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March 24 Denver Housing Update

Russell Wilson Out as Denver's Quarterback: Fate of Cherry Hills Mansion in Limbo

With rumors that are making waves in Denver's real estate scene, star quarterback Russell Wilson and his wife, singer-songwriter Ciara, might be privately shopping their home. The property, which holds the record as the most expensive home ever sold in the Denver area, is seemingly open to offers and tours for prospective buyers, according to sources familiar with the matter.

Purchased in April 2022 for a staggering $25 million, shortly after Wilson's trade to the Denver Broncos, the mansion stands as a testament to luxury living. Situated on Cherry Hills Park Drive, the sprawling estate spans 20,000 square feet across 5 acres of prime land. Boasting four bedrooms, 12 bathrooms, his-and-hers walk-in closets, offices, and lavish bathroom suites, the residence exudes sophistication and elegance.

Among its impressive amenities is a 2,590-square-foot indoor swimming pool, perfect for year-round relaxation and entertainment. Additionally, the property features a basketball court and a guest apartment complete with its own kitchen, offering unparalleled comfort and convenience. Since the Broncos announced their plan to release Wilson when the new league year starts, its highly likely there’s a transition on the horizon for the high-profile couple, with an official decision to list their Cherry Hills Village mansion likely to follow suit.

Will Buyers or Sellers Strike Luck This March?

Billy Zane famously said in Titanic, "A real man makes his own luck." What better way for buyers and sellers to step into the Denver real estate market this month than by crafting their own luck with a strategic approach tailored to capitalize on current market conditions.

As interest rates fluctuate between 6-7%, the delicate balance of market advantage shifts between buyers and sellers. Sellers are capitalizing on the bustling spring season by presenting their homes in the best light possible. Well-maintained, staged, and appropriately priced properties are garnering multiple offers and going under contract within days of hitting the market. Meanwhile, buyers are facing substantial house payments, maintaining high expectations. While some are willing to invest heavily in their dream homes, others are strategically seeking deals on properties that have lingered due to issues like deferred maintenance or overpricing.

The month-over-month metrics prove that the spring market is heating up just as anticipated. With a jump in inventory, more homes going under contract and closing, rising sales prices, and a decrease in days on the market, it's clear that the spring real estate market is charging full steam ahead. Whether you're searching for your dream home or looking to capitalize on your property's value, it's essential to have a knowledgeable real estate agent by your side to help you navigate the process with ease.

Info for Sellers: Make Sure Your Home is Show-Ready for Success

As new listings increased 29.12 percent, paired with a 12.70 percent increase in pending sales, it’s clear that buyers are taking their time to choose the right home for their needs. Despite buyers’ knowledge of growing inventory making them more discerning, its evident sellers are still receiving strong offers with overall increases in Average & Median Close Prices as well as Close-Price-to-List-Price ratios, thus proving the unique vantage for both buyers and sellers in the same market. Sellers can maximize their profits by pricing their homes strategically and staging them to showcase their best features to attract qualified buyers and hopefully multiple offers.

Info for Buyers: More Listings, More Luck

The best nugget of gold for buyers this month is that inventory is up significantly with 5,511 Active Listings at Month’s End, a 13.14 percent jump month-over-month and a whopping 45.87 percent increase year-over-year! As more inventory comes to the market, there are options. With options comes more room for negotiation upfront on price and terms. In addition, we are still seeing plenty of negotiation under contract on inspection items. With a little luck and a lot of perseverance, you just might find your own pot of gold in Denver's housing market!

(Info Source: D.M.A.R. (The Denver Metro Association of Realtors, YCRE 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 of omission in the content.

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