Is the Denver real estate market finally beginning to shift from a buyer’s market to a seller’s market? Although the Denver market has long been considered a buyer’s market, TeamCox Realtors is seeing signs of a strengthening seller’s market. This hunch was further substantiated last week when Forbes Magazine named Denver as one of its, “10 Best Cities for Home Sellers.”
Why is the Denver real estate market suddenly changing? It’s the gradual result of several factors, including that sellers are facing less competition, and the local economy is faring remarkably well amidst the national economic downturn. Denver homebuilders have slowed to a crawl over the past year, decreasing the number of building permits by a stunning 58%. With the bulk of their inventories sold off months ago, builders are sitting on the sidelines, waiting for signs of improvement. This decreased activity is great news for Denver sellers, as competition has dramatically decreased. Another promising trend for the Denver real estate market is that contrary to national tendencies, the Denver area is seeing job growth holding steady at around 2%.
What does all of this mean for prospective homebuyers and sellers? If you are a Denver homebuyer, now is the time to make your move! If you wait much longer, you may miss the bountiful perks and selection found only in a buyer’s market. As we’ve said in the past, once the media announces that a market has recovered, it may be too late to make your move. If you are a seller, you might want to consider listing your home during the spring selling season, while builder inventory is low. By next spring, it is likely that Denver homebuilders will be back in full force, and no seller wants to compete with their features and incentives!
Whether you are a Denver homebuyer or seller, there is no better time than the present to make your move!
