In the past few weeks, brokers have noticed the number of shows and offers has decreased.
DENVER – There’s finally some relief for buyers in Denver’s competitive housing market. Brokers said they saw a drop in shows a few weeks ago, meaning people have less competition when they make an offer.
“Is that a sign of a big change? Is that a sign that the market is changing? Are we cooling off? ”Said Lane Lyon, Managing Broker at Coldwell Banker Realty.
Denver real estate is still super hot, but not as intense as it was last year.
“We see buyers who are just burned out, tired and giving up and doing other things,” said Lyon.
Lyon believes a shift is taking place in the market. In the past, buyers made one offer after the other and lost. Now they may not have that much competition.
“If there’s an opportunity for a buyer to pick up a home that’s been on the market for six days instead of six hours, I don’t know, this is their chance to jump on it,” he said.
Over at BSW Real Estate in Denver, they said the screenings had decreased by over 50% within three weeks of Memorial Day.
“Where we had 60-100 viewings and 20-30 offers for a house, we saw more like 15-20 viewings and 3-4 offers,” said Bret Weinstein, CEO and founder of BSW Real Estate.
Typically, Weinstein said they see a slowdown around July 4th, when people are more focused on school and summer than home. This market slump came at the beginning of the year.
“The seasonality was absolutely one reason. We missed that hiatus last year so buyers have been uninterrupted for over a year. That fatigue is without question a major cause of buyers leaving the market, ”said Weinstein.
If the market slows down seasonally, it believes it will pick up again later in the year or early 2022.
“If this break turns out to be shopper fatigue mixed with a lot of people taking their first vacation in over a year, then chances are that this market will explode again when everyone comes back to town with lots of people refreshed . ” he said.
According to Usaj Realty, Denver County saw a decline in all price brands in late May except $ 600,000 to $ 699,999.
The inventory is still very low for a balanced market. Brokers believe Denver will be a sellers’ market for the foreseeable future.
“If you’re a buyer struggling in the marketplace, now is the perfect time to get back in and make a successful offer,” Usaj said.
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