Who Says This Is Now A Buyer’s Market!
Statistics don’t lie, and based on the latest July 2019 numbers, as compared to July 2018, inventory, thankfully, is up 16.8% in the Surrounding Denver Metro Market. We need every house we can get on the market, especially compared to a frothy 2018 Market. In fact, in my professional opinion, we really need another 15% – 25% more inventory to actually make a dent in the inventory crunch we are still currently in.
Median Sold Prices are still climbing, up 3.9% from last year. We may not be having the hot annual 10% plus gains, but ~4% shows a healthy Seller’s market is still in play. Back in the Buyer’s Market days of 2007-2011 in Denver, I recall the average Days On Market being closer to 100 days versus today the average is just 26 days before a house goes under contract – that’s a healthy, strong Seller’s Market.
Never fear Buyers – luckily for you, price is just one of the 2 dynamic factors that affect your loan payment. The other is the interest rate. Currently we were at a 3 year low. That means that, while prices are rising at 3.9% from last year, you can still have the same or lower payment than those who purchased in the last year, as long as you lock in your interest rate 0.5% or better than those who bought last year. Ask your neighbor, friend, or co-worker who bought last year what their interest rate was. I’ll bet you can beat it!