DECEMBER Market Report - NOT CRASHING!

J2SDAY by Jodi HullingerHappy J2sday!

Are you waiting for the market to crash to swoop in and snag a home for a song? Well, that doesn’t seem to be happening. Nationwide, home prices are up 10.6% year over year. And yes, that’s lower than the 19-20% year over year increases we saw through 2021 and early 2022 – but that was crazy, y’all!

Let’s keep in mind, 3-5% year over year appreciation is healthy, good, stable, predictable. And even now, as the market cools here in Denver, crashing it is not. Prices are still up 4.17% year over year in November after a smidge of a .58% decrease from October.

Say NO to FOMO. While some sellers worry they may have missed out on the super hot pandemic real estate market, the increases that happened over the last few years are still baked into their equity. Yes, homes are sitting longer. Yes, sellers need to have their homes in top condition to sell at top price. And yes, buyers are able to include concessions with their offers. BUT sellers will still be able to make money on a home sale and….BONUS…they will be able to buy their new home under more normal conditions.

The market is definitely confusing. But we’re here to help you make sense of it all. Stay tuned for an update in a week or so with predictions about the 2023 housing market. Dusting off my crystal ball….

Credit to @dmarealtors and @keepingcurrentmatters for the data!

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