Market Opportunity - July 2022

I wrote a post a couple months ago as mortgage rates started to tick up, and how that actually might have a positive impact on our market. Here’s a little update and a 𝗵𝘂𝗴𝗲 𝗣𝗦𝗔 𝗜 𝗵𝗮𝘃𝗲 𝗳𝗼𝗿 𝘄𝗮𝗻𝘁-𝘁𝗼-𝗯𝗲 𝗗𝗲𝗻𝘃𝗲𝗿 𝗵𝗼𝗺𝗲 𝗯𝘂𝘆𝗲𝗿𝘀.

Now that we’re in the middle of the sweet summertime and I’ve had a chance to relax over a few margaritas, I’ll shoot you straight - the recent spring real estate market in Denver was BRUTAL. Fierce competition and offers 10/50/100k+ over list price, full appraisal gap coverage, as-is purchases with no inspection repairs, and several other tricks to net the seller just a bit more money were the norm. Most buyers wrote a handful of offers before getting one accepted, searched way under max budgets, and ultimately made a lot of sacrifices to get a home. I wrote SO MANY offers that never got accepted. The buyers I worked with had no choice but to be extremely determined and so resilient. Denver’s market was uncontrollably on fire and to be honest, for the long-term health of it, we needed something to cool it down.

𝗦𝗼 𝘄𝗵𝗲𝗿𝗲 𝗮𝗿𝗲 𝘄𝗲 𝗮𝘁 𝗻𝗼𝘄? The combination of a little more inventory and slightly higher interest rates have put a damper on buyer demand. Some buyers are priced out, some are “waiting for rates to get better,” some are resigning leases and will give away tens of thousands of dollars for another year. I’m very adverse to sounding salesy, but I just want scream from the rooftops the amazing 𝗢𝗣𝗣𝗢𝗥𝗧𝗨𝗡𝗜𝗧𝗬 that is happening right now. Buyers are getting houses for list price or under, appraisal waivers, inspection requests, walking into instant equity…and even getting seller credits for their closing costs or to 𝗯𝘂𝘆 𝗱𝗼𝘄𝗻 𝘁𝗵𝗲𝗶𝗿 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗿𝗮𝘁𝗲 to lower their monthly payment.

Those wanting to take advantage of an FHA or VA loan, get an offer accepted contingent on selling a current home, first-time buyers without a ton of extra cash…or really anyone who wants to get a 𝗚𝗢𝗢𝗗 𝗗𝗘𝗔𝗟, now is the time. There are so many great houses out there + this is the most buyer-friendly market we’ve seen in years.