By David Schlichter
If you ever have a real estate need, I would love to personally be of service to you--not just as a real estate expert, but as someone who lives in and is invested in the neighborhood. Please be in touch today if there is anything I can do to be helpful to you.
This is a time of year when ordinarily prices cool, buyer demand weakens, and showing activity slows. With interest rates rising and expected to continue to rise, now may be a unique moment in time for buyers to purchase a home with less competition, at an interest rate that is lower than it may be in the future, and at a price that may be lower than when the spring market comes.
While we are still in a strong seller's market, showing activity has continued to decline substantially as rising interest rates have rapidly weakened buyer's purchasing power. With so much uncertainty in the global economy, time will tell if the strength of Denver's market will lead to the significant bounce back in prices we typically see at the start of the new year. In the meantime, now could be a good time to lock in the bulk of the equity gains of the last decade to mitigate your risk--but sellers should also be prepared for the potential of longer days on market, lower sale prices, and buyers who negotiate more aggressively on inspection items than they did earlier this year.