4 Reasons Why Right Now Might be the Best Time for Home Buyers.

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t's hard to cut through the media headlines and the general noise in the market, but if we stop and look at the data, now is a very opportunistic time for many buyers who have previously been on the sidelines.  Hear me out...

We're experiencing a confluence of conditions for buyers that we haven’t seen in over a decade. Here are four indicators that we’re currently seeing in the market that may help you secure your next home:

1. Increased Availability of Homes - Currently, the inventory of available homes in Central Denver has surged by an astonishing 51% compared to last year. This means 266 homes are waiting for new owners, a significant increase from the 176 homes listed in February of the previous year. Such a rise in availability is a boom for buyers, offering a wider selection of properties to find their perfect match. We expect the number of available homes to continue to rise as we move through the Spring market.
2. Unprecedented Price Stability - For the past five months, the median home price in Central Denver has held steady right around $900,000. This level of price stability has been unheard of for over a decade, providing an ideal scenario for buyers not to have to chase the market up. The current list-price to sale-price ratio is 94.3%, meaning buyers are on average purchasing homes for almost 6% less than what sellers are asking.
3. Extended Time to Decide - The current average of 58 days on the market for homes is the highest it's been in ten years, closely mirroring the 59-day average of February 2014. This extended timeframe means buyers may not need to rush their decision-making process. The frenetic pace of 2021 and early 2022, where decisions had to be made sight unseen, is less common now. Today, buyers have more time to carefully consider their options before committing.
4. Attractive Financing Options - Innovative financing options, such as 2-1 buy-downs, allow buyers to benefit from lower rates today with the option to refinance at potentially even lower rates in the future. Some lenders are even offering no-fee refinances for those interested in refinancing in the next five years.  There are also some new lending partner programs available, like Calque, that offer an improved version of the buy-before-you-sell lending model for anyone who wants to stand out with a non-contingent offer.  This flexibility in lending is a significant advantage, making homeownership more accessible and financially prudent.

The combination of these items as well as the potential for future price appreciation creates a compelling case for why now is a great time to look at homes. While the market is currently less frenzied, lower interest rates expected in the future combined with pent-up buyer demand could reignite bidding wars that have been common in recent years.

If you're in the market to buy/sell a home or know someone who is, let’s connect!  I'm happy to share market resources, vendor referrals, or anything else that would be helpful in your journey.

Michelle Fitzgerald
Real Estate Broker, Realtor®

phone: 970.215.8455
email: michelle@michellesellsdenver.com
Instagram: https://www.instagram.com/michelle_sellsdenver/