For nearly a decade, the Denver metro real estate market has been a wild ride of record-setting activity. This year with COVID-19, this is even more true. We are here to help you prepare for what’s ahead.
Since March, home is probably something you have spent a lot of time in and thinking about. Maybe your dreaming of more space. Perhaps the thoughts are about downsizing. Or life has simply shifted priorities.
If you are, it’s rather impossible to completely predict what is next in the next few months of 2020. Or even 2021 and beyond. This much we know — for years sellers have been in charge thanks to extremely low inventories of available homes. This forced buyers to compete against multiple offers at almost every price point.
As you think about what your future holds, what questions should you be asking? This blog series will explore several questions from both the seller and buyer points of view.
Are there any price points I can get a smoking deal?
Answer from Doug:
Deals in the Denver market are extremely rare. Overall, as of June 2020, all homes were on the market for an average of only 30 days before going under contract.
Moreover, if there were no more homes to come onto the market, all the available inventory would be gone (sold) in less than six weeks. This is even more challenging if you are in a price point of less than $500,000 where the available inventory would be all gone in less than three weeks.
It is the basic rule of economics — supply and demand. Our current inventory of homes is only 25% of what is needed to satisfy the demand for housing.
Perhaps the only “deals” in the Denver marketplace could be in the multi-million dollar homes that simply don’t have the large buyer pool.