Denver is transitioning into a buyer's market.
The average Coloradoan can't afford a home in most counties, and Denver is especially expensive, but things might be looking up for prospective homebuyers. Recent reports indicate that Denver's real estate scene may soon shift to a buyer's market.
It all started back in June, when sellers began reducing their asking prices because they were receiving fewer offers, and homes remained on the market longer than before. According to Veronica Collin of Fresco Real Estate, the market is typically booming in the spring months, but that was not the case this year. And things didn't pick back up in the fall, either -- sales fell in August and September despite the many properties listed. The number of homes sold fell 20.2 percent from the previous year. At the same time, there were more listings available, instead of the typical drop seen in autumn.
Courtesy of Trulia
Collin encourages sellers not to panic; cashing out now would not be wise, and neither would rushing out to buy a house. Collin recommends that buyers wait until the summer of 2019, when a plethora of new homes is expected to become available. This will allow buyers to request improvements and potentially secure a better deal on a new home. There will even be opportunities for house flippers, according to Collin. "As a flipper, you'll have the option to get something at a better price than in the past. So I think the climate for flipping will improve as the inventory increases," she said.
Steve Danyliw of the Denver Metro Association of Realtors predicts that if more inventory becomes available, the market should normalize, achieving a balance between sellers and buyers.
Coloradoans who can stay in their homes would be better off waiting until the market changes again. Buyers and sellers alike should be patient -- now is not the time to buy or sell.
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