Denver Metro Next Hot Real Estate Market This Summer

Plus: The Next Hot Real Estate Market and What You Need to Know About Our Wild Weather 🏡🌪⚡️

Is it going to be a sizzling summer in the real estate market? The Denver metro area has been experiencing a steady uptick in median home prices, which have risen by 2.5% for the second consecutive month. This consistent growth shows that demand remains strong, and buyers are taking advantage of opportunities before interest rates potentially increase again. However, sellers are showing caution, primarily due to the concerns about losing their historically low interest rates.

As we enter the warmer months, it’s essential to keep a close eye on what the summer of 2024 might bring for buyers and sellers alike. If you’re wondering about the dynamics of Denver’s real estate market in the coming months, this is your go-to guide to prepare for the most competitive season of the year.

The Next Hot Real Estate Market Rising Home Prices and What It Means for Buyers and Sellers

For those brave sellers who decide to list their homes, the rewards can be significant. Homes in the Denver metro area are selling quickly and often above asking price. With a median sales price of $595,000 and an average time on the market of just six days, homes in this market are hot commodities. Sellers are typically fetching 100% of the asking price, meaning that homes are selling for exactly what they’re listed for, or even more in some cases. This reflects the high demand in the area and shows that even in a volatile economy, real estate remains a reliable investment.

For buyers, the news might feel a little daunting. With so much competition, it can be difficult to secure a home without paying above asking price. However, don’t be discouraged just yet—there are still opportunities available. Many buyers are facing little to no competition and have the leverage to negotiate price, concessions, and inspections with sellers. If you’re using FHA or VA loans, you may have a distinct advantage in this market. We’ve seen a rise in the number of closed deals for FHA and VA buyers in recent months, which shows that there are options for buyers beyond conventional financing.

One valuable tip I always give buyers is to look for homes when others aren’t. For instance, the Fourth of July holiday weekend can be a goldmine for finding a dream home. With many buyers distracted by travel or summer plans, fewer people are competing for homes during this time. It’s an excellent opportunity to make a move in a less crowded market.

Why This Summer’s Market is Different

Here’s a valuable tip for buyers: consider looking for homes when others aren’t. The Fourth of July holiday weekend can be a goldmine for finding your dream home.

Although summer usually signals a slowdown in the market, this year is anything but typical. Recently, interest rates spiked to around 7%, which led to an increase in activity for many buyers. Even during these periods of rising rates, my team and I received more phone calls than usual from both buyers and sellers who were eager to move forward. It’s clear that consumers are growing confident in the economy, as highlighted by the recent consumer confidence report. People are tired of waiting for rates to drop further and are ready to take action.

This trend suggests that, despite high interest rates, many buyers are actively pursuing homes now rather than postponing their decisions any longer. Whether you’re a first-time buyer or someone with more experience in real estate, the demand in Denver’s housing market indicates that now may be a great time to act—before the summer months truly heat up.

Is Your Home Weather-Ready?

This summer, it’s important to keep an eye on your home’s condition, especially in light of Denver’s unpredictable weather patterns. This year, the weather has been especially strange, with severe storms and unexpected shifts in temperature. Homeowners have encountered issues such as flooding basements, malfunctioning sump pumps, and fallen trees due to intense storms.

Taking proactive measures can help prevent costly damage and keep your home safe during summer storms. Here are a few things to consider:

• Inspect your sump pump: Ensure your sump pump is working properly, as heavy rainfall can quickly overwhelm homes that lack adequate drainage.
• Maintain proper drainage: Address any negative drainage around your foundation to prevent water from pooling near your home.
• Prune trees: Hire professionals to prune your trees and remove any weak or dead branches that might fall during a storm.
• Check roofing and windows: Ensure your roof is free of damage and your windows are sealed to protect your home from water damage and the elements.

If your home has suffered storm-related damage, don’t delay in contacting your insurance company. Be aware that most insurance companies impose time limits for storm-related claims, so it’s crucial to act quickly.

Just Listed in Arvada

Dempsey Group just listed an incredible property in Arvada this week that you won’t want to miss. This stunning 6-bedroom, 3-bathroom single-family home at 10785 W 68th Avenue is ready for you to move in and start living your best life. With beautiful updates throughout, all you need to do is turn the key, drop your bags, and enjoy. If you’re in the market for a home in Arvada, this is one property you should check out!

We’ll be holding an open house on Saturday, June 24, from 10 AM to 12 PM, and on Sunday, June 25, from 11 AM to 2 PM. Swing by and say hi! 👋👋

Unforgettable Fun: Our Client Appreciation Extravaganza Had Everyone Raving!

Our first-ever Cinco de Mayo Grand Slam event brought together 80 clients who not only had a blast learning a new sport but also supported a worthy cause. We raised $2,345 through ticket sales, which went to Project I See You, a local charity dedicated to helping women break the cycle of poverty and achieve homeownership. Thanks to our amazing clients, one woman is now 23% closer to becoming a homeowner! It was a fantastic day of fun, support, and community, and we can’t wait for our next event.