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With over 13,000 homes currently available, inventory in the Denver market sits at the highest level it’s been in over a decade, and the Denver real estate market is actively shifting into buyer territory.
If you’re a buyer and you’ve been waiting on the sidelines—what are you waiting for?
With more inventory on the market and homes sitting longer than we’ve seen in recent years, buyers now have options, leverage, and negotiating power – all things they haven’t had since well before covid. Interest rates have stabilized and, in many cases, motivated sellers are offering concessions. This is your window to find the right home without the frenzied bidding wars of the past. Once the rates drop even slightly, the buyers who have been sitting on the sidelines will reenter the market, and you will once again have more competition as a buyer.
Furthermore, the cost of waiting can be significant. It’s important to analyze the financials – the potential equity gained as homes continue to appreciate will likely be exponentially greater than the monthly payment and refinancing costs when rate drop enough to make refinancing viable. A knowledgeable lender can illustrate the scenarios and show you how much of a savings is possible.
For sellers, this market isn’t as friendly and it demands strategy and preparation. Gone are the days of listing a home “as-is” and expecting top dollar within minutes of opening for showings. Today’s buyers are discerning and selective, and most do not relish the idea of even the smallest of home improvement projects. If you’re planning to list, it’s crucial to ensure your home is in pristine condition. That means completing any known and needed repairs, updating tired finishes, and staging to portray a polished, move-in-ready impression from the start.
Pricing is also key. To stand out, you need to price ahead of the market—not behind it. An overpriced home will sit, and price drops signal desperation; therefore, it’s important to consider last week’s price reductions rather than last year’s sold prices when finalizing a pricing strategy. A smart, competitive price from day one drives traffic and can even spark multiple offers.
Bottom line: buyers, your time is now. Sellers, it’s time to step up your game. A successful sale in this market comes down to preparation, presentation, and price.
