The Current State of Denver Real Estate: August 10, 2022

If you are looking for housing numbers, look at the bottom of this page for a link to the July housing stats provide by SMDRA. If you want to know what’s really going on in the market, let’s begin!

If you are a buyer, the last several years have been a challenge, to say the least. Multiple offers, having to bid over asking, waiving inspections and waiving appraisal deficits had become the norm. Since April 1st and more notably, since May, all of that has changed. Between the lack of housing affordability and higher interest rates (although still historically low) the housing market has bottomed out. All of the appreciation seen in 2022 has vanished and some of the increases in 2021 are starting to fade away. Prices are dropping, there are fewer buyers, fewer showings and buyers now get to actually ask that repairs be made! Although many buyers have dropped out of the housing market, this is exactly the wrong time to do that. Except for a few high profile areas, it is now a buyer's market. Take advantage of this while you can. Rents are going to continue to rise due to inflation, but if you can get into a home now, your monthly payments for a home should be relatively constant. In a few years, you may be able to refinance too and make your monthly payments even lower.

So, don’t do what most buyers are doing now, by getting out of the market. This is the time to jump in, find the house of your dreams and not have to compete with 15 other buyers (or more) to get it. Make the market work for you instead of the other way around. Timing is everything. Don’t miss this opportunity. The best way to insure against inflation is to own hard assets. Your home is one of the best places to invest your time and money!

Click on this Link for the latest housing stats courtesy of SMDRA. July 2022 Denver Housing Trends