This is your October 2023 Denver Real Estate Market Update.
This 4th quarter is off to a start that feels a LOT like this time last year. High interest rates have many buyers retreating to the sidelines as affordability continues to be squeezed.
Sellers, with fewer buyers in the field, you need to ensure your home shows in its absolute best light from day one. Tidy up and get that fresh coat of paint on the walls, strongly consider a staging consultation and walk through each room of your home with your judgy buyer goggles on.
Buyers, remember in 2020 and 2021 when we were praying for relief from the frenzied bidding wars? We saw some of that relief last Q4 and it’s back. Right now you have more negotiation leverage than you’ve had all year which gives you an edge to ask for MORE from the sellers to get a deal done, but that leverage comes at the cost of jumping in while rates are the highest they’ve been since the year 2000 which leads to one primary hurdle to overcome… affordability. My email inbox and sales meetings are full of dialogue about sellers readily willing to offer steep concessions to give you some temporary relief on the affordability front most commonly in the form of a 2-1 buydown.
We’re committed to advising our clients in making smart real estate decisions based in data. Ready to have a strategic conversation? Schedule a call with us anytime.