Denver Colorado Real Estate Market Update
Denver Colorado Housing Market Trends
Denver Colorado housing market trends remain on the same positive trend following the growth from September. For October 2020, the Denver Colorado Real Estate Market delivered record-high prices for home sellers.
The Denver Colorado real estate market remains challenging for home buyers, but this doesn’t mean that it is impossible to buy your dream home. Hiring Sam Wilson, a knowledgeable realtor who is an experienced real estate negotiator is key to home buying success in an increasingly competitive Denver real estate market.
Buyers raced to tour homes and make offers as they competed with other buyers in the Denver area. With record low numbers of homes for sale, there are simply not enough homes on the market to satisfy demand.
Competition for Denver Colorado Real Estate is High
These favorable Denver real estate market trends reinforce the importance of hiring a realtor who is an experienced and successful real estate negotiator. Getting top dollar for a home is possible when a home is priced and uniquely marketed. The Sam Wilson Home Selling Team offers a unique VIP home seller package for home sellers.
This exceptional marketing program ensures that the property receives exposure to realtors who represent serious and financially qualified home buyers. What does this mean for home sellers? It means that home sellers can choose between full price cash offers or higher value offers with buyers pre-approved and pre-qualified for a home loan.
Home Buyers Need Sam Wilson, an Expert Real Estate Negotiator
For home buyers searching the Denver Colorado housing market, working with a realtor who follows through on the small details matters. Realtors representing buyers with excellent communication and follow-ups skills can entice listing agents to present and prioritize an offer from a qualified and serious home buyer.
It’s no secret that realtors like Sam Wilson, an expert negotiator, makes it easier to close a real estate deal rather than getting stuck on small technicalities that break real estate contracts. Choose the right realtor to get the most for your money when selling or buying a Denver area home to avoid the frustration that many home sellers and home buyers experience.
What is Driving the Denver Colorado Real Estate Market?
These Denver Colorado housing market statistics are driven in part by all-time low-interest rates, combined with more homeowners deciding to stay put—instead of selling their homes—during the ongoing pandemic. The statistics in this Denver market report are derived from the Denver Metro Association of Realtors October 2020 real estate report.
- Homes for sale are is down 44% vs. 2019 and is barely keeping up with demand. In fact, there were over 1100 more closed homes than there were Denver homes for sale by month’s end.
- Add to that the fact that there is less than one-month inventory. Homes are selling in only 24 days during what is supposed to be the “slower” fall season.
These results are remarkable for home sellers! In most price ranges, sellers are receiving multiple offers and back-up offers. In some situations, home buyers waive home inspections and appraisals to become the most attractive and acceptable option for sellers to maximize profit and reduce the hassles of selling.
Home buyers are offering rent backs to close deals quickly. A rent-back allows home sellers additional time to find their Denver replacement home.
Are These Denver Real Estate Trends Sustainable?
The big question that the Sam Wilson Home Selling Team receives each day: “Is this real estate market sustainable?” The answer is yes, based on facts and market statistics—at least through 2020.
- The Denver metro area, and many other parts of Colorado, continue to show up in the national news as top place to live and work.
- Colorado offers top places for jobs and income—profitable areas for real estate investment and development. Look at all the construction, and you will see this to be true.
Therefore, with all the challenges presented by 2020, the Denver real estate market remains resilient. As the nation emerges from the pandemic with a vaccine, sustained low interested rates and more demand than supply will continue to drive these Denver Colorado housing trends.
Should I Wait to Buy or Sell?
Another question, “is Denver in a housing bubble?” or “should I wait to buy until prices come down?” The easy answer to both is no.
For home owners who are behind on mortgage payments, mortgage forbearance options, short sales, and foreclosures are on the rise—but still only in the 5% range of all current mortgages. Given the increase in home values and home equity, these homeowners will be proactive and hire a realtor to list their homes for sale. Selling now will deliver high financial profits from the equity in a home.
Proactive home sellers can avoid going the short sale route or the foreclosure process if they are proactive. If you find yourself in a situation where you are behind on a mortgage, contact Sam Wilson to discuss options to stay in your home or sell your home. With the current moratorium on foreclosure, this aspect of the real estate market may not significantly affect the Denver Colorado real estate market, pricing, or inventory into 2021.
Denver Colorado Real Estate Market Facts
According to the Denver Metro Association of Realtors October 2020 Market Report:
- The number of homes listed for sale as of October 31 was 4821, a 44% decrease vs. October 2019, and down 9% vs. September 2020. The reduction in homes available for sale is a recurring trend.
- More homes sold than were listed for sale by the end of October. The Denver Colorado real estate market represents an intense seller’s market in most areas and price ranges with less than one month of homes for sale before going under contract.
- Days on the market for homes is holding steady at 24 days versus 22 days in September 2020. Twenty four days to sell is considered fast for any time of the year and especially October
- Unit sales decreased by 7% vs. September 2020. However, unit home sales, increased by 16% vs. October 2019. This decrease in unit sales is likely driven by fewer homes being available for sale.
- Higher home selling prices continued in October, with the average price being up 16% vs. October 2019 and up 4.5% vs. September 2020.
Now is the Time to Sell Your Home
Ignore realtors who tell you that the 4th quarter of the year and the holidays aren’t the right time to sell a home. With all of these real estate aspects aligning, now is the right time to sell a home.
Record low-interest rates are flooding the market with buyers. Fewer homes for sale than ever in history is resulting in bidding wars, especially at affordable price points under $600,000. Make sure you have an excellent real estate negotiator like Denver realtor Sam Wilson on your side, or you may risk losing your dream home or getting the highest price for your home.
Advice from Denver Realtor Sam Wilson
Contact me for a FREE no-obligation price opinion. We will look at comparable home sales to price your home and let the market demand deliver an optimal sales price. Avoid using lagging price opinions from the internet to get ahead of current pricing trends.
Now is the best time to list and sell in advance of trends that may result in more competition in the spring of 2021. It is now evident that there is no such thing as seasonality in the residential real market during the pandemic. Realtors who tell you now isn’t the right time to sell or buy a home don’t keep up with current real estate trends in the Denver market.
Sam Wilson is an Expert Real Estate Negotiator
If you want to sell and get the most money out of your home, call 303-770-1250 now. Hire the Sam Wilson Home Selling team. Make sure you don’t miss out on the factors to make your home more attractive to home buyers to get the price want.
Sam Wilson helps home sellers and home buyers weigh all of the factors contributing to the smooth and successful real estate transactions. Working with a less experienced realtor can result in accepting an offer that ties up properties and results in a home buyer backing down later. Don’t lose closing the sale of your home to accepting an attractive offer that may be less qualified and fails to close.
Opportunity and Optimism for Buyers
Buying a home in the current Denver Colorado real estate market will be competitive—especially for affordable price points. Don’t let this stop you from finding your home.
Low-interest rates make this the best time in history take advantage of additional buying power and more affordable monthly mortgage payments. By hiring Sam Wilson, you hire a Denver realtor experienced with negotiating on your behalf and beating out other buyers – in a strong seller’s market!
Believe it or not, your offer does not necessarily have to be the highest, just the best, and most likely to close. Sam Wilson is the Denver realtor who knows how to fight for you and make you the most attractive buyer to sellers who want to close.
Bidding wars will exist in affordable price ranges. The lower the price, the more competition, and the higher the bids! You can find our dream home in this Denver Colorado housing market.
Experienced Realtors Protect Your Interests and Your Bank Account
As a home buyer, be cautious about waiving typical real estate processes like home inspections and appraisals or offering escalation clauses. While you may need these tactics to win the bidding war, it’s important that the real estate agent you hire has the knowledge to advise you of the future implications of these decisions.
Sam Wilson is the Denver realtor who knows how to find off-market properties and eliminate the competition and bidding wars. Other realtors lack the experience needed to succeed with this type of Denver real estate market searches and negotiation. Only an experienced negotiator can get you the home you want with little or no competition.
At this time, there are no trends or data to support a bubble or any significant decreases. Do not wait for—nor expect prices to fall—in the foreseeable future. All indications and projections are that both interest rates and inventory will remain this low for at least 2021, and many predict well into 2022.
Invest In Denver Real Estate Today—Create Wealth for Your Future
Forget about realtors who talk about the “new normal.” With year to date home sales up 4.5% and prices up 7%, this Denver Colorado real estate trend isn’t a fluke or anomaly as a result of the pandemic.
The most straightforward explanation is the record low-interest rates. While other real estate markets across the county are suffering and declining with the same low rate in place – Denver is flourishing. People and businesses LOVE the Denver metro area, the opportunity for real estate investment, and wealth creation.
Contact Denver Realtor Sam Wilson Today to take the next step to sell or buy a home in the Denver Metro area.
© 2020 Sam Wilson All Rights Reserved. All Articles by Pamela D. Wilson MS, BS/BA