With the holidays behind us in 2018, this year has brought many questions regarding the Denver Real Estate market. Starting in about June of last year, the market began to shift with more inventory and less sales. Going into the new year, just about everyone understands that the real estate market is changing. That is not new news. But everyone has to be wondering, “What does that mean for 2019?”
Lawrence Yun, the Chief Economist for the National Association of Realtors, states, “The housing market in 2019, after a period of uncertain direction and swings, will turn out to be quite boring.” Which is to say, he sees us entering a period of normalcy.
You know when you are driving a little too fast and a police car pulls into the lane behind you. You slow the car down to drive the speed limit, but it feels like you are driving sooo slooow. That is the effect we are experiencing. For years, the market has been craving more inventory for prices to slow down. It looks like in 2019 it may get it’s wish.
This is good news for many people. For buyers you may finally have the opportunity to find the home you love. Especially for move-up buyers, homeowners who are equity rich, and would like to sell, but in the past did not think they could buy the home of their dreams. For sellers, this is not doom-and-gloom, the market is still a sellers market. Homes that are priced well and in good condition still sell, often with bidding wars. However, aspirational prices may be a thing of the past.