As an agent, all I hear is “talk”. I am starting to call it the water cooler talk. I get calls from just about everyone. From buyers to sellers, from people who live in Denver to people who are out of the state wondering what is going on in this Denver market. I even get calls from other agents wondering what is going on with their homes for sale. With all this talk and all the questions, everyone wants to know what my opinions are. My response is always the same, watch my videos, I have been saying the same thing for the last few years now. We know the market is going to slow down. If you look at the signs and statistics, you can see that everything is starting to show signs of this slowdown. From the monthly inventory increasing to the time on the market doing the same. With that being said, two stats that I talk about on our video are… The average home price in Denver has risen by 7% from last October and now sits at $470,385. From someone who used to sell homes in the high 100’s, it is hard to believe people are still talking about a crash. We were talking about that when the prices hit 200k.
The one thing that I would like to share and that is I I would like to give a little shout out to all of our Legacy buyers that have been paying attention to these monthly market reports. We have had many buyers that we as a team have been able to help get a really good deal in this low time of the year. The more the market slows down as a whole the greater the dip becomes during the offseason. The summer months do not seem to be all that different. The prices are still crazy high and we still see multiple bids. The only differences that I see are we don’t see the mass amounts of multiple bids, and the bids we do get are not quite as high as they were a few years back. The major differences that I see are coming in the lower times of the year such as the holiday season. When we hit this time of the year we are seeing huge price reductions. Many of our buyers have listened and I can honestly say that it is a good thing they did because they are getting great deals right now.
In my opinion, the key to any market is education. Know the market, know the trends, and the one that comes out on top will be you! Congratulations to those who have been listening!