As you can see we have a huge swing in our market from a year ago. We have a third less properties for sale, making it a Sellers market if we look at the Denver Housing Market as a whole.
Once Buyers dig into the the neighborhood they are wanting to live in, they are also seeing the sellers have the advantage. We have had pent up Buyer demand all summer.
Sellers have refinanced again this summer, receiving mortgage interest rates below 4% and some under 3%. I wonder if these owners are setting themselves up to stay in the house for 15+ years or are they setting themselves up to be able to purchase another house in a few years? Everyone has their individual story and plans change, anyway you look at it, it has been an incredible summer for many Denver home owners.
As the interest rates moved down and the inventory moved down the prices have gone up. As you can see, we had over a 9% increases in Denver Housing prices in the past year! Wow! Each individual neighborhood will have it’s own number, so if you are interested in checking out what your home is worth this year, let me know, I would be glad to take a look.
August is typically a month that starts the slow down of sellers deciding to sell. It will be interesting to see what happens through the elections, and through the winter. People will always have reasons to buy and sell. There is still a large group of Buyers, sitting on the sidelines wanting the right house for them, so if you are thinking of Selling, now may be the time, before spring when there will be more inventory, a.k.a., competition. Even if you are looking to sell this spring, let’s look at the projects you should complete before then so that you are the crème de la crème.