Housing rebound? After a tough 2022, Colorado Springs real estate industry members hope for a turnaround in 2023

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Colorado Springs’ housing market, like those in most cities, hit the brakes last year — though it stopped short of a crash.

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Elevated interest rates, low inventory slowing Holland housing market

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Holland’s housing market is cooling off, but that doesn’t mean it’s gotten any easier for buyers.

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Nashville Housing Market: The state of real estate in Davidson County

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Currently, Davidson County has the highest active listings in Tennessee.

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The commercial real estate market is wobbling, and 2 of the largest players are feeling the pain of higher rates and tighter credit

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Two of the largest commercial real estate players are feeling the pain as brutal market conditions take their toll.

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HomeLight

The best window to contact an agent to sell your home is anywhere from three to six months in advance of your list date. When you start the search for an agent several months before hitting the market, there’s plenty of time to find the best agent, make key renovations, and market your home effectively, all of which are essential steps in selling your home for a great price. You can also hire an agent based on the best time to sell to take advantage of seasonal and cyclical trends in the market. The right time to hire a real estate agent depends on the temperature of the housing market. For example, the best time to sell is in May. And since it takes around 3 months to close on a home, you should list in February. We recommend that you hire a real estate agent as soon as you’re thinking of selling your home. Generally speaking, that’s anywhere from 3 to 6 months prior to your desired move date.

The real estate market's bad? Not if you own a warehouse.

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The Chicago-area industrial vacancy rate inched higher for the first time in two years. But landlords have plenty of reasons to be happy.

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Mortgage Rates Just Jumped: Will the Spring Real Estate Market Survive?

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Rates for home loans snapped a five-week stretch of declines and jumped, just as the spring selling season should be kicking into high gear.

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Housing Watch: Fresno State students learn about real estate

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Teaching the next generation about real estate was the focus at Fresno State’s Youth Empowered Affordable Housing Summit.

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Is Legal Marijuana Giving Local Housing Markets in 2023 a

Not exactly. As more states have legalized weed, it’s not giving real estate values the same sort of high they received a decade ago when homebuyers were moving to states like Colorado eager to start cannabis businesses and legally toke up. But it doesn’t appear to be hurting home values either, according to a recent report from the National Association of Realtors®.

And as more states are legalizing marijuana for recreational and medical use, landlords appear to be loosening up restrictions, allowing more renters to grow—and in some cases, smoke—it in their apartments.

The report is based on a survey of about 3,300 real estate agents that was sent out in March. There were 21 states and Washington, DC, where marijuana is legal for both medical and recreational use in March. Sixteen states have legalized marijuana solely for medical use.

About 27% of Realtors in states where both medical and recreational marijuana have been legal for more than five years have seen lease addendums restricting growing cannabis. That’s down from 44% in 2021, the last time the survey was conducted.

However, in the same states, many property managers are buzzkills. About two-thirds have seen lease addendums restricting smoking on properties, although that’s down from 76% two years ago. For states that legalized marijuana within the past five years, 56% saw smoking addendums, down slightly from 59% in 2021.

Yet when asked if they perceived an increase in crime near marijuana dispensaries, 69% of respondents either were unaware of any such increase or said there was no change. While 28% said they did perceive an increase in crime, actual crime increased only 18%.

That might suggest a lingering stigma over the use of marijuana, says Matt Christopherson, NAR senior research survey analyst.

“There is not a perceived or actual change in states where only medical marijuana is allowed,” he says. “In states where it’s allowed for recreation, there’s a higher perception of crime.”

In states where marijuana has been legal the longest, just 13% of real estate professionals saw a decrease in residential property values near dispensaries. However, 5% reported an increase.

A previous Realtor.com® analysis found that legal weed got home prices high in places like Colorado. Colorado tied with Washington to become the first states in the nation to legalize recreational use in 2012. That gave real estate prices a boost.

And far more respondents said they’d had no trouble selling a property that had been used as a grow house—ranging from 69% to 75%, depending on the state—compared with those who said it had been difficult to do so.

Those responses ring true for Amy Cesario, a Denver-based real estate agent with Compass.

“If legal marijuana has an impact on the housing market, it’s hard to see that in Denver,” she says. “We have a strong economy, and housing has been in demand here for years. Of course, homeowners and tenants who grow and use marijuana need to be careful of its impact on the property, just as they would with tobacco and other substances, but that’s rarely an issue.”

In fact, the smell is one of the biggest downsides of growing or using marijuana, says Christopherson, adding that it’s “completely fair” for owners and landlords to enact restrictions to protect their properties.

But it also makes it crucial for would-be buyers or tenants to know what will be allowed and what won’t before signing a contract or a lease.

The post Is Legal Marijuana Giving Local Housing Markets in 2023 a Buzz? appeared first on Real Estate News & Insights | realtor.com®.