Working in the trenches daily, you don’t always know what is going on outside your city limits in Real Estate. I came across this article a friend shared on Facebook last night. Not to my surprise, Denver is the #1 city in the country for Real Estate. Even between April and May Denver homes were on the market six days less!
What does this do to you as a home buyer in Denver? Well if you have been thinking of buying, but may hold off until prices come down, you may want to think again. The Real Estate market here is also being pushed by a strong economy. So you are then saying you will wait until the local economy cools down. That won’t be happening overnight. Make sure to check out my previous post on buying vs. renting in Denver. There are some good pointers in there to think about. That and conservative estimates would say 4-5% appreciation for the next 5 years is not unlikely in Denver’s Real Estate market. So there is an opportunity cost.
One thing remains true and that is, you have to be ready to buy. Financially, and mentally ready. If you are, you will wage the war against other hungry buyers and be happy when you land a contract on a home of your own. More right now we are getting calls about people who want to get pre-approved so they can put their houses on the market to sell. Their goals are to “buy-up” to a bigger home. This class of sellers will help put more inventory on the market to create more of an equilibrium over time between buyer demand and seller inventory. But for now inventory remains tight and competition is strong. Although I have seen and heard of listings buyers were interested in, sitting just a tad longer right now. So time will tell.