Great, just different from any other market in the country.
Average days on market fell from 24 in April to 21 in May. With 6,909 homes available and 4,903 sold in May, we have about a month and a half of inventory. A balanced market is six months of inventory. So, this is an extreme seller’s market.
All stats and national news aside, real people have to buy and sell homes in Denver. Navigating the market is more than unusual right now.
Buyers that are getting homes under contract are offering “as-is” purchases. They often retain the right to inspect but basically promise not to object to the physical condition of the property.
So, as a buyer, How is the Denver Real Estate Market?
Bidding wars are also here to stay for a while in the Denver real estate market. If a home is priced well and ready to move in, it will see multiple offers. Getting a home under contract is careful balance of playing your best cards, making it a win win for all parties. What we do to get buyers under contract has been changing each month for the past year or so. As the market changes, buyers and seller’s adapt to the new norms.
So to win and stay ahead of the pack as a buyer, you need to adapt. If you are interviewing agents to help you buy a home, ask them what they do to get homes under contract for buyers. Interview a few. You will see a variety of expertise and get a good overview of the best practices right now.
And as a Seller, How is the Denver Real Estate Market? Seller’s have it easy if they are selling and buying into less of a seller’s market by moving out of state. Generally, your sales price will be limited to at or slightly above appraised price. The key in negotiating as a seller is to select an offer that is likely to close. The imbalance in the market has encouraged buyers to make promises they do not always like.
Sellers that are staying have to face the same pressure as buyers.
Right now, we are identifying properties for sellers before they list. Some of the best fits for sellers that buy are off market homes due to flexible possession timing and new builds that have months to build before they can close.
The market is a very competitive and quickly changing market. If you have some specific market, value, or process questions. Call or email anytime.