Ever since we came out of the recession in 2012 the real estate market in the Denver metro area has been growing and it really has been a seller’s market ever since. We have waited to see when the prices would flatten out but instead, they keep increasing. We still have seen the cyclical nature of real estate in Denver due to the change of seasons. Even though prices have been increasing during that time, lower interest rates have kept buyers within range. However, we see the two contrasting faces to the market.
The winner by far is the homeowner that is in a position to sell their property or properties in the case of investors who take advantage of the lack of inventory and the overwhelming amount of buyers in the market. The other side of the coin is the buyers. In the current market, only buyers with strong loan qualifications, large downpayment, and those that can pay tens of thousands above the asking price have a chance to have their offer accepted. As a result, prices have increased sharply in the last few months.
I prepared the chart below for statistics for the month of April 20201 in a few areas around Metro Denver to show how really short homes last in the market and how much above asking homes have closed in the last 60 days.
What to do?
If you’re a homeowner and were planning to sell in the next year, take advantage now! Here is a link to get a super quick market report for your area.
If you’re a buyer, planning and strategizing is very important. I am here to help! Let’s talk to make a plan. Call/text 720-724-8187 or click here to make your virtual or in-person appointment.