5280 Digs

It’s a buyer’s market!!

I hear this a lot.  In fact, multiple times each day I hear this phrase as my team receives over a 1000 buyer inquiries a month. What clients tell me the most is Denver is such a buyers market that sellers will drop their asking price by up to $50,000.  That’s just not true.

The realty of the Denver real estate market is much different.  When tracking and calculating the sell of Denver homes we are finding the following:  Comparing the listing price to the selling price less any concessions given the seller, right now we are seeing Denver sellers receiving 96% of their asking price.  This means if a house is listed at $225,000, the average selling price would be $216,000.  That’s a rate reduction of $9,000.  These statistics are according to Denver Multiple Listing Service the Denver MLS.

However; even with this in mind, now is still a great time to buy a home.  Mortgage rates are still low and yes there are still some great loan programs available.  While sellers may not be dropping their prices as low as you thought, they are motivated and are often willing to negotiate closing costs, home improvements and even the prepayment of HOA fees.  Keep in mind; though, these concessions are part of the 96% of the asking price.

So yes it is a buyers market in Denver but it is not a “fire” sale.  Happy Shopping!