The Denver Housing Market Great Reset of 2022-2023
It’s been 15 years since Denver’s last housing market great reset. Today the market is operated in a balanced mode, with neither buyers nor sellers at a disadvantage but instead closing on win-win deals.
So what in the world is happening in the Denver Housing market?
- Uneducated home sellers—living in a time warp believe they don’t need a strategy to sell—while losing precious time as conservatively priced homes in their neighborhoods sell.
- Home buyers—previously stripped of negotiating power and often outbid by cash buyers—are finding it easier to make offers and get the home of their dreams.
- But, if you want to sell and buy, there are many reasons that now and 2023 will be great opportunities to make wise financial moves in the housing market.
What in the world is happening in the Denver Housing market?
According to the Denver Metro Association of Realtors® September 2022 Report, “Denver is second only to Boise ID in price reductions among 97 cities with 58 percent of homes experiencing a price drop.”
Tips to Thrive in Denver’s Great Real Estate Reset Market of 2022 and 2023
Learn more about the Denver housing market’s great reset of 2022 by checking out Realtor Sam Wilson’s monthly market report video. To view, click on the red arrow in the photo below.
Watch More Videos from Sam Wilson on his YouTube Channel.
Changing times necessitate new strategies for home buyers and sellers. Being realistic while managing expectations will result in win-win opportunities.
The Great Reset for the Denver Housing Market
Active listings at month end for September 2022 were 7683, which is +93.4% versus one year ago and +10.7% versus August 2022. New listings at 5237 are holding steady versus the previous month, with a slight increase of +1.32%.
The average closed home price of $671,024 is +8.41% versus a year ago and slightly up versus August 2022 at +2.2%. The Denver real estate market is no longer seeing price jumps of 10% or greater, which means the market is balancing out.
Either way—for home sellers or buyers, this is good news. Anyone looking to buy or sell in this market must realize that pricing comparables for homes recently sold don’t match the current trends of how houses should be priced in the Denver housing market great reset.
- The current state of the Denver real estate market means that hiring an experienced realtor who has been in the business for twenty or more years makes a difference.
- The Denver real estate market is experiencing a trend that occurred 15 years ago, around 2007 and 2008, when predatory lending and unregulated markets caused a downturn. Today the concerning issues are inflation and rising interest rates. As a result, homeowners who purchased at the top of the market may find they owe more on their homes than the current value.
- Realtors working in the market in the early and mid-2000s possess the knowledge to advise home sellers and buyers interested in a balanced view of the Denver housing market.
Tips for Home Buyers and Sellers
Hire a real estate team willing to share realistic expectations of the current market instead of what you may want to hear. If you don’t, you’ll be disappointed.
- If you allow your realtor to price your home based on recent comps—the property will sit on the market.
- Homes no longer sell during the first weekend, so you’ll need a strategy to get the most money for your home.
- Make the necessary repairs to set up your home to show well. Preparing to sell means you may have to plan 6-12 months before the date you want to sell your house to allow time for updates.
- Unless you are skilled, don’t make home repairs yourself. Buyers will notice. You will feel criticized by receiving negative feedback from buyers you see as “picky” but who see your home as a “fixer-upper project.”
- If you are selling and buying, consider a buy-before-you-sell program or a program allowing you to fix up your home and pay repair costs at closing. Sam Wilson and his team can discuss both programs with you
Next, read these home buyer tips.
- Take your time and find the right home.
- Pressure no longer exists to make an offer the first day a home comes on the market.
- There is no need to opt-out of home inspections or tie yourself up with a contract on a sight-unseen home.
- Rising interest rates mean it’s essential to make sure you have the financial ability to make your monthly mortgage payment, pay other expenses, and have a little left to enjoy life.
- Investigate and choose neighborhoods where you want to live with good school systems, transportation, and other amenities so you can enjoy your home and allow its value to appreciate over time.
To find more tips for buyers and sellers, check out our FREE reports page. Scroll to the bottom of the FREE reports page where you’ll find links to download FREE reports about home inspections, home repairs, buy-before-you-sell programs, tips to make your home attractive to buyers, how to get a FREE home selling kit, and more.
Take Advantage of the First Balanced Home Market in 15 Years
Are you considering buying or selling a home in the Denver Metro Area? Get expert real estate advice from Sam Wilson, who has more than twenty years of experience in the local market, and his team of realtors. Instead of buyers or sellers feeling at a disad
Work with a seller or buyer’s agent on the Sam Wilson Home Selling Team. If you are thinking of buying or selling a home, the team will share years of expertise to make the home buying or selling process a financial win that is as stress-free as possible.
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The Sam Wilson Home Selling Team specializes in homes in the Denver Metro area, including Arvada, Aspen Park, Aurora, Brighton, Broomfield, Centennial, Conifer, Denver, Edgewater, Evergreen, Genesee, Golden, Highlands Ranch, Idledale, Indian Hills, Ken Caryl, Kittredge, Lakeside, Lakewood, Littleton, Morrison, Mountain View, Parker, West Pleasant View, Westminster, and Wheat Ridge.
Contact Sam Wilson today by text or phone at 303-770-1250 or complete the Contact Sam form on this website.
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