What the heck is going on with our real estate market?
Our real estate market is presently experiencing an anticipated annual slowdown due to seasonality. Our leading indicators for number of showings per active listing support that we are on track with what we expect to see in the market this time of year. Spring is typically the best time to sell and late Summer is usually the best time to buy. It appears that this year will be no different as inventory has increased and number of showings (leading indicator for demand) have declined.
Where are the opportunities?
Buy. Stop waiting. Prices are not going down and neither are rent rates. Take advantage of the low interest rates, the higher inventory levels and the decreased competition while it lasts.
Sell then buy. If you have been waiting to sell because you've been nervous about buying and where you would go, now is the perfect time for you to get out into the market. If you want to chat through different strategies about if you should buy then sell or sell then buy, reach out. Everyone's situation is different. I assure you I have creative solutions to make it as smooth as possible for you.
Pick up investment properties. It's a great time to buy, as mentioned above. Rents have also gone up 30% over the last 3 years. Renters are getting priced out of the market the more Denver appreciates and it is likely this trend will continue. As a result, we will see long-term renters in Denver and they will need housing. Now is a great time to take advantage of the low interest rates for your long-term holds. You won't regret it later.
What about if I just want to sell and not buy or sell for the most money possible?
If you have the luxury of not having a strict timeline and want to make the most money possible for your home, wait until the Spring to sell. Just remember that it will likely be difficult to buy at that time as well and the more relaxed market we are seeing now may be more favorable for you securing your next home.