One of the things I love about real estate is its ever-changing nature. The market is dynamic, with new twists and turns every week as economic conditions evolve. Over the past month, we’ve seen two significant milestones:
1. Interest Rates Below 7%!
2. 10,000+ Active Listings on the market across the Metro Area!
For the first time in over a decade, we have more than 10,000 homes for sale in our market. Combine this with interest rates dipping below 7%, and the next few months are shaping up to be an incredible time to buy. With tons of options to choose from and more negotiation power than we’ve seen in a while, buyers can now negotiate on price, inspections, and even seller concessions for rate buy-downs.
A snapshot of market conditions at the end of June 2024 across the Denver Metro Area. Notably, there were 10,000+ active listings on the market at the end of June.
Will This Last?
While no one has a crystal ball, we can look to the past to get an idea of what the future may hold. When rates dropped below 7% in late 2023, the ensuing months saw incredible pent-up demand enter the market. Buyers who had been waiting on the sidelines for 1-2 years suddenly jumped in, and demand surged.
As economic conditions continue to soften, the likelihood of a Federal Reserve rate drop in September is more certain than it has been in recent years. Each drop in mortgage interest rates means millions of new buyers will be able to afford to purchase a home. This is exactly why this window of time is so important for hesitant buyers to jump into the market – get in before the masses follow you.
Seize this Opportunity!
If you’re a buyer, don’t let rates in the high-6% range deter you from entering the market. I can help you bring the rate down to an affordable level, negotiate on price, and ensure your inspection requests are addressed. The market can change quickly, so don’t let this opportunity pass you by!
Want to navigate this dynamic market successfully? Reply to this email or book some time on my calendar here!
Feeling like your current home no longer suits your lifestyle?
Good news – our current market is also an excellent time to upgrade or downsize!
Transitioning between homes can be challenging if you’re unsure of your options. But don’t worry; there are several strategies to help you make a smooth transition:
1. Bridge Loan
2. Contingent Offer
3. Leaseback
4. Double Move
5. Retain and Rent
Which strategy is right for you? Learn more in this video and get the full details in this blog.
If you are looking for quick hits on the market, follow me on LinkedIn to get daily insight. If I can help you strategize your next steps in real estate in the Denver metro or elsewhere across the U.S., please reply or book a call with me!