If you are relocating to Colorado, it’s an excellent time to hunt for luxury homes in the metro Denver area. According to a recent report by denverpost.com, the housing market is cooling for homes priced above $500,000. For buyers, that means they can find high-end homes at slightly lower prices. I find the residential real estate market slows down in the fall, but the numbers show a shift that benefits buyers coming from other states. The latest figures for September show 4,960 condos and houses sold in 11 counties that make up the metro Denver area. Compared to August, when 8 percent fewer homes sold.
Locking in at a lower price
During the recent housing recovery, the real estate market was on fire in the Denver area. Although that’s great news for sellers, it shut out a lot of potential home buyers. During the current pause in the market, buyers can potentially lock in a good value. The figures for metro Denver show the median price of a single-family house in September was 340,000 compared to $360,500 in June. For people interested in Denver-area condos, the median price in September was $211,000 compared to $216,000 in June.
Making your best offer
As your Realtor, I will present your offer in the competitive real estate market. However, most buyers making their best offer will still save money compared to this past summer. A growing number of sellers drop their prices to reflec?t the overall real estate market conditions. Unless you bid on an extremely in-demand property, you should not have to worry as much about multiple offers.
Enjoying lower rates
Another reason it is a great time for people relocating to Colorado is the recent move by the Federal Reserve to keep interest rates low. Many move-up homebuyers can afford luxury homes because of low rates. If you are moving from a state with booming real estate, you can appreciate the signs of a seasonable slowdown in Denver.
Experts say other trends include homes on the market for one month in metro Denver compared to 47 day s for the national average. Nationally, it takes about 42 days to get to the closing, but only 38 days on average in metro Denver. For more information on real estate trends and tips for relocating to Colorado, please contact us.