only six homes in the whole state that came on to that list Say that again. Six. Let's not. Let's not undervalue that number. So, this flood of homes and the more like the the stay on um you know, the evictions, the foreclosures, and all that the forbearance has come to an end and how many homes? Six, right? Not not to be the dead horse.

Six homes in the state. Okay. Uh I'm I'm going to, you know, you know, pick up my pants a little bit waiting for the flood to come, right? So, you know, I think as things continue um we may see more. The week before that, we did see ten which is more um than like the two or three that we typically see but when you think two of those are in Pueblo, two of them are in the springs.

Three of them are in Denver. We're at 3300 Homes. We need to be at 20 Thousand Homes or even 10 thousand homes to feel a little bit more normal. uh a handful of homes is not is not going to be that flood. So the good thing too for these people that are in these positions is because the Colorado market has been so strong in most unless they have like second mortgages and a lot of other things going on, they can actually put their home on the market and come away with money in their pocket and avoid um selling their home to the bank or or getting their home taken from the bank.

So, um on the positive side of that, it's great that you know, our market supports that to help these people that are in a bad situation. um as far as flooding the market as we're seeing it right now, we're nowhere close to that. So, um you know, In theory, sounds legitimate but when you really take a look at the numbers, um you know, nationwide, they said based on a few different factors. if even like 80% of people in that forbearance went into foreclosure, it would only be about 2 months of the market and that's or 2 months of inventory. Now, that's nationwide Obviously, if we had 2 months of inventory come on the same day to Colorado that would stall things out because it's I We're at 3 Weeks of inventory Um but that's just not going to happen. That's nationwide. this 2 months. So, you know, just kind of again dissecting what you're hearing, uh diving into the data so you don't freak yourself out of a good like buying opportunity.

um or a good selling opportunity because you have some misinformation. Yeah, it's uh it's interesting and I've been in the industry now um eight and a years. I've been in real estate as an agent. Now, I was uh and I bought a home with an investor before that. So, you know, been in real estate for a little bit now. I've seen this recently uh and Brenna. I don't know if you've seen it, right? but it's like sixteen headshots of Tom Brady right throughout his career in the caption reads like, you know, people waiting for the housing market to collapse, right. And it just keeps going. just keeps going, just keep going and you know, there's seven Super Bowl championships later for the guy, right It's it's just not It sounds good in theory, right? All these um theoretical events that are going to cause the housing market to crash. We just haven't seen it. So, I'm not saying that the market won't correct itself. Markets do that.

We go up, we go down, we go up. we go down over time, it goes up. What I'm saying is that we just are not seeing the indicators of a bubble about to to burst to where we're going to see homes worth half of their value tomorrow. Um now, is not going to fall out. Yeah. Depending on what you're when you're watching this, Right? And any number of different events can happen that could hit this immediately to a different degree but that's what we're seeing right now. That's why we want to look at the data, have the real conversations about what's actually going on in the market. So, again, not to beat a dead horse but just so you can see this month's supply of inventory, we've talked about um 6 months of inventory is a balanced market. Denver economists say close to like three or 4 months. Um so 2019 We got like kind of close to it. It was still a seller's market but it felt a little bit better at two and a half months of inventory and we're about, we're under um 3 weeks.

So, we're about like 18 days or something. 20 days. Um so, we're very very low um and yes, we did have a little bit of a peak up there in July. We went back down. So, um you know, taking this with a grain of salt and just kind of uh looking at the numbers. Yeah. Um so, let's see here.

So, this is interesting. Um so, this is actives and sold by price range. So, I mentioned to you that we're at about 380 thousand $380000. um for an average price point in in the Metro Denver area and that happens to be the most where the most movement is happening. So, 787 Homes came on the market but 1200 homes were sold. Um so, You'll see on here is I think, okay, not in the 2 million but in of these categories, there are less homes coming on the market than there are being sold. So, again, that base, that bench of active inventory is just getting swallowed up. Um now, typically in in years past, we've seen it more movement in the four to $600000 price range but because of the appreciation that we're having, our average price point is in that six to $800000 bracket. So it makes sense that that's where most um the most is happening. Real estate is nothing if it's not local price point specific. So, again, what's happening on the seven major Denver Metro Counties may not be the story in your neighborhood. There are some, you know, luxury condo pockets of Denver that are sitting in right now.

You can walk into one and probably get a good deal. Well, in the Denver condo market is actually coming back. Um you know, we have this flight to the suburbs in 2020. People wanted more space and now people are like sick of that and they want to be out and about and at concerts and different things and so we're really seeing that Denver Market, the Denver attached Market rebound um especially with some of the cool projects um and developments going on in Denver This one is month supply of inventory versus days on market.

So, again, um typically what we see is once we get to like that Million-dollar Market jumps up to a buyer's market but here, um we're not seeing a buyer's market truly until about 3 months maybe in that two to three Million-dollar price point. Um we're we're approaching it um but the Million-dollar homes are going very quickly as well. We have less than a month and a half of inventory. So, you know, we have some we have a lot of out of state um coming in because they can now work remotely. They don't want to be in California or New York anymore and to them, our homes are affordable.

So, we have a lot of money coming into Colorado which is great for the economy. Um not awesome for some of our local buyers that um are getting beat out by some of these people that just like a different perspective um but just interesting this is something that has definitely changed in the past year as far as speed of our luxury market Yeah, it's um you know, being a buyer in a different market. it's interesting to see the nuances and the changes, right? Because we've got a perspective of a market.

We know we go into a market that's new to us and we're like, wow, that that seems like a good deal. Let's just jump on that, right? Because it's got everything we want and the price point that makes sense and I'm comparing it to what I saw, you know, back home and it's very different, Right? And the ability to work remotely, Right. But you know, not to pick on people that live in in Cleveland, Ohio but if you could Winter's in Denver versus Winters in Cleveland, Ohio. It's no wonder why people are moving here, right? The weather is great. pretty much all year round even when we get snow. So, those that are watching that are out of state. um the you know, the natives are going to hate me for saying this. The Colorado weather is fantastic. Pretty much you're around even when it's there's snow on the ground, the sun's still shining. it's warm. you know, it's great here.

The secret's out by the way. I'm not the one that shared it to everybody. everybody already knows. that's that's why people are moving to Colorado. Absolutely. Um okay. So this is average sold price and we break this one down. So, this is detached single family. Um so, we've talked about this before but it's really difficult to out save the market. Um so, yes, we did come down um about 1.2 1.3% month over month um but we're up fifteen point 15.7% year over year which is about 90.2 $92000 90.2 460 67 thousand $67000. So, Saving the market is really difficult and something else we talk about a lot is not only the average sold price continuing to go up. It's also the interest rates are so low. So, your money is going further right now. So, even if homes were to stop appreciating which is incredibly unlikely. Um if interest rates go up, you're still paying more for the same house.

Um what's more likely is interest rates are the average sold price is going to continue to go up and interest rates are going to go up. So now you're just paying more for less house. Um You know, we've talked about utilizing real estate as an investment opportunity. I've mentioned that I bought my first home. Um it was a 70s condo townhome that ended up uh appreciating 100 $100000 in under 3 years and I was able to use that equity to buy our next home. I'm not saving $100000 in my piggy bank um over the span of 2 years. So, being able to use real estate as a tool, it's a little bit of a different mindset and a different play but that's why we say it's a great time to buy right now. um because the market is so strong and the interest rates are so low and it's going to get increasingly more difficult. um on the affordability front.

Yeah. So, you know, depending on who you talk to, some people are going to say real estate is not an investment. Uh clearly, I disagree. The numbers would would also stand to to say that real estate's an investment right? So, when we look at the $92000. so, let's say right that you had an average priced home last year. It's still an average priced home this year went up $2000. Well, that's great. What are you doing with it, right? You absolutely have an opportunity to leverage that equity to pull out, you know, say 80% of that. pull out $70000, 75 thousand $75000 and and go make it. If, excuse me, go make a different investment, put it into an index fund. If that's that's where you believe the investments are at because it's going to see uh you know, continual a good return, right? Go buy more real estate, look at a second home, a vacation rental, right? You always wanted a house on the beach.

Here's your opportunity to have a house on the beach that can rent out on verbal or Airbnb or to the snowbirds who don't want to be in Cleveland in the winter time, right? And and leverage the equity that's in that house, right? You may be in your dream home that may be where you want to be. You don't want to move homes. Right. But that equity sitting there. now, obviously, you gotta do a cash out refinance or a home equity line of credit. You have to do some things to capture that equity, Right. And that may not be in your comfort zone but what an A opportunity that the market's given us As long as you're smart, not over leveraged, right? Because again, as we talk about real estate investing, if you're speculating on where the market's going to go, you're over leveraged, you can absolutely get yourself into hot water.

However, you could on a small level, take this out. There's your down payment on the home as long as you can afford to keep real estate, right, you'll never lose I think something else to point out to is um you know, you see that we did come down month over month but if you look back historically, that's very very normal. So, even though we have these little waves and even some peaks and valleys here, the general trend line is going up.

So the national average for appreciation is like 4%. We're at double digit appreciation at almost 16%. Um so even if we were to flatten out and go down to 5%, the the is. you know, you're you're not all of a sudden losing all of this value in your home. It's still a good investment even if the market slows down. So, I think that's kind of hopefully what this shows you is yes, there is some seasonality to it um but the trend line is what's important and it's not taking you very long. um to be uh up in your investment as it stands right now. Um so, If you're looking at it month to month.

Yeah, that can look scary. Oh my gosh. Maybe we peaked out but you could say that every single year on this graph, there is a peak and then it comes down then it goes up and then it comes down. So, that is totally normal. Um that's what we expect to happen. Yeah. If if I were to take a whiteboard and a marker and start drawing on it right up and down just kind of squiggle. Brenda, tell me when we've hit the top, right. You're you're not going to stop until I start going back and you're like, wait, wait, stop there. It's already going to pass, right? Right. But but it could absolutely recur and go right back up. It can absolutely change and do that and that's what it does over time, right? Okay and then this is that sold to list price detached single-family. We already talked about it a little bit. Um this is just a slightly different view.

Um so, you will see that we are coming down. We're at about 103 103% close to list or sold to list. um well above the average and then it breaks it down into the certain price points. So, the 400 to $500000 price range um was the highest over um asking at 103 point 103.4%. Um so again. That's where like Matt talked about breaking it down into your specific county, your specific price point, having this data on the high level is great and and um you know, if I'm buying a 3 million dollars house, I don't really care what's happening in the $200000 price point or vice versa. Um so, really digging in and being hyper local with it will give you um the truest uh numbers as to what you can expect well in, you know, different different strategies, different homes, everything's a little unique when it comes down to it, right? So, so, we're going to have conversations just because your neighbor sold, If they were in a scenario, they had to sell, maybe it was a divorce situation and they end up sailing because the house wasn't in the right condition that doesn't necessarily mean that that your home just took a hit in value, Right.

It it absolutely can impact it a bit yet. it's just one piece of data and a multiple data point plot that we're going to look at and say, okay, what what are the biggest determining factors So, overall, right? as we look at the real estate market, it felt different. It felt different for a little bit and then, we're we're kind of back to this inventory shortage. Um still, once again, right? As we look at what's been going on uh with with the actual data. So, uh again, I want to thank Land Title for putting the data together and Brenna is as you research and and kind of review and internalize the information, right.

So that you can turn it around and share it with the rest of us, right? Because It's just graphs and numbers on a sheet but unless you're actually diving into it, looking at the specifics, doesn't really make sense. So, I appreciate Brenna making sense of all the information for us Happy to do it and hopefully, we broke it down into some bite-sized pieces that make sense and um isn't overwhelming to look at. Yeah, it is always right. You have specific questions about what is it like to buy in the price point you want in the neighborhood you want, give me a call. Let's talk about it, right. If you're looking to sell your house, Right? What is happening specifically in your neighborhood, on your street That that block. What is that look like specifically in your area so that we can come up with a plan? Does it make sense, Doesn't it? So, um now, as we started this Brenna, I told you we would get to your question uh since we went through the celebrity doppelganger. So, uh your favorite fall activity so what uh what is your favorite fall activity or event? I love Halloween.

Um I love dressing up and I've loved um being able to dress our son up and you know, Matt and I were talking about it the other day. I think this may be one of the last, I mean, he's only two but he's going to start having opinions and this might be the like one of the last year I get to pick um what his costume is. So, just kind of doing that and um seeing him experience it kind of through his eyes is uh really fun. Yes. Halloween was uh other than uh I love can as a little kid. Halloween wasn't my favorite. Um you know, because I wasn't good at the whole dress up thing. Uh you know, but but Brenna has certainly got me dressed up in costume more uh because she likes the themes and and getting people dressed up and we've had some some cute pictures of our son for sure as uh crew was was probably my favorite there from from the minions but yeah Now, my favorite fall activity is is going to be football.

I've been a football fan almost as far back as I can remember. Excited to have football back um and being able to watch that really cool watching my kid get into football as well. He's chanting defense. He's doing it at the right time. thankfully. Um and now a touchdown so it it's just it's cool to to get to watch and experience that stuff uh you know with the little guy. So um as you've tuned in to the videos.

Uh look out for next month. We're going to do this again. You can always find these archived on our YouTube channel. uh for previous months and there's some other relevant conversations and other interviews that we've had there. So, specific information you want Brenda and I to discuss or you have somebody that you know that you think would be a great guest to interview and talk through on this, uh drop me a line.

Let me know. We'd love to connect with them um and again, Brenda. Thank you. Thank uh thank you to everybody at Land Title for putting the data together. We're happy to be here and uh we will see you next month.

As found on YouTube

Looking to see what kind of mortgage you can get? Click here to see

Leave a reply

Your email address will not be published. Required fields are marked *