Denver Real Estate Update!
2023 is in full swing and the big question on everyone’s mind is what in the world is going to happen in the Denver area real estate market this spring. Will it be a usual spring market in Denver where almost every home on the market receives multiple offers?
We’ll see how February plays out. But from what I’m seeing right now, homebuyer activity is starting to increase while the number of new listings to the market lags (although we had a nice jump in Jan!). I’ve already seen several listings on the market move within the first weekend with at least 2 or more offers. I’m also seeing homes that are overpriced sitting longer. So while buyers want to find that next home, they aren’t jumping at just anything unless it’s a great fit.
What’s helping with the demand?
The 30 year mortgage rate dropped to 6.19% as of last Friday (The VA home loan interest rate dropped to 5.65%)
Interest rates will continue to have a significant impact in our market demand. Homebuyers will no doubt remain sensitive to any upticks or reductions in rates going into the spring.
Will home prices drop?
That remains to be seen. But remember that ultimately supply vs demand is what will dictate the direction of home prices. Curious about what’s affecting supply and demand locally? Let’s talk about the economy! Check out the event I’m co-hosting with a local Veteran’s entrepreneur hub, Bunker Labs.
Reach out anytime and let’s dig into the market where you’re living now or where you’re interested in going!
Drew Morris
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