If you’re a homeowner in the Denver Metro area or if you’re considering purchasing a home in the near future, you’re probably keeping a close eye on what’s happening in our local real estate market. There is no mistaking that our housing market has felt like it’s come to a sudden stop recently. New listings… closed sales…pending sales.. they all plummeted in this last quarter. So what does this mean for you? Here are three things that I want you to know about the Denver real estate market right now: we
Number one. Home price growth has slowed dramatically, but it hasn’t yet fallen. The average home price was still up about 4.5% year over year in November.
Number two. I haven’t seen an opportunity for homebuyers like this since 2010. If you were pushed out of the market previously because of overbidding, appraisal gaps,… that has become the exception in today’s market. Our recent home buyer clients have been getting big wins with negotiating lower prices, cash toward closing costs, and inspection repairs.
Number three. it’s important to note that’s also not a free-for-all. Sellers are not just giving their homes away despite a decrease in home buyer demand locally. The average discount on price right now is about 1.9% so if you were buying a $600,000 home that would be about $11,000.
I know we can’t predict what is next for our Denver real estate market but what we can do is keep you informed and help develop a plan with you to navigate this market successfully.
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