223 Garfield, Courtesy of LIV Sotheby’s International Realty
With high demand and tight supply, the Denver residential real estate market is thriving. From a seller standpoint, you may experience multiple offers for your home if it’s in perfect condition and listed correctly. After 17 days, demand will reward those sellers who truly have the mix right for their neighborhood. As a buyer, the historic low supply of homes will keep your choices limited. The recent destruction of 1084 homes by the Marshall Fire makes buyer options further limited for at least the next 18 months in the Denver metro area.
On the fence about listing your home? Time is not going to favor delay. While wages are firm for buyers, their purchasing power will erode with inflation and with each expected move in interest rates by the Federal Reserve. As brand new supply enters the market, detached single-family homes will need to be further priced adequately for timely sales. The seller still remains in control, however. Unlike during the 2008-9 Financial Crisis, most neighborhoods are experiencing an available supply of only 1 month or less compared to a balanced market of 6 months. Building costs, labor shortages, and Denver desirability further make the Denver 2022 market a sellers’ market.
Whether a buyer or seller, make sure you have accurate facts to decide on your next residential real estate move. Zillow’s recent reset on 7000 homes nationally underscores how public data can get the asset values wrong. Licensed agents, like those at MASONmodern, can work with you to find the right mix for your next purchase.
