Metro Denver is one of the hottest real estate markets in the nation. It’s in the top 10% nationally for real estate appreciation. The residential real estate market in the greater Denver Metro area continues to churn unimpeded.
Sellers: There is a shortage of housing inventory for our growing population, a strong Denver metro economy economy and increasing jobs have heightened demand. In the Denver Metro area housing market home prices are holding steady year-over-year. Despite the effects of COVID-19, Denver and the entire metro area remain a seller’s real estate market, especially in the $300,000 to $399,000 price range, and even the $600,000 homes are only taking up to one one month to sell!
Buyers: The housing market has remained active as buyers are enticed with the lowest interest rates we have historically seen. Mortgage rates are a major component of affordability. Even buyers with cash are choosing to borrow mortgage money because it is so inexpensive. For investors earning 4 or 5% returns on their investments, paying +/- 3.0% on a mortgage makes awesome financial sense. With current rates now so low, more than a full percentage point below what they were last year, the affordability factor becomes substantially more favorable. With the shortage of supply and increased demand, it pushes housing prices higher so waiting for prices to go lower, may not happen. Many experts expect home price gains by the end of 2020 due to low-interest rates, a strong job market, and a steady economy.
In conclusion, I say that whether you are a Buyer or Seller, 2020 appears to be a positive one.[/vc_column_text][/vc_column][/vc_row]