Let’s Get Schooled on This Market!
It’s a new school year and a new Denver market! I have to say that I am here for both of them! While we are adjusting going back to school, there are a few market adjustments we need to make as well. As folks are getting back into the new school year routine, the Denver real estate market has the same thing going on. This new normal brings some welcomed relief to the buyers in the metro area.
The Denver real estate market is finally seeing a little relief for all the buyers out there. While we are still far from what experts call a buyers market, we are starting to see the normalization happen. Between properties sitting a little longer, showing activity slower, and interest rates higher, you’ve got to be ready to make adjustments on both the buyer and seller side.
Sellers, it’s still a great time to sell. You have to be a bit more realistic about what to expect once that “for sale” sign goes in the ground. We see about 12 showings to equal one offer. So your first weekend on the market might be a bit slower than what we once saw back in the springtime. But don’t fear. You just have to be prepared that it might take a few weekends before your home gets an offer, and that’s ok! As long as the expectation is set up front, there will not be surprises later on. We are also seeing homes getting offers at or under the list price. It could not be more important to make sure you are pricing your home correctly. Looking at comps and understanding that activity is lower now, it might make more sense to price slightly lower to attract more buyers to your property.
Buyers, now is your time! Like, for real. Yes, interest rates are a bit higher than they were a few months ago, but historically, they are still so low! And with more homes hitting the market, you have so many more options to check out before pulling the trigger! With more inventory, you may never have the opportunity to come in at or under the asking price! I am also seeing buyers with contingency getting offers accepted. Yay for that!!!! So don’t let a slightly higher interest rate scare you! It sure beats paying the ever-increasing rent when you can own!
So don’t be scared by the media, and don’t let this market pass you by. It’s a great time to buy, and a good time to sell.