Denver Real Estate Shifting to Buyers Market
Have you been sitting on the sideline the past couple of years waiting for the market to even out? Haven’t seen anything you like or fits your lifestyle? Good news is that inventory is up in the Denver Metro and the influx of homes have brought some notable changes. The trends I am noticing personally from working with buyers are.
- There are more homes to choose from. With a 33% increase in inventory, that means there are 33% MORE homes that fit your criteria. If there were 15 homes before, now there are 20.
- Less competition. With more inventory to choose from, the days of multiple offer and over-asking prices are mostly in the rearview mirror.
- More leverage. Some homes sit on the market longer, which has been giving us much more leverage in offers as well as negotiations.
- More time to make educated decisions. We now have time to see houses more than once, or to negotiate on multiple homes at once, allowing a less stressful process.
One of the strategies my clients have found successful is to negotiate up front for homes sitting on the market. Instead of drastically lowered prices, I like to negotiate for seller to pay concessions at closing, which can be used to make improvements, covering costs at closing (less cash out of pocket) or to buy down the interest rate. Getting 15k back from a seller at closing can allow you to re-do that bathroom or kitchen or add central a/c or get you .5% off the rate (depending on the loan)!
If you are ready to start the process on purchasing your home here in Denver, let me help guide you to the closing table! Interest rates are still low, I expect appreciation to continue at a more normal historical level making now a great time to pull the trigger. Friendly, honest advice is just a phone call or email away!