The Denver real estate market is off to a hot start already this year with an influx of buyers taking advantage of low interest rates and beginning their home search earlier in the year than in recent years.
Inventory at an all-time low
If you're thinking of selling your home this year, now is the time to hit the market! January produced the lowest level of inventory ever for detached homes in the Denver real estate market, down 28.6% from January of last year. Hungry buyers are craving more homes to choose from and are ready to absorb new listings quickly.
The Buyer Experience in 2020
Eager buyers, excited by the increased purchasing power that low interest rates provide, may find the lack of inventory discouraging. Low inventory markets bring about more competition and the need for stronger offers. An experiencedreal estate agent will know how the market differs in Denver's uniqueneighborhoodsand will help you to navigate the process and write a strong offer that standsout to sellers.FHA loans are also back on the rise, having passed up cash offers as the second most popular financing option, an encouraging trend for Denver buyers.
Biggest Market Opportunity in 2020
The biggest opportunity in this year's market will be for move-up buyers. Competition is highest for homes priced under $400,000 where there are more buyers than homes available. This extreme compression begins to ease as home prices get closer to one million. Move up buyers really have the best of both worlds in this year's market, with more competition for their sale and less for their purchase.
There are enticing opportunities on both sides of the real estate transaction this year. Reach out to a Live Urban agent when you're ready to make yourmove!
Recommended Reading
What to Do in Denver This Weekend
2020 Denver Real Estate Market Predictions
Socials