JUNE NEWSLETTERBEAT THE BACKLOG | HOUSING REFORM BILLS | RECIPE OF THE MONTHBEAT THE BACKLOG: BUY NOW
According to a recent Gallup Poll, 76% of Americans feel like it's a bad time to buy a home. Home prices are high and interest rates remain at or above 7%. While Sellers are holding firm to the value of their homes (and their sub-4% mortgage rates), Buyers are picker than ever, preferring move-in ready homes that fit their budget.Here are 3 key reasons why buying now may be to your advantage:1. MORE HOMES FOR SALE - In the month of April, we witnessed a remarkable 19% increase in inventory, surpassing the typical 10-12% seasonal uptick. May saw a 31.03% increase in active inventory month over month and a 75.19 increase in inventory compared to this time last year.2. MORE BALANCED MARKET - With nearly 7,000 homes now available, this influx of listings hasn't been seen in years. 3. MORE PRICE DROPS - Last week we saw 1,775 price decreases in the Denver metro area. This is the largest number of price drops since September 2023. In short: there are more homes for sale today than have been for sale in years. More inventory means more choice for Buyers. More choices for Buyers mean more negotiation power. Buying now may mean you have the opportunity to land your dream home for less than list price and/or with seller concessions. When interest rates drop, the backlog of Buyers will return to the market, making competition fierce and driving prices up. If you're in the market for a new home, now may be the time to negotiate the most favorable terms we'll see for years.If you think it's too expensive to buy, please reach out so I can refer you to my top lending partners who can help make homeownership achievable. HOUSING REFORM BILLS HIT HOME
Gov. Jared Polis has signed three more Colorado housing reform bills into law.
Colorado Gov. Jared Polis signed two marquee land-use reform bills into law in early May, clearing the way for the building of more accessory-dwelling units and denser development in cities and suburbs across the Front Range.
The landmark bills are a huge step toward increasing housing availability and housing density across the Front Range, since housing supply has fallen short of demand for decades. The new laws aim to change that as the state projects 1.7 million more people will move to Colorado by 2050.
Land use code has historically aimed to preserve space: space for larger lots, for parking, and for parks. The reforms made by the passage of these bills will ease certain land restrictions and allow for greater density building up and down the Front Range. Here's what's new:
Accessory-dwelling units — otherwise known as ADUs, garage apartments, carriage houses or casitas will become less restrictive to build.
Affected cities can no longer say no to ADU construction or institute requirements that effectively ban them. The law also includes $5 million in grant funding to help middle and lower-income households build ADUs or to help subsidize ADUs that will be rented to tenants at lower income levels, plus millions of dollars more for loan or down-payment assistance.
House Bill 1313 was appropriately the densest housing policy passed this session. It, too, applies only in certain areas — roughly 30 cities and suburbs along the Front Range.
Under the law, affected local governments will have to come up with a density goal for areas near stops on major transit lines, including zoning for an average 40 housing units per acre. Cities will then have to come up with plans to hit that goal and then provide updates to the state on their progress.
The state has put forward $65 million in grants and tax credits to help bolster subsidized housing and infrastructure near those transit spots.
Municipalities across Colorado have varying sets of requirements around how many parking spots are required for various types of developments — apartment buildings, bars, restaurants, movie theaters. House Bill 1304, sponsored by Democratic Reps. Stephanie Vigil and Woodrow and Sens. Nick Hinrichsen and Kevin Priola, generally eliminates those requirements for residential developments near transit stops in Front Range cities.
Read more about the housing density updates here.
RECIPE OF THE MONTH: AVOCADO CORN SALAD
This salad is an easy, vegetarian (and vegan) option that comes together quickly and is a hit at parties. Add cotija cheese on top (if you want) for extra flavor and aesthetic appeal. You can add more or less of any or all of the ingredients to make it your own. Enjoy!
INGREDIENTS:
DIRECTIONS:
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