What’s happening in the Denver Real Estate market?
August continued to see the brake lights flicker as we move through a summer of change. The signs are all there, indicating a shifting marketplace. Inventory hit a four year high at 8,228 homes. The number of homes sold dropped month over month, as did the average sales price of a single family home. While August is typically a slower month than it’s neighbors July and September, the data from the last few months certainly seems to support the notion that the sun like temperatures of the Denver residential market are cooling off a bit. Look to see this trend continue in September as the fall slow down, coupled with the larger shift, will bring a small cold front to the Denver market.
How does this affect buyer and sellers?
Buy now. Period. For the first time in a half decade, you have negotiation power in the Denver market. Combine that with the facts that more homes are on the market, interest rates remain low, but rising ( the Fed is threatening more increases later this year), and sellers are becoming more flexible on price and inspection items, and you have the perfect recipe for a dream home purchase. (Hint: call me now to get started). The market conditions are good for you so take advantage.
For the last five years, you’ve been able to procure multiple, over list price offers, refuse to fix anything, and still sell your home in 24 hours. It has been an incredible and unprecedented run. While the market is indeed shifting, it is far from over for you and certainly not a doomsday situation.
The climate is still great and it’s still a very good time to sell your Denver home. Homes that are priced correctly for location and condition, appropriately prepared for market, and marketed well are still selling quickly. Added bonus, you will have an opportunity to advantage of the changing conditions when you buy your next home!
- Buyers will be asking for fixes, so make sure your home is properly prepared to sell. They may walk if you refuse as there are now more homes to choose from.
- The condition of your home has become much more important in order to sell quickly and for top dollar. Clean, well staged homes are necessary and you should be prepared to have your home in tip top shape.
- It’s still a REALLY good time to sell
Where Do We Go From Here?
- The Denver real estate market remains strong and is on pace to have a very solid 2018.
- A shifting market is not a sign of a collapse, of a crisis, or any other buzz word. Markets have cycles. Ours has been on a high for five years.
- Moving to a balance market only means that buyers and sellers must adjust their mindset and find Real Estate professionals who can guide them correctly through the changing landscape. Don’t listen to the noise.
Have a GREAT end to your summer and we will see you next month!