What’s happening in the Denver Real Estate market?
It’s.All.Happening. September was the largest sign yet of our shifting real estate market. Sales of single family homes dropped over 30% as inventory crept higher to almost two months. A balanced market is new to Denver, so it will require a paradigm shift and a bit of perspective for all parties to ensure you navigate your purchase or sale correctly. Many professionals share the opinion that our MARKET should continue to grow, albeit a bit more slowly, and remain solid for the foreseeable future.
How does this affect buyer and sellers?
Christmas has come early! There has not been a better time to be a buyer in Denver since perhaps 2010. Rates actually ticked back down a bit over the last week or so, although it is likely they will rise again toward the end of the year and into 2019. Homes are sitting on the market a bit longer and there are more of them to choose from. This is providing buyers with leverage they have not experienced for quite some time. THIS article can help you get started down the right path for your home buying journey.
- Consult with your Real Estate professional and make an appropriate offer. Many sellers have not internalized the market shift and are stilling attempting to price their homes above the market. Simply because it’s listed at $450,000 doesn’t mean you should offer that.
- Be real about inspections: Health and safety items, off limits to ask for mere months ago, are now on the table. Be fair but firm about your expectations on what makes the deal work for you.
- Have realistic expectations. While the market is shifting, low balling still doesn’t work. Fair, well thought out offers and asking for appropriate concessions will get you into the home of your dreams. Asking for everything plus the seller’s first born will not.
Consumer attitudes never change as quickly as markets do. Many sellers are still operating under the auspice that they can price their home at whatever number they like, regardless of location and condition. Don’t be that seller. Work with a professional who will give you good perspective on how to maximize your value during your home sale process.
An important piece of getting that value is pricing for the current marketplace. Overshooting the market will ultimately lead to a lower net profit for you, and nobody wants that. Check out my BLOG on seller mistakes so you can avoid them! It will help you get started so you can sell your home stress free, while getting the most satisfaction you can out of it.
Where Do We Go From Here?
Deep breaths. Don’t read every news article titled “Cold Front Hits Denver Marketplace”, and if you’re seriously curious about what the present and future hold for Denver’s market, talk to a real estate professional. A journalist’s job is to get clicks. A Realtor’s job is to know the market. Big difference.
One more Thing:
Winter is coming! While the market may slow down a bit during the colder months, it is actually an IDEAL time to buy or sell a home. There typically is less competition in the marketplace, so each side is able to get great value! If you’re thinking of buying or selling a home, talk to a real estate professional. If you want to get started after the holidays, great! NOW is the time to get your homework done so you can hit the ground running.
Have a wonderful October and Happy Halloween!