In case you haven’t been reading the newspaper and online sources recently, the newest discussion is this so called “Shift” in the market. Some make it all sound much more impactful than others. So allow us to set the record straight.
Has a shift in the market occurred? Yes. Does this mean our market is ready to tank and prices are dropping and no one is selling their houses anymore? No! Here is the thing; the housing market in Denver metro was climbing so high, so rapidly that we could barely keep up. It climbed and climbed for a few years now and we as realtors have become used to it. Now that it is slowing down, we are all taking a big breath but by no means is our false sense of a market shift a true “Bubble Bust”. The truth is there are still more houses needed than the market is supplying (AKA demand is still very high). We are still seeing year over year gross price increases and buyers are still in bidding wars for entry-level houses.
Thus being said, this shift only takes us from climbing Mt. Everest to climbing Pikes Peak. We’re very much still climbing, only now it seems slightly more manageable.
No, the market is not “Shifting”. We are not seeing a decrease in demand. We are not seeing a decrease in price. Everything is still just as busy and still competitive. If you are looking to sell your home, now is very much still the time. If you have been looking to buy and have been disheartened after the hugely competitive summer months, now is a great time to venture out again. School is in session and this always means a slight decrease in willing buyers. You have a better chance, and sellers you can still create a bidding war.
Denver is a hot city. We have more than one city in Colorado topping the best places to live (Colorado Springs and Denver) in the country list and we have more people than ever moving to Colorado. The job market is still very good and developers still cannot catch up to the ever-demanding housing market. This is not changing any time soon.
Lesson to learn for the day; the news sources you read are not always accurate but are always dramatic. Call your preferred realtor today. Get a first hand knowledge on the market and make your buying and selling move from there. If you don’t have a preferred realtor, call us. We are always here for you and will always make the best decision on behalf of you.