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The Denver Real Estate Market has a secret!
Our Denver real estate market is changing for buyers and sellers. A slowdown is coming and it could mean awesome things for buyers for the rest of 2018. We have been asking for this for several years and it could mean great things for our market. As we head towards a more balanced market where everyone wins, people will be happier and more confident about making what is usually the biggest purchase of their lives.
Let me paint you a picture:
Imagine walking into a farmer’s market seeking out the perfect tomato (I do this when I’m hankering for a perfect BLT in the summer). You head into the market at the busiest possible time of day and there are kids yelling and crying, dogs barking, millennial texting and people everywhere! You finally find your perfect tomato only you happen to have found the perfect tomato that 10 other people want! Then you offer to pay triple what the tomato is worth because your mouth is watering for that BLT, only to be outbid by some tourist that thinks 4 times the value is cheap for the tomato compared to where they are visiting from.
To add to that craziness, they are going to pay cash whereas you were going to use a credit card. The vendor hardly looks at you as they collect their money, close up shop (because they made a sweet profit) and loads up their truck and takes off. That really sucks! Not only do you not have the tomato or the sandwich, but your family is pissed at you for not being more aggressive and trading the family cat for the tomato.
So what does all this mean? Why should you care?
For the first time in 3 years, we have an increased inventory in the Denver Real Estate Market! For the past 8 months, inventory in Denver has increased from what it was at the same time last year until finally, we have an increased supply! The January-March experienced a fire sale of properties, and caused buyers to get extremely frustrated and scared of the bidding wars and they have hung up their home-buying hats. Imagine walking back into the farmer’s market and everyone disappears, and you find several perfect tomatoes! Our Denver real estate market isn’t quite to that level, but buyers have reduced significantly and sellers (riding the 6-month old news wave) think that this is still the best time to sell for maximum profit! The secret is, start house hunting now so you can finally get that dream home or perfect investment property. Rates are going to raise, more properties are hitting the market and you have less competition. We (buyers and buyer’s agents) have been asking for this for several years and it is finally happening and we are ready for an incredible fall season. If you are thinking of buying, check out this great guide for buying in Denver.
What if you are just looking to sell and get the heck out of town?
Don’t despair. Just because more properties (your competition) are hitting the market now, doesn’t mean you can’t cash in as well. Justin Phillips has proven strategies and systems that will allow you to still get maximum value for your property with the least amount of stress possible. We don’t know exactly what is going to happen next year, but you have been thinking about a move, this is the absolute best time! We are a perfect storm brewing in Denver for a slowdown in the market. Click here to learn some additional tips on selling your home.
This is not a Bubble!!
Consumer confidence is on the rise, but people are still worried about all the bidding wars and buyers overpaying. Are we about to burst a real estate bubble? Denver is a sweet spot when it comes to Real Estate. As a very active city with tons of activities and events throughout the year, many people come to visit Denver as a tourist, and end up wanting to move here for the rest of their lives. We have around 100,000 people moving to Denver each year and less than that moving away.
Slowdown, but not stopping
With a surplus of people and a limited amount of properties, our housing values will continue to increase. A slowdown is coming, but it is not a bubble! Real Estate is the key to wealth and to prepare yourself for the future, especially in Denver. We simply have too much demand and not enough supply in the Denver Real Estate Market for the next couple of years at least to have values decrease like they did in the recession 10 years ago.
Call Justin today to get his team started scouring the Denver Real Estate Market with you for the perfect property right away! With over 12 years of experience in the Denver Real Estate Market, Justin has worked in several different types of buying and selling markets. Having systems in place and proven strategies will exceed your expectations every step of the way.
“Helping people and exceeding their expectations with the biggest purchase of their lives, really makes this feel less like a job and more like a favorite hobby. That is one of the best feelings in the world when handing a new home owner their own keys for the very first time!” ~ Justin Phillips
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