Updated: Oct 29, 2020
Here are the latest news and notes from our Denver market.
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The third quarter is over, we’re already halfway through fall, and the presidential election is near. What does all that mean for our Denver real estate market?
The biggest news is that, compared to this time last year, inventory is down 42.9%. In that same time, interest rates have also dropped drastically. Whereas a year ago we saw rates in the 4% to 4.5% range for 30-year fixed-rate loans, we’re now seeing rates in the 2.625% to 2.8% range. Even though the average price of a home has increased by 12.9% in the last 12 months, the average monthly mortgage payment is lower year over year.
That means if you’re thinking about selling your home, now’s a great time to do it, especially if your home has any semblance of recent updates. Many buyers are looking to upsize, which means they need move-in ready homes that allow more space for them to work from home as long as the pandemic lasts.
With these conditions, it’s a fantastic time to buy or sell, and we really don’t get to say that very often.
If you’re a buyer, does that mean now is a bad time to buy? Actually, no. As stated above, rates are so low that you have the opportunity to lock in a rate now that’s lower than it would’ve been a year ago.
The bottom line is that with these conditions, it’s a fantastic time to buy or sell, and we really don’t get to say that very often.
If you’d like to talk more about your position as a buyer or seller or have a real estate topic in mind you’d like to see in a future video, don’t hesitate to call or email me. I’d love to speak with you.