Will Denver's Dream Housing Market Last?
Summer is often considered the high point in the year for real estate, and that is certainly true this year—for now.
The rate homes are selling at is breaking records. It took just 34 days for a house to be sold in the Denver area this May, in comparison to the record of 36 days last year. Not only that, but home prices are also rising, to the point that 27.6 percent of the homes that sold in May were sold above their original asking price. This is primarily due to a shortage in supply of homes, which is 5.4 percent lower this year, while demand continues to increase.
But this seller’s dream market won’t last forever. Mortgage rates have been rising and are at nearly their highest levels in seven years. This leads to things like a decrease in customers touring homes, which Redfin found for the first time in 27 months. Overall, home affordability is going down; the average home price increased 48 percent in the past six years, with only a 14 percent increase in wages.
The bottom line is that if you have been thinking about selling your home, now is the time to do it. You can still take advantage of this ideal market, but if you wait, your opportunity will likely disappear.
Blog Archive2019-04-18 13:04:29
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