Time to Give Thanks!
Looking on the “Bright Side”
Taking the opportunity this month to recap the issues I’ve addressed thus far in 2024 and shed some positive light where I can.
This year, in particular, has been difficult for a lot of people in various ways. As I’ve mentioned in my previous articles, the market has been stubborn this year, likely because there has been a lot of controversy with interest rates and conflicting data coming from different sectors of the economy. This is not to say that the market has not been fruitful, it has just been difficult to navigate. So, I’d like to take the opportunity this month to recap the issues I’ve addressed thus far in 2024 and shed some positive light where I can! In fact, this will end up being my best year in the last decade of my career in real estate, the fourth quarter playing a huge role in that!
Why has the fourth quarter been so successful?
I think, in part, it’s because the people that wanted to buy or sell are tired of waiting for a “better time” to present itself. Another likely part being that the Fed has cut interest rates, not once, but twice- once before the election and again after. While this has not resulted in big changes in primary mortgage rates, it has created a broader sense of stability, thus creating a rebounding effect within the market, especially here in the foothills. And speaking of stability, we have also just overcome another big hurdle in terms of uncertainty- the election is now behind us and we are all moving forward, however that may look. So, let’s take a deeper look at this quarter.
October and November have been particularly fruitful. For a few weeks in October, we saw rates dip briefly, resulting in many “sitting” properties being presented with offers, or better yet, going under contract. Then, after the election, we experienced another rise in showings, resulting in many successful sales. This is not normal for mid-November, where the market typically starts to slow down. I feel that this is somewhat a result of that uncertainty we were all living in finally being eliminated. With that being said, though, and the election behind us, the market and economy are still indicating a state of chaos where we are left unsure as to whether rates will be coming back down or going back up in the coming year. The strong economy, paired with the fear of tariffs causing inflation, might keep rates higher than we were originally hoping. Then again, if the economy and wages continue to grow at a better rate than inflation then higher interest rates won’t affect home affordability. Then there is the issue of homeowners insurance; while it is still boiling, it does seem to be settling down. The prices are much higher, but we are seemingly able to get insurance on most homes. In fact, I have not seen as many deals falling through simply because of insurance. My professional opinion is that this could partly be because we are all aware of the issue at hand, but also because insurance companies seem to be figuring out how to keep coverage in the area, even if it’s at an outrageous cost to the consumer. Ultimately, though, this still provides a temporary feeling of stability.
In short, while I don’t feel comfortable predicting the upcoming market, I can say with certainty that it feels increasingly more positive and less volatile than it was a few months ago. This uplifting aspect is greatly impacting my gratitude heading into the holidays! I am also incredibly thankful that our Colorado Real Estate appears to be moving forward without being too impacted by the settlement of the MLS and National Association of REALTORS lawsuits that plagued the headlines this past spring and summer. With these new contracts in effect, everyone seems to be adapting quickly, which is creating space for new opportunities to learn and grow in the business, thus having a positive impact on the representation of our foothills broker network. These changes have seemed to weed out the brokers that were cutting corners, staining our professional representation and leaving our foothills real estate market to the brokers who take pride in their work and are using these new opportunities for positive and professional growth and expansion.
Lastly, I want to add a personal note of thanks to our amazing community. In particular, our local Real Estate Association, Mountain Metro Association of REALTORS. This association, a group made up of almost 400 professionals, is one that I am honored to be a part of. Of all the brokers I’ve met and worked with throughout my career, from across Colorado, to across the country, I can genuinely say that my fellow MMAR associates are a cut above the rest. I am incredibly thankful to have the support system that it provides, including education for both agents and the community, along with engagement on present issues and the camaraderie it provides to keep us a cohesive group. Furthermore, on a very personal note, I am so grateful for my clients, friends, and family, and there’s no denying the incredible amount of gratitude I have for my home. To call Evergreen and this foothills community home, every day, is a true gift. Thankful for this life, for all those in it, and for the environment it continues to live and breathe in!
Happy Thanksgiving y’all! Wishing you a season filled with love and gratitude! Cheers to the Holidays!
