Denver Real Estate Market Report: Date the Rate, Marry the Home!

By now you're well aware that interest rates have risen substantially over the course of this year, and that the rise in rates has cooled the real estate market from the frenzy of the late winter and early spring. What many people don't realize, though, is that interest rates are actually still relatively low on a historical basis.

While home prices are declining on a month-over-month basis, they are still up year over year, and economists are not forecasting a significant year-over-year drop in housing prices in the near term due to the national housing shortage. Having said that, with a global pandemic ongoing, the government working to counteract inflation, the stock market well off its all-time highs, and a major war underway in Europe, it is important to acknowledge that anything could happen.

So where does that leave us? Whereas the start of the year was the hottest real estate market in Denver’s history, now represents a real opportunity for buyers who finally have more homes to choose from and don’t have to compete in a bidding war for nearly every property. It also is an opportunity for sellers who can still capture much of the tremendous equity gains they have earned over the last decade while having an easier time finding a replacement home.

And if you're concerned about the higher interest rates, our advice is to "date the rate, and marry the home."   What do we mean by that? Rates go up and they go down.  If they go up, buying now means you got a better rate.  If rates go down, you likely can refinance.  Focus less on your interest rate and more on finding a home you love!

Denver Metro Area: Market Stats

If you have a real estate need, we look forward to helping you skillfully navigate the complexities of this market to accomplish your important goals.  Contact us today to let us know what we can do to help you.