If you're planning to buy a Denver area home in 2019, you might just be in luck. In December, we saw more signs of calming in The Mile High City's intense seller's market. Jump into the market now and you're likely to have more home purchase options and less competition. Plus, acting in 2019 will ensure your buying power doesn't dwindle due to several upcoming real estate market factors coming our way.
If, on the other hand, you're looking to sell, 2019 could be your sweet spot too. Although price increases have slowed, the market generally still favors sellers. And, prices are expected to inch up, albeit more slowly than in the past few years.
January's 2019 Denver Real Estate Market Stats echoour year-end recap and 2019 predictions. The average single family home sold for $508,016 - a 4.5% increase since this time last year. If you've been keeping up with market stats in Denver recently, you'll notice the [relatively] modest nature of this increase. (Keep in mind that the historical average for home increases hovers around 5%, so we're still in a very healthy place). This slowing value increase marks an arrival of more balance between buyers and sellers in the Denver real estate market.
What You Should Know If You're Buying a Denver Home in 2019
First and foremost, mortgage interest rates are on the rise. Higher interest rates not only decrease the amount you're qualified to pay for a home, but also significantly impact your monthly payment. Just play with a mortgage calculator to see the difference between paying 4% in interest and 5% in interestenough said.
Although home price increases have slowed, Denver is still a seller's market and prices are going up. Experts predict the increases to continue into 2020. Finding your dream home earlier in the year may mean you get more bang for your buck.
Start your search early to accomplish 3 goals: beat price increases, potentially receive a lower interest rate, and beat the late-spring buying frenzy in which competition increases.
What You Should Know If You're Selling a Denver Home in 2019
Denver is still a seller's market. This means you'll have more power than buyers in negotiations (though a bit less than in previous years), and if your home is priced right, it will sell for a premium. As home value increases are slowing, take advantage of your financial gains by asking your agent how your home will be marketed and by making your home look its best.
Our final tip for selling your home in 2019: don't wait until July to list, when the market historically slows and fewer buyers are competing for your listing. Expect the Denver market to heat back up for spring in early February, as it's done for the past 8 years - list your home just before the spring rush to attract the attention of excited new buyers and maximize the listing shortage advantage (many sellers wait to list later in the spring or summer and miss the peak).
If you're buying or selling this year in Denver, the market may just be primed for your big move.
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