Market has Shifted from a Sellers Market to a Buyers Market in Denver, Co
Better Days are Here for Colorado Home Buyers
For now, home Denver buyers have mostly found themselves in a sellers market, faced with above-average price appreciation and bidding wars due to limited inventories of Colorado homes for-sale.
NOW is the Time to get out there if you want to buy a Denver home.
But in the second half of the year, the Denver housing market is starting to shift very fast toward more of a balance as more sellers – motivated by higher home prices – put their homes on the market, alleviating the inventory shortage. This will help provide buyers with more choices of homes to buy as well as likely soften the speed at which Denver home prices are rising.
For potential Denver home buyers, the housing market is now way more inviting!
"Combined with a temporary reprieve from rising mortgage rates and slightly easier access to credit, buyers should find it way easier to purchase a home in the months ahead,"
For-sale listings have risen, on average, 30 percent over the past three months, According to the Denver MLS. Also, Denver new construction is finally stepping up to relieve inventory pressure too, with single-family permits up 9 percent year to date over last year. According to the Denver MLS last week 1260 Listings went on the Market making the inventory almost double that of a few months ago!
Most Denver home buyers now can now negotiate with the sellers while in the last few months the buyers had to pay full price or bid over price to get a home. Now there is some wiggle room on prices!
What's more, it's getting easier to get a mortgage. Mortgage credit availability was 5 percent higher in June than a year ago, according to the Mortgage Bankers Association.
The upcoming change of season favors you home buyers, assuming you are flexible about timing and can find a home that fits your needs. Families with school-age children are far less likely to compete for homes on the market after the beginning of the school year, which for many is in August. While inventory levels rapidly rise due to the season, the fall will turn into a great time to buy."
Contact us Now to get out there and take advantage of the home choices now available.