Here’s a quick look at the two hottest topics in our real estate market.
Today we’re going to look at the hottest topics in Denver real estate and the two things we’re hearing about the most: low inventory and low interest rates.
We ended 2020 with historically low inventory, as I’m sure you’re already aware. While it’s just starting to creep back up slightly, we’re still incredibly low on homes for sale in the metro area.
Although there are thousands of homes selling per month, there are still tens of thousands of buyers out looking. Your options are going to be limited and competition will be fierce. The homes that are selling with multiple offers are pretty much move-in ready. Homes that need a lot of work are starting to sit on the market because these sellers still insist on selling for top dollar. Unfortunately, price reductions will come soon, even though inventory is so low.
Low inventory has driven up prices.
This low home inventory has driven up prices, but interest rates are so low that affordability hasn’t been negatively impacted. We have clients who are buying newer, more expensive properties with the same monthly payment (or even lower in some cases).
If you’re considering making a move into your dream home, this is a fantastic opportunity to do so while interest rates are low. Inventory is starting to increase, and now could be the opportunity for you to take advantage of the real estate market before rates go back up too.
If you have any questions for me about what’s going on in the market or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.