Now is the time to buy in Denver. Does the competitive nature of the Denver market make you nervous? Are you afraid of bidding wars? Then consider buying a home in the fall. Between now and the end of the year is a great time to buy.
Here’s why. The market begins to soften in the fall relative to the spring frenzy. A 6% decrease in homes sold from June to August reveals less demand in the market. In August, days on market went slightly up from June meaning inventory is beginning to sit on the market for longer.
Lowe demand also causes home prices to decline. Homes prices decreased for the second month in a row and have decreased 5% since their peak in June. Great news for buyers.
Also worth mentioning is the fact that the fall is a great time for sellers too. However, the fall can be a less stressful time to sell. During the spring, prices are rising so quickly, sellers often fear the appraisal will not come in at purchase price. With more stable price trends in the fall, that fear is lessened. Also, buyers have more time to consider their purchase decision in the fall, so there is less likelihood they will cancel their contract due to buyer’s remorse.
If you are interested in buying or selling this fall (or next!), do not hesitate to contact me to schedule a consultation to help you best prepare for your move.