The Denver real estate market changes the way we buy homes.
The Denver real estate market used to be predictable. Flowers bloomed, inventory increased. Kids went to school, everything began to slow down.
But, you may have noticed, things are a little different now.
In 2017, Realtors observed the market heating up well before the weather – in February to be exact. And low inventory has been a key contributor to price increases, regardless of the neighborhood. According to the Denver Metro Association of Realtors, the average number of homes on the market in February starting in 1985 was 14,308.
This year it was 3,878.
That means that there really isn’t a down time in this current market. Now things start moving after Christmas and really don’t slow down until Thanksgiving.
What does that mean for the buyer?
As a seller, this is an exciting time. As a buyer…it can be a little stressful. Homes are being shown multiple times in one day, often resulting in competing bids.
So, how can you get ahead?
Strike while it’s hot!
Some people would rather be sitting poolside or up in the mountains when the weather heats up on the weekends. Take advantage of the opportunity to look while others might be busy.
Even if you’re just entertaining the thought of moving, have your team and your information in place. Know who the best lenders and agents are so that if you happen upon your dream home, you’ll be ready to go.
Know the market.
With apps like Homesnap or online searches like REColorado, it’s easier than ever to search the most recent listings. It’s also important to know what homes in the area have sold for so that you go in with an educated offer.
A word of caution.
While it can be easy to get caught up in the excitement (and sometimes stress) of buying a home, don’t skip steps. According to Coldwell Banker EVP Kevin Risen, “Buyers are sometimes tempted to grease the wheels for sellers by opting out of things like the appraisal, inspection, or warranty on a home.” Don’t let your enthusiasm for a home cloud your judgement.
So, get out there and enjoy your summer house hunt! And just think…with all of this heat, you’ll know right away if the air conditioner works.
One less thing to worry about.
Patrick Finney is the owner and managing broker of FINN Real Estate in Denver, Colorado. He has been named a Five Star Agent by 5280 Magazine and has over 13 years of industry experience with $240,000,000 of real estate sold. He is an active supporter of many non-profits, including the National Multiple Sclerosis Society and the Leukemia & Lymphoma Society.