Going into the new year, just about everyone understands that real estate market is slowing down. The 2nd half of the year brought waning annual price spikes, more properties hitting the market, and fewer buyers to compete with. Everyone has to be wondering what that means for 2019.
1 year ago the Denver market desperately needed two things… more inventory and prices to slow down. In December 2017 we had hit a record low of a 3854 homes for sale, both detached and attached. For the last 30 years, our December inventory averages 13,403 units, 4 times December 2017s number. Thru June 2018 our YTD median home increased in value 10.29%; great for home owners.
Then the market started to shift. June saw increases in inventory, days on market and months of inventory, all good news for buyers. Yet buyer activity slowed considerably as affordability and rising interest rates were taking their toll. Market volatility started to dominate conversations when the Central Bank stopped buying mortgage back securities in the US and slowed down in Europe in October.
But this is not a time of doom and gloom but only reflection as we head into what everyone believes will be another hot spring market, taking off as early as February. Move up buyers have incredible opportunity to cash in on their equity rich positions to pay off credit card debt, student loans and car loans and still make the move to purchase a new home. Entry level buyers also have hope as appreciation starts to return to Denver Metro’s 30 year average of 6% and a reprieve from mortgage rates peak in November.
Low supply of inventory will continue drive our market in 2019 and push prices up as we remain a hot destination. Add to this the pure math of demographics… the largest swell of millennials turns 29 this year (peak homebuying age). Buyer demand is expected to return as both inventory, appreciation and rates return to normal. In fact, the National Association of Realtors’ Realtor.com predicts the Denver metro area market will stabilize in 2019; forecasting inventory to increase 7%, prices going up 6.8 percent, and rates ending at 5.5% .
I for one am looking forward to 2019 where we focus not on in-affordability and housing bubbles but long-term investment strategies and equity growth.
Nicole Rueth with The Rueth Team of Fairway Mortgage.Watch Current Insight Video
The Rueth Team is dedicated to our clients success. It is this driving mission that keeps our team constantly learning and pushing beyond our boundaries. We find the solutions other lenders simply can’t (or won’t). We make a commitment to each borrower, fulfilling it with hard work, constant communication and creative problem solving. When a referral partner gives our name, they are confident knowing they are giving their clients the best chance of a smooth, successful experience.Learn More
NO OBLIGATION TRAINING: Market Mastery & “Done for You” Marketing tools delivered every 3rd Thursday (occasionally Tues) of the Month so you MAKE MORE MONEY! Nicole Rueth with Fairway Independent Mortgage Corporation, together w/ guest speakers from a range of professional disciplines, will be presenting monthly updates on industry statistics and market news you can use to help educate and motivate your buyers and sellers. Walk away with talking points, slides & information to set yourself up as an industry expert.
Alison P. from Wheat Ridge, CO
Nicole was wonderful to work with! The experience was so much better and more personal than working with a large company where you might not have contact with the same person throughout the process. Nicole was extremely communicative, easy to reach and talk to, and went out of her way to make this the most positive experience for my family. She worked so hard to meet our tight deadlines and made the entire experience smooth and stress free. I would 100% recommend working with Nicole and the Rueth Team!
stacieandtomwedding from Denver, CO
Nicole and her team were responsive, professional, and supportive as they walked us through every step of the loan process. We highly recommend the Rueth Team and will reach out to them with any future needs!
Natalie W. from Idaho Springs, CO
We’ve used The Rueth team twice now and have had a seamless experience both times. She and her team are knowledgeable, friendly and helpful. When I contact them they are very quick to respond. I would continue to work with The Rueth team in the future!
Shelby from Denver, CO
I used Fairway and Rueth’s team when purchasing a home recently and they were outstanding throughout the entire process. One of the staff on the team was even out on leave for most of the process and you wouldn’t have even noticed. Everyone I worked with provided very friendly, personable and knowledgeable service. I knew what my options were and everything was done in a very timely fashion. They even were able to find me some closing clost assistance so that I was able to have some money in my pocket left at close to do some work on the house. This was the third home I’ve bought and Rueth’s team was by far the best mortgage company I’ve worked with and I would recommend them with my full confidence.
Andrew C. from Wheat Ridge, CO
Nicole was fantastic to work with. She's responsive, knowledgeable, and able to make last minute changes when necessary. Working with her was a nice change from big-box mortgage companies. When last minute things needed to be fixed she did them promptly, and made sure we made it to closing without a hitch!
Mr. and Mrs. Walls from Idaho Springs, CO
We were impressed with the professional, personable service we received from Nicole and would recommend her to other home buyers. She helped us get pre-qualified quickly, making our search more productive.
Kathleen Cain from Palmer Lake, CO
Excellent team! Would highly recommend! If I ever have to do this again I would call Nicole Rueth! Her response to any of my questions was answered immediately and with great accuracy! Couldn't have been any better!
Paige M from Morrison, CO
Nicole and her team did an amazing job not only in keeping me informed of all the processes that go into selling and buying a home, but they were professional and knowledgeable! They answered all my questions, and made it easy to understand! I will never use anyone else!
april3lynz from Colorado Springs, CO
Absolutely AMAZING group! I had a really rocky start with my home buying experience. I had a horrible realtor and I was going to go through a different lender. I dropped my horrible agent and found an amazing realtor who was just phenomenal, and she referred me to The Rueth Team. My experience with them was quick, painless and simply amazing. I had very little stress and their team was so helpful. I had a moment of panic and I called, they were able to explain everything to me without confusing me more and went over every detail of my process moving forward with me. They had no hidden fees and were straight up and up front with me the whole way. I'm extremely grateful to them. In less than a month I am moving into my new home!!
Jeff D. from Denver, CO
I've closed two mortgages prior to this one with The Rueth Team, and this was by far the smoothest lending process I've had. Nicole, Peter, Emily, and Robbin were terrific communicators, provided me with honest feedback, and were simply easy to work with. They're true professionals and I'd happily work with then again on my next loan.