The Neighborhood Connection: June

GREETINGS, SUMMER!

I hope you had a wonderful spring and eagerly anticipate the arrival of delightful weather in the Pacific Northwest. This time of year is what anchors me to the area!

This spring was personally gratifying for me as I got to witness my daughter Sophia graduate from CU Denver. The commencement ceremony was truly emotional as it marked the end of years of hard work for these bright individuals and the beginning of exciting new adventures. Additionally, I had the privilege of assisting several families in their journey of starting afresh in new homes. This experience has instilled in me the appreciation of being part of a significant milestone that transforms people’s lives.

In terms of the real estate market, we have seen a dip in prices, which was a much-needed breather after two years of record price growth that had made homes unaffordable for many buyers. Although we have experienced a nominal increase in pricing in 2023, the market remains unpredictable and susceptible to the emotions and news cycles for both buyers and sellers. The shortage of available homes persists, as fewer homeowners are putting their homes on the market after locking in low home mortgage interest rates during the pandemic. This limited supply results in a return to multiple offers and the restart of premium pricing – especially in the more affordable, mid-price and into the upper-end price points.

My predicted outlook for the remaining year is volatile, with relief expected in Q4 2023 or Q1 2024, as interest rates are anticipated to pull back by that time (my personal bet is Q4).

As always, if you have any questions or would like to get an assessment of the current value of your home, please reach out! Our reach at Sotheby’s International Realty is global as well, so if you have needs outside of our market area, I’m happy to connect you with a fabulous local professional in other markets!

Enjoy the sunshine!

With gratitude, Michele

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