Metro Denver Real Estate Market Update, January 27, 2023

A year ago, I showed a home to some clients and learned there were 153 other showings and 33 offers. We’re certainly not there right now, but buyers are starting to adjust to the current market and are looking at homes.

We represent more buyers and sellers than the typical agent, and we’re out there working in the market every day, so we spot trends as they happen. For example, bidding wars are happening again when homes are well-priced and well-prepared. We just got a buyer under contract to purchase a townhome that was beautifully staged and priced very well. Our client was competing against five other offers.

What we’re seeing now differs from what we experienced a year ago. Our clients aren’t competing against 33 other offers. However, the activity we see with our clients shows that buyer activity is likely on the rise. Mortgage applications are increasing, adding weight to our observations. ShowingTime, which measures showing activity, reports that showings increased in December compared with November, another sign more buyers are entering the market.

With sellers, we’re seeing a hesitance to list until spring or summer. Most prospective sellers have significantly lower mortgage interest rates than those available now, so they’re in no hurry to sell. Unfortunately for buyers, this means there’s less to choose from than there could be. However, sellers who enter the market now and price and prepare their homes well can expect interest from buyers. As we head into spring and summer, we feel that more sellers will decide to place their homes on the market. If you’re considering selling, now may be a great time to put your home on the market and beat the competition.