The choice to buy or sell a home is personal and obviously financial. To do so in Denver today remains an excellent opportunity.
A Denver lifestyle is cherished for many reasons – the outdoors, quality in an educated workforce and homeownership. Typically March in Denver is the heart of the metropolitan home buying season. This year there is a tight supply (less than 3000 homes for resale are actively listed). Multiple offers on too few quality homes have been common. Those not in excellent condition will not experience a multiple offer scenario. Pricing is clearly in favor of the seller because of the tight supply – as long as the selling price is validated.
On the buyer’s side, this month the Fed reduced interest rates. The move was lead generally by global and national concerns over public health, covid-19, and corporate debt levels. China’s quarantine of citizens and cities initially set off an economic slowdown.
The Upside:
Fresh air. Yes, with people working from home freely, you should see less traffic on the streets and the city’s return to the “brown cloud” will be reduced. Global climate impacts because of travel restrictions are perhaps the upside to public health concerns. Locally Denver’s traffic and pollution problem, once solved by offering ethanol-based fuels, is likely to only mildly abate. The homeowner with electric charging flexibility is really in the best position.
A desire to be independent and free from other restrictions has not changed. What has is the desire or ability to live in a shared space – multi-family units with common elements. Actively managed buildings that have a staff tending to the daily condition of the property will continue to be desirable. HOAs that are active will equally preserve the quality of residential living. For independently-run multi-family units, current and prospective homeowners will need to be mindful of the property’s nuances. Location, condition of pipes, HVAC systems, the environmental sustainability of the property are all points to consider. Of course, how one lives is a personal preference.
To Buy or Sell: Timing
An economic decline with multiple factors combined occurring in such a short time is not typical. The American consumer is and has been concerned about our political leadership. Should the 30-day ban on European travelers be lifted, the economic engine in America will stay on track. In Denver, real estate remains desirable. Travel times due to the quarantine are making it easier to move from place to place. Less traffic and a workforce able to work remotely will enhance how the local economy stays resilient. Should your “gig” be dependent on physical store visits or physical office time, ensure that your online presence is confirmed.
As a real estate owner, you will be far better off owning than renting in the long run. Like car ownership, homeownership will remain on track because of the independence desired by an owner. Working with a qualified and knowledgeable agent vs go at it alone, online-only options will ultimately save the buyer and seller from unforeseen challenges when buying or selling.
The Time Is Always Now:
Whether you are focused on refinancing at historically low-interest rates or ready to improve your lifestyle with a new home, the time to do so is now. Pricing for homes in Denver can come down in the short term. In the long run, there simply are not enough homes for the current population. Due to the financial markets, some companies will experience layoffs and a need to have relocations or office closures. The desirability to live in a great neighborhood near conveniences will continue to dominate how a property is valued. Working with a licensed agent can ensure you have access to good information on your next home opportunity.
Making The Move:
Reach out to those at MASONmodern.com. The licensed advisors are able to assist with real estate (financing, buying, selling, investing or relocations), fine art and asset valuations. As a member of Keller Williams Realty Downtown, technology and an international network of affiliated agents enhances the capabilities of MASONmodern agents and their clients. Initial appointments are available online or by calling 303-331-6779 today.
