Lately we are starting to see price reductions and homes staying on the market longer than average in the Denver real estate market. With interest rates still low, homebuyer’s finally have a little breathing room and options of homes to choose from making it a superb time to buy. Buyers will also be happy to know we are starting to see fewer multiple offer sanerios and inspection and appraisals waived. and they have more negotiating power with the current slowdown of the market.
“Over the past four years, we’ve experienced the strongest sellers’ market in recorded history, This past month, we saw available homes for sale increase to the highest level in four years giving buyers more homes to choose from.”
– Steve Danyliw, Chairman of the DMAR Market Trends Committee and Metro Denver REALTOR®.
Although this slowdown has created a number of speculations regarding the real estate market and where it is going, keep in mind, the Denver real estate market historically starts slowing down after July 4th and it starts to pick up again for the holidays. Danyliw reminds buyers, “Even though buyers have something to smile about, market conditions still favor the home seller and the next few months should see increased activity as buyers try to find a home for the holidays.”
- Nationally, July’s pending home sales were down 2.3%. Locally, they were down .23%. National Association of Realtors.
- Colorado was voted the best state economy for a second year in a row. Wall Street Journal.
- Bridgeport Connecticut was rate the number one real estate market with an average annualized return of 14% and the median home list price of $789,100. Denver was rate number six with the average annual return of 11% the median list price at $467,600. Realtor.com
- The cost of waiting? A $425,000 home today will cost an estimated $23,800 in purchase price over the next year and $286 more a month in mortgage payment. That is a 13% increase or cost for waiting a year.
- Millennials will spend $93,000 in rent before they are 30!