The Current State of Denver Real Estate: September 14, 2022
If you are looking for a quick snap shot of the housing numbers, look at the bottom of this page for a link to the August housing stats provide by SMDRA. If you want to get a better idea of what’s really going on in the Denver Metro area, keep reading!
On April 1st, due to a drastic 2.5% interest rate increase, the housing market became a more even playing field over night. After another 60 days, with the buyers who had been getting beaten out by cash or buyers bidding 10-15% over asking, finally closed on their dream homes too, it all came to a screeching halt for sellers! It was officially a Buyer’s market by the end of June. Before long, all of the appreciation seen in 2022 had vanished, although the multi-million dollar market, seemed to lag behind. Come July and August, even that market started to see price drops. Even though inventory is still low, there are even fewer buyers, so sellers are accepting lower offers and giving seller concessions.
If you are in the market for a new home, this is definitely the time to invest. Rates have come back down and are historically still on the low end of the scale and now there are bargains to be had. Buck the trend and get back in the market. Jump in, find the house of your dreams and let one of us from the Tucker Team begin the negotiation process. Make the market work for you instead of the other way around. As with most things, 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!
If you are looking to sell, don’t wait! There are still buyers out there and you should still have plenty of appreciation in your home from the past several years to walk away with a good chunk of cash. Prices may still drop going forward, if the FED increases interest rates again, as they try to keep inflation in check. Don’t wait, give one of us at the Tucker Team a call for additional information and advice as to when is the right time to buy or sell.
Click on this Link for the latest housing stats courtesy of SMDRA. August 2022 Denver Housing Trends