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A Very Brady Home Sale
In a quirky bit of real estate news — the iconic home that many remember as the “The Brady Bunch” house now belongs to a new owner, Tina Trahan. She recently bought the L.A. property for $3.2 million. If you can believe it, she considers that price a bargain! However, she sees the house as more of an art piece than a livable home.
As a bonus to being the home exterior shot used on “The Brady Bunch,” in 2019, “The Property Brothers” Drew & Jonathan Scott renovated the home’s interior to mirror the original show. This was during their 4-part special, “A Very Brady Renovation.” Using their fame and H.G.T.V.’s fortune, they recreated elements like the family’s floating staircase and the 60’s style orange and green kitchen.
Trahan, the wife of a former HBO chief executive, plans to use this one-of-a-kind purchase for charitable events, highlighting its rich T.V. history and present-day design magic. It is a surrealist monument for fans of the classic show and often has tour buses driving by to take photos. Maybe someday you, too, will have a chance to walk down memory lane in what the new owner calls “a life-size dollhouse.”
(Story/Image Source: The Wall Street Journal: wsj.com/real-estate/luxury-homes/the-brady-bunch-house-sells-for-3-2-million-1c792518?mod=djemRealEstate_h).
LOCAL MARKET UPDATE
An Unexpected Surge in New Listings
In a departure from the typical August lull, the metro Denver market showed an 8% month-over-month surge in New Listings since July. That is a shocking increase since, historically, we would never expect activity to speed up moving from summer into fall.
It is too early to tell if this is an ongoing trend or just a blip, but Your Castle Founder Lon Welsh thinks it may be due to a recent rise in seller sentiment. Potentially, sellers have given up on waiting for rates to go down this year, and rate hikes have convinced some to cave into the pressure of life events that usually make people move (having kids, getting divorced, upsizing, downsizing, a death in the family, etc.) However, it is still too early to tell why more new listings were added in August.
Despite fluctuating rates, which peaked at 7.5% in mid-August, the market seems to be holding steady. Homes are selling right at the asking price instead of at a premium. With a mere 2 Months of Inventory (M.O.I.), the market still leans in sellers’ favor, but the new listings give a glimmer of hope to buyers.
(Info Source: D.M.A.R. (The Denver Metro Association of Realtors, Your Castle Real Estate Analysis).
INFO FOR SELLERS
Equity Is Your Advantage
Many homeowners find over 50% equity in their homes, making this a potentially lucrative time to sell. That pent-up equity can be used to offset the rising rates’ costs and for a higher down payment on your next home. Well-priced homes in prime locations are still selling quickly. The demand for homes remains high.
Looking forward, the number of Active Listings will likely continue to increase until a few weeks before Thanksgiving. Then, historically speaking, a number of those listings will get pulled off the market until mid-January (if they come back at all). Sales are typically slower around the holidays due to travel plans, time with family & friends, bad weather, etc.
(Info Source: D.M.A.R. (The Denver Metro Association of Realtors, Your Castle Real Estate Analysis).
INFO FOR BUYERS
New Listings Are Helpful in Your Search
Despite a roller-coaster August regarding mortgage rates, the recent spike in listings should be noticeable for buyers. But keep in mind that it is still a seller’s market. This is not the time to ask for too many concessions or discounts. Homes are selling for close to the list price. Instead, this change might amount to having 2 or 3 more houses to choose from in your search.
For those on the fence about buying, know that there will likely be a massive influx of buyers when rates eventually drop, whether it’s 6, 12, or 24 months from now. Competition will be fierce. Buying now may spare you from some of that drama. Plus, you would be building equity since modest price appreciation is prime to continue over the next several years.
(Info Source: D.M.A.R. (The Denver Metro Association of Realtors, Your Castle Real Estate Analysis).
*We use reasonable efforts to include accurate and up-to-date information. The real estate market changes often. We make no guarantees of future real estate performance and assume no liability for any errors or omissions in the content.
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