As a first time home buyer, you may think you’ve only got a handful of financing options to choose from when selecting your first property. However, there are actually several options to choose
Denver Real Estate Market Evening Out But Still Favoring Sellers
Spring is a popular home selling time, and though the Denver market is cooling slightly, buyers should still prepare themselves for the possibility of a bidding war. While the action here is slowing down a bit, sellers seem to still have the upper hand in this market.
According to the latest report from the Denver Metro Association of Realtors (DMAR), inventory - of both single-family and attached homes - increased 36 percent this past March when compared to March 2018.
What does this mean?
Essentially, this means more homes were listed on the market that could be absorbed by the market. In other words, houses took longer to sell.
On the plus side for buyers, the process of buying a home is getting a little easier —with more supply, the competition to get something under contract isn’t quite so fierce now as it was last spring when buyers often offered 5-10 percent above asking price to get their foot in the door.
Other highlights from the report include:
Competition is decreasing most in the suburbs, but Denver’s downtown area is still a hot market
The region’s median sell-price is holding close to steady, with a 1.5 percent year-over-year increase in March (it’s currently at $415k), according to the DMAR report.
For the state’s luxury market - homes priced at more than $1 million - that shift has already happened. At the highest prices in this market, sellers and buyers have no more advantage than the other.
While home prices remain on the high side, the good news is that in many places competition is down and homes are closer to fair market value. If you’re ready to take the plunge and become a homeowner in Denver, contact Metrowest! We’d love to show you around.
I am a proud native Coloradan born and raised. I have seen first hand the tremendous growth and change Colorado has seen over the last thirty years. I look forward to working with you.....
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