As anyone who has dealt with Denver real estate knows, we are currently in a market with very low inventory, as CNBC explains in this article. Homes are receiving multiple offers and are on the market for an extremely short amount of time, with an average of 39 days on the market during the month of December – down from 55 a year ago (read more about December’s statistics here). Our city’s median sale price jumped a staggering 8.2% last year over 2013. Add in the fact that Denver is attracting thousands of new people due to our growing economy, and that all equates to a tough market for people who are looking to buy a home.
by Thomas Hawk
This year will be interesting for Denver real estate. For sellers, the timing is great in order to get a high price for your home. With this low inventory and more competition from buyers, sellers can likely get a higher price for their home. In our office, brokers have seen some cases where multiple offers have driven prices up by more than $20,000. If you own a home right now and are looking to move, you have a large group of people looking for a property like yours, so it would likely be a quick and lucrative transaction.
As for buyers, while this market may seem intimidating, it’s an ideal time to buy a home while prices are still at a lower price point than what they could rise to in the coming years. Waiting to buy may result in paying more in the future once the value of homes has risen due to all of this demand. At this rate, it seems that this competitive market will continue, along with growing real estate prices.
Whatever you are looking to do in terms of real estate this year, speak with an experienced Denver broker about any move you make. Their advice is crucial in this type of market, and they can be sure to get buyers the house they want at a fair price, and help sellers get the most for their home.
And begin your search here on our website to find your next home.