LAKEWOOD, Colorado – The scorching hot Denver real estate market is finally starting to level off, but don’t call it a cool down, experts say.
New homeowner Nicole Goodhew will be the first to tell you that her new home isn’t perfect, but it’s coming.
“YouTube is huge and this is where I get all of my information,” said Goodhew. “They can teach you everything: ceilings, floors.”
After Goodhew was beaten up in a few other locations, he found a home in the suburbs west of the city of Denver. It is a house that she is now renovating herself.
“Getting rid of the popcorn ceilings, adding hardwood floors throughout the main floor,” Goodhew said.
It is part of a new trend and recent change in the Denver housing market.
“It’s still a sellers market,” said HomeSmart real estate agent Joy Dysart. “We don’t see that many performances. I would say that the feeding frenzy has definitely calmed down. When house prices are incorrect, we see some price reductions and that is a great indicator. “
Pending offers decreased 10% year over year from July 2020 to July 2021. However, the average July 2021 sales price in Denver was a whopping $ 622,000, according to REColorado, up 16% from July 2020.
Brokers say the changing market is good for both buyers and sellers.
“Things are still going really strong,” said Dysart. “It doesn’t cool. It’s balancing. “
Dysart says the frenzy seen earlier this summer and last spring with multiple offers above the asking price for a single listing has calmed down.
While it’s still a seller’s market, last month there was a 4% increase in listings in the Denver metropolitan area, meaning more inventory.
“That doesn’t sound like much, but it is significant,” said Dysart.
While the trend favors buyers, it also works in favor of sellers who previously thought they couldn’t afford to venture into the Denver market.
“That was a big hook for the sellers,” said Dysart. “You were worried. When they put their house on the market, will they find another place? Now the answer is ‘yes’. “
As for the market, Dysart says things are likely to pick up this fall. So everyone on the fence should take the plunge, she said.
“Interest rates are still historically low,” said Dysart. “That’s huge for new first-time buyers or any buyer.”
Like Goodhew, many shoppers find more value in fuser tops that they can purchase under their budget.
“It’s not entirely perfect for them and they are putting some money aside,” Dysart said. “And design it yourself after closing it. If you have it, make a fixer.”
Goodhew certainly agrees. She bought her condo for about $ 50,000 less than a recently remodeled identical unit in her complex.
“I like the ability to make a place the way I want it,” said Goodhew.