The rates decreased this past week, and we saw a flurry of activity in and around the Denver metro area with buyers securing their Dream Homes! So good to see, as it has been a strange year with rates too high for most buyers.
The stats are out for the month of August, and the numbers reflect this strange year. Inventory is up, sales were down, yet the value of homes continued to rise.
We are seeing approximately 1/10 of the homes currently active go pending each week. About 300 properties come back on the market each week, and this week (9/10/24) we saw around 1,800 price reductions.
Typically after Labor Day we see the market pick back up, but still not at the same pace we see in the Spring. If the rates drop again (with the Fed announcement mid-September), we should continue to see a flurry of activity.
The Denver metro area has around 11,000 listings right now, but you can adjust your search for the area you would prefer to live -
Homes Currently Available in the Denver Metro Area
Buyers - if you are contemplating a purchase this year, you need to speak with a lender and get pre-approved FIRST before you start your house hunt. There could be multiple offers, and you don't want to be left out. The inventory has increased, so you do have some choices now.
Sellers - with all the price reductions, it is wise to price your home at Fair Market Value, so you don't have to chase the market down. Pricing it too high, you lose out on your first buyers, which usually are your best buyers. It may be time to cash out of your home, since you are sitting on a great mountain of equity if you have been in your home for some years! Buyers are more apt to buy a home that is ready to move-in, versus a home needing repairs. Want to know what your home is worth, click here and will generate your valuation. Scroll down to the icon at the bottom)
Need more information - contact me! 720-231-6373 or Joan@JoanCox.com