Whether you’re a Mile-High City citizen who wants to upgrade or an out-of-towner looking to call the gorgeous city your home, you’ll likely spend some time looking at Denver real estate. Over the years, research has shown that home buyers spend around five months searching before deciding to purchase. The recent Denver real estate news that’s come out, though, suggests buyers might be doing themselves a disservice by waiting that long.
Denver Real Estate News Looks Positive
As some cities see their home and property values dropping by 25 percent or more, the Denver real estate market has remained strong. In fact, the metropolitan area’s home values outpaced all but four other cities throughout the country. The fact is that Denver real estate is currently in high demand, and buyers who wait much longer may be priced out of the market.
To understand just how great the city’s real estate market is doing, you only need to look at how long the average Denver home takes to sell. The most recent data shows that inexpensive homes in the city are selling in less than two weeks. To put this into perspective, the National Association of Realtors says it takes around three weeks around the country.
It’s important to remember, though, that this is just an average. Many localities take much longer than three weeks, and the fact that Denver is more than 33 percent below the mean signifies a market that experts agree will continue to grow.
What’s It Mean for Denver Real Estate
There’s no doubt that the Denver real estate market is strong, but what does this mean for buyers in the area? It means that now is the time to purchase their new home. If you can buy a home now, its overall value will likely increase by the end of the year. In fact, all indicators seem to point towards a market that will keep your home rising in value.
Of course, if homes are in such demand, won’t it make things more difficult for you to purchase Denver real estate? In most cases, this might be true, but recent statistics show that inventory in the city is increasing thanks to the start of the spring selling season. This means you’ll have more choices when picking the best place to call home.
In essence, there’s a perfect storm going on in Denver real estate. This inventory influx won’t last long — especially with how quickly homes are currently selling. If there was ever a time to jump in the market, now is the moment.
How to Succeed at Denver Real Estate
Even with increasing inventory on the Denver real estate market, you’ll still want to give yourself the best opportunity to come out on top. After all, you wouldn’t want to miss out on your dream home because another buyer got the jump on you. The obvious first step is toknow what you can afford, but don’t let low cash reserves scare you away. Cash-only real estate purchases, in fact, make up the minority of home sales in America.
The most important aspect is research, but you don’t want to take on this task alone. While you might find seemingly attractive listings on Craigslist or other self-serve websites, you’ll need a professional real estate agent to grease the wheels when it comes to taking on other home buyers in this incredible market.
Now Is the Time
The Denver real estate market is one of the most impressive in the nation, and thanks to the serendipitous combination of increasing value and inventory, now is the time for homebuyers to make a move. If you’re ready to take advantage of this opportune time in the Mile-High City, contact us today and we can create a plan to get you into your dream home.