Plus: What You Need to Know About Our Wild Weather 🏡🌪⚡️
Is it going to be a sizzling summer in the real estate market? Denver metro’s median home prices have been on the rise, soaring by 2.5% for the second consecutive month. Buyers are seizing the opportunity while sellers are cautiously observing from the sidelines, holding onto their low rates.
For those brave sellers who decide to list their homes, the rewards are plentiful. With an impressive median sales price of $595,000 and an average time on the market of just six days, homes in the Denver metro area are selling like hotcakes. What’s more, they are typically fetching 100% of the asking price!
But hold on, buyers, don’t be discouraged just yet! There are still opportunities to be had. There are many buyers who are facing little to no competition and have the leverage to negotiate price, concessions, and inspections with sellers. In fact, those using FHA and VA loans are finding the current market conditions particularly favorable. We’ve witnessed a surge in closed deals for VA and FHA buyers lately!
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, nothing is normal anymore. When interest rates recently soared to around 7% earlier this month, my colleagues and I received even more phone calls than during previous rate increase periods. What’s behind this trend? Speculatively, it seems that consumers are feeling confident (as supported by last week’s consumer confidence report) and are tired of waiting for rates to drop. It has been a year since mortgage rates started rising, and people can only delay their plans for so long before moving forward.
Is Your Home Weather-Ready?
This year, the weather has been downright strange, serving as a reminder to always monitor the condition of your home. Flooding basements, malfunctioning sump pumps, and fallen trees are just a few issues that homeowners have encountered this spring. Taking proactive measures like ensuring all systems are in good working order, addressing negative drainage around your foundation, and hiring professionals to prune your trees can help prevent costly damage.
If your home has suffered storm-related damage, don’t delay in contacting your insurance company. Keep in mind that most insurance companies impose time limits for storm-related claims.
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-bed/3-bath 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. Check out the home here:
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 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. Because of our clients, one woman is now 23% closer to becoming a homeowner! Check out the video below to see the fun we had:
