Our state flower, the blue Columbine, is nearing the end of their peak season in Colorado. Columbines generally start blooming in late spring or early summer. In our higher elevations of the Rockies, blooming might be delayed until July or even as late as August.
Not only widely recognized for the Columbine, Colorado is known for its higher elevations but lately, it has reached a new high peak in the housing market as the number of Denver metro homes for sale reaches highest amount in over a decade.
From CBS Colorado, “If you’ve driven around neighborhoods in the Denver metro area recently, you may have noticed there’s quite a few for sale signs up in yards. The area has seen a 48% increase in active listings since this time last year, making it the most homes for sale since 2011, according to Multiple Listing Service data.”
Their article goes onto say, “According to the MLS, there are around 15,000 active listings in the area, up dramatically from a year ago. It means buyers have higher standards, and in many cases, more negotiating power. While sellers need to be more strategic.”
In the same vein, Newsweek reports that the Denver market has been hit by an ‘unprecedented’ spike in homes for sale rapidly shifting correction in the nations most expensive non-coastal metro areas. “This might be bad news for homeowners, but great news for aspiring homebuyers who have been priced out of the market in recent years.”
The article explains that it matters because, “The current downturn contrasts sharply with the boom that Denver experienced during the pandemic. During that time, housing demand surged as remote work and low mortgage rates drove many to purchase homes across the country, including in Denver. However, as mortgage rates surged as a result of the Federal Reserve’s aggressive rate-hiking campaign of 2022 and affordability plummeted, the market began to cool. Now, Denver’s market correction is unfolding as a surplus of homes continues to outstrip buyer demand. Sellers are increasingly forced to lower asking prices to attract buyers, resulting in price cuts across the metro area. Analysts say that if inventory levels remain high, price declines could accelerate.”
Buyers will still have an edge in the market reports Axios Denver, while “Buying a house remains out of reach for most Americans, according to the National Association for Realtors in a recent report.”
How To UP Your Selling Opportunities
On the flip side, US News Real Estate, published 15 secrets to selling your home faster during this market change. The secrets include, “Great photos, fresh curb appeal and the right asking price are just some of the ways you can close a deal quickly.”
But, hidden is the most important one of these secrets which is, of course, to hire an experienced RE agent. It is best to find one that specializes in the Denver metro area, one you can work well with that knows the market inside out. That’s where Katchen Company comes into the picture, bringing clarity and confidence to your home selling process.
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“Kathy and Ed Boyle helped us prepare and sell our house with multiple offers at above asking price in one weekend. They worked with us to set a timeline for when the house should be on the market, provided recommendations for repair, referrals for repair, estate sale, staging and closing. They were wonderful to work with. Thanks so much!”
– Ann Mullen, Seller
