The Current State of Denver Real Estate - August 9, 2023

July has consistently been one of the more robust housing months of the year. However, not so this year. Thanks to a less than stellar economy, the housing market continues to struggle, not only in the Denver Metro area, but across the country. Inflation remains stubbornly high, true unemployment figures are worsening and interest rates continue to rise. We have begun to see interest rates in the upper 6’s and signs are they will go even higher as the Federal Reserve mistakenly thinks by raising interest rates, inflationary prices will cool. The July stats above show year over year, that all categories are below 2022 indicators. Prices, inventory and closings. August has historically been one of the slower months of the year, so we shall wait and see what transpires next month, but I would expect more of the same.

There is still some light at the end of the tunnel for buyers. Prices are coming down and sellers are still offering interest rate buy downs or other concessions. Also, keep in mind, what goes up, must come down; so even though interest rates are higher today, hopefully in a couple of years, they will start going down again and you will be able to refinance into a lower interest rate.

For sellers, the market is a little more challenging, but there are still buyers out there. The homes that are selling are in stable neighborhoods, show great and don’t have any negative impacts affecting them, with regard to traffic, bad neighbors or are simply priced too high. Homes tend to show there best too in the summer months, with plants in bloom, green grass and sunny days, so now is a great time to list your home.

We at The Tucker Team, have always used our time and expertise to make sure that when you list your home, it always shows in the best light possible. We offer cleaning services, staging services and professional photographs, virtual tours and extensive marketing campaigns. If you are looking to buy or sell, contact either Deborah, Treana or Angela. We can make your real estate goals happen!