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Buyers are Calling the Shots in Denver's Real Estate Scene.
The Denver real estate market continues to be a buyers frenzy. Median home prices are still rising, July’s $252,250, was an improvement over June’s $251,500 median price. Sellers are becoming more and more motivated to pay partial or all closing costs, throw in extras, and take cuts on their asking price. Aggressive seller concessions and a favorable interest rate environment have fueled market activity. Concessions are taking a toll on what sellers are netting from their homes, but willing sellers continue to list and keep the market going. Higher interest rates are forecast for the remainder of the year, and the experts are mixed on their opinion of how that will affect the local housing market.
The housing market continues to be red hot in other parts of the country, especially California and Las Vegas; sellers continue to turn double digit returns on relatively short holding periods on their properties. But even those markets are beginning to show signs of the market slowing. Homes are beginning to stay on the market a bit longer, and buyers are negotiating harder and with more success. Denver has been at the front of the adjusting real estate market that has been off the charts across the nation for longer than some analysts predicted. The price stabilization (i.e. slower appreciation) has been expected for some time, and the good news is the local market may be prime for a quicker rebound. No doubt that the interest rate environment over the next several months will portend where the market will go. We will continue to keep a diligent watch and update our readers as changes arise.
[PRINTER FRIENDLY VERSION]
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