Plus: What You Should Know About Your 2024 Denver Metro Data And Zestimate
The 2024 Denver Metro real estate data just dropped, and there’s plenty to unpack:
Inventory Drop: Active listings dipped 26% from November to December, but year-over-year, inventory is up 40%. This is great news for buyers searching for options!
Home Prices Climbing: Despite higher interest rates, average and median prices rose about 5% YoY. Waiting for rates to drop? Consider that higher prices might offset lower rate savings later (and when rates will drop is anybody’s guess right now).
Longer Market Times: Homes are lingering on the market longer, giving buyers a chance to negotiate. Many are closing below asking price—a win for savvy buyers.
If you’re thinking about buying or selling in 2025, let’s start planning now. Reply to this email, and we’ll strategize together!
On a separate note, let’s talk Zestimates. We’ve all checked Zillow at some point, but how accurate are those numbers? In December, I spoke with Business Insider about how I think about Zestimates.
Here’s the reality:
Sometimes accurate, sometimes not. Zestimates can surprise me with their accuracy, but more often than not, they don’t always reflect your home’s real value.
Zillow hasn’t toured your home. Upgrades, charm, or quirks—none of that is factored into their numbers. And no matter how great Zillow’s data is, no one knows the local market like your local agent.
If you’re curious about your home’s real worth, let’s chat. I’ll give you an accurate, data-backed assessment, tailored to your property. Want to read the full article? Click here!
Preparing for the Worst: Protecting Your Home and Belongings
Lastly, seeing the devastating fires in LA has been heartbreaking. It’s a reminder of how important it is to stay prepared. Here are some quick things I recommend you do this week:
Call your insurance company. If you’re a homeowner, make sure you have proper coverage to rebuild and replace your belongings if the worst happens. If you’re a renter, confirm you have renter’s insurance to protect your personal items. While you may already have a policy with a national company, consider speaking with a local broker who might have unique insights into regional risks and the fast-changing policies that could impact you. Reply to this email and I will share my local recommendations.
Document your belongings. Taking a video of your home’s items can be a lifesaver when filing claims. It will help you document all that was lost and all that must be replaced.
Your home is your haven—let’s make sure it’s protected and prepared for anything life throws your way.
Key Questions You May Have
What does the rise in home prices mean for me as a buyer?
The rise in home prices might mean that waiting for lower interest rates could end up costing you more in the long run. As prices continue to climb, it might be more cost-effective to buy now rather than waiting for rates to drop, which may not happen as soon as expected.
How can I avoid overpaying for a home?
In a market where home prices are climbing, working with an experienced local agent like myself can help ensure you don’t overpay. I can help you identify homes priced well below market value or negotiate for seller concessions, helping you get a better deal.
How accurate are Zillow’s Zestimates?
While Zestimates can sometimes be surprisingly accurate, they don’t account for the unique factors of your home, such as upgrades, charm, or location. For a more accurate valuation, I recommend working with a local expert who can provide a detailed market analysis tailored to your property.
What should I do to prepare my home for potential storms or disasters?
It’s crucial to make sure your home is adequately covered by insurance, take an inventory of your belongings, and be proactive about securing your home against potential weather risks. Contacting a local insurance broker and documenting your possessions can give you peace of mind and financial protection in case of an emergency.
Final Thoughts
As we move into 2024, it’s an exciting time for the Denver Metro real estate market. With inventory on the rise, prices holding steady, and opportunities for buyers to negotiate, now is the time to make a move. Whether you’re thinking about buying, selling, or simply preparing for future changes, let’s connect to ensure you’re equipped with Lauryn Dempsey’s insight information, and strategies to make the most of today’s market.
Curious about what Denver’s real estate trends mean for your next move? Let’s talk about how you can make the most of today’s market. Reply to this email or book a time on my calendar!