The Current State of Denver Real Estate - November 13, 2023

There has been a noticeable shift in the real estate market these past couple of weeks. More inventory, but still fewer closings are affecting the number of showings and offers Sellers are receiving. Since the last interest rate hike, rates have fallen about a half a point to around 7.5%, which is good for the average borrower. Also, as the holiday season approaches, Sellers are becoming more anxious and are beginning to lower prices, offer seller concessions in the form of rate buy downs, closing costs, as well as down payment assistance programs. This is definitely a better time for Buyers to be more choosy when selecting a home. Of course there are still some homes out there, that have been well maintained, updated, and are in the perfect neighborhood that still get multiple offers and over asking. However, those are fewer and far between than in times past.

Typically, from now until the end of the year, you can expect to see fewer listings and fewer purchases with Thanksgiving and Christmas right around the corner. Many Sellers take their homes off the market, with the intent of re-listing them in late January or early February. If your lease is expiring and you are looking to buy, with these slightly lower rates, your selection may be limited if you wait too much longer to start looking. Also, relocations from other states do tend to increase this time of year so as a Seller, all is not lost, if you still have your home listed. But keep in mind in order to get an offer, it needs to show well and be priced competitively. It only takes one buyer to make a deal happen!

Real estate is still one of the best long-term investments, as prices have continually risen throughout your lifetime. Give yourself a gift that keeps on giving, by saving for your future, by purchasing a new home or an investment property. We work through the holidays, so feel free to contact any of us at The Tucker Team, for guidance to make your home buying or selling dreams come true.