March 2023

May 15, 2024



Low housing inventory has been a challenge since the 2008 housing crash when the construction of new homes plummeted. It hasn’t fully recovered—and won’t in 2023.

Housing supply remaining stuck at near historic lows has propped up demand compared to other downturns, consequently sustaining higher home prices.

At the current sales pace, inventory is at a 2.9-month supply, according to NAR. This figure is unchanged from December, though up from 1.6 months a year ago.

With 70% of homeowners sitting on a mortgage rate of 4% or less it's unlikely to see an inundation of homes any time soon. The lack of inventory means there still aren't enough homes for everyone who wants to buy one.

In other signs of a strengthening market in terms of activity, new listings were up 20.6% from January and pending sales, a measure of future activity, rose 19%, indicating momentum heading into March. And listings were turning over faster, spending a median of 25 days before finding a buyer compared to 34 days in January.

Buyers are watching the market closely, and pouncing on well-priced listings that are staged and relatively updated. The "turn key" homes that show well are still driving multiple offers, yet some homes that are not as "turn key" are sitting. In these instances, Buyers may have a chance to write an offer that works for them.

BOTTOM LINE: The market is in an "in between" spot right now. There are still deals to be had... and homes to be bought with terms more favorable to a Buyer. DM me to learn more.


February's newsletter profiled why many of the Five Four Real Estate team members own one or more investment properties. This month's topic provides information on how to finance an investment property. CONVENTIONAL LOAN - Borrowers looking to use a conventional loan must qualify with a lender. The borrow typically has to put 20-25% down on an investment property. The loan may be subject to a higher interest rate and the borrower may need to show a 3-6 months of cash reserves, which proves to the lender the borrow can afford to pay the mortgage if it is not rented.HOUSE HACK -  Would-be investors may be able to get into the game by buying a multifamily property (with two to four units) and living in one unit while renting out the others, or even buying a single family home and renting out bedrooms or a finished basement. This way, investors can buy an investment property more affordably, because, since they’re living in the home, they can get a residential mortgage with a lower interest rate and lower downpayment (as little as 3.5%)! In return for these good terms, the owner must occupy the property for 12 months. COMMERCIAL LOAN - Commercial loans are typically provided by smaller and local banks. Financing a property with five units or more puts the borrower into commercial loan territory. These loans bear higher interest rates, and the loan terms are typically shorter (20 or 25 years versus 30), both of which mean higher monthly payments. Borrowers are also asked to make a bigger down payment, usually 25 percent.

HARD MONEY - Hard money lenders charge higher interest rates and generally lend for shorter terms. For example, a borrower might make interest-only payments for a term of five years, then repay the loan in full at the end of the term. These loans might be most useful for a buyer who is looking to flip a property, not those who plan to hold on to it and rent it out for years,


Don't miss what is (arguably) the best month for food and fun ini Denver... Restaurant Week and a St. Patty's Day Parade! Denver Restaurant Week - March 3-13, 2023Denver St. Patrick's Day Parade - March 11, 2023Colorado Dragon Boat Film Festival - March 9-12, 2023RECIPE OF THE MONTH: SHEPHERD'S PIE

If you don't have a go-to for St Patrick's Day, you do now. This wholesome Shepherd's Pie is easy and a crowd pleaser. Grab your Guiness and enjoy! INGREDIENTS:


  • 2 tablespoons olive oil
  • 1 cup chopped yellow onion
  • 1 lb. 90% lean ground beef -or ground lamb
  • 2 teaspoons dried parsley leaves
  • 1 teaspoon dried rosemary leaves
  • 1 teaspoon dried thyme leaves
  • 1/2 teaspoon salt
  • 1/2 teaspoon ground black pepper
  • 1 tablespoon Worcestershire sauce
  • 2 garlic cloves -minced
  • 2 tablespoons all purpose flour
  • 2 tablespoons tomato paste
  • 1 cup beef broth
  • 1 cup frozen mixed peas & carrots*
  • 1/2 cup frozen corn kernels


  • 1 ½ - 2 lb. russet potatoes -about 2 large potatoes peeled and cut into 1 inch cubes
  • 8 tablespoons unsalted butter -1 stick
  • 1/3 cup half & half
  • 1/2 teaspoon garlic powder
  • 1/2 teaspoon salt
  • 1/4 teaspoon ground black pepper
  • 1/4 cup parmesan cheese


  • Add the oil to a large skillet and place it over medium-high heat for 2 minutes. Add the onions. Cook 5 minutes, stirring occasionally.
  • Add the ground beef (or ground lamb) to the skillet and break it apart with a wooden spoon. Add the parsley, rosemary, thyme, salt, and and pepper. Stir well. Cook for 6-8 minutes, until the meat is browned, stirring occasionally.
  • Add the Worcestershire sauce and garlic. Stir to combine. Cook for 1 minute.
  • Add the flour and tomato paste. Stir until well incorporated and no clumps of tomato paste remain.
  • Add the broth, frozen peas and carrots, and frozen corn. Bring the liquid to a boil then reduce to simmer. Simmer for 5 minutes, stirring occasionally.
  • Set the meat mixture aside. Preheat oven to 400 degrees F.


  • Place the potatoes in a large pot. Cover the potatoes with water. Bring the water to a boil. Reduce to a simmer. Cook until potatoes are fork tender, 10-15 minutes.
  • Drain the potatoes in a colander. Return the potatoes to the hot pot. Let the potatoes rest in the hot pot for 1 minute to evaporate any remaining liquid.
  • Add butter, half & half, garlic powder, salt, and pepper. Mash the potatoes and stir until all the ingredients are mixed together.
  • Add the parmesan cheese to the potatoes. Stir until well combined.


  • Pour the meat mixture into a 9x9 (or 7x11) inch baking dish. Spread it out into an even layer. Spoon the mashed potatoes on top of the meat. Carefully spread into an even layer.
  • If the baking dish looks very full, place it on a rimmed baking sheet so that the filling doesn’t bubble over into your oven. Bake uncovered for 25-30 minutes.** Cool for 15 minutes before serving.

About FiveFour Real Estate

We hold our licenses at the brokerage Five Four Real Estate. The name Five Four Real Estate derives its name from 5.4%, which is the average annual home appreciation rate in the U.S. over the last 50 years.  If you buy a home and put 20% down, you are leveraging your money 5X. A 5.4% increase in your home's value means a 27% ROI.

Thinking of Buying or Selling?  Know someone who is?We are NEVER too busy for your referrals!


This could be one of the largest and most important financial decisions you will make in your lifetime, and you deserve an experienced partner that understands the intricacies of Colorado real estate.

We promise to always keep you informed about the rapidly changing market and educate you throughout the entire process. We promise to protect your best interests and treat your home or investment like it’s one of our own. We promise to work our hardest to find the perfect home for you and your family with as little stress as possible.  

We value your trust and hope to continue supporting you in your lifetime even after your sale or purchase is complete. This goes beyond real estate to us, it’s the beginning of a lifelong friendship.

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