🔥🏡Denver Real Estate Market Update August 2024🏡🔥
Michael Kozlowski RE/MAX Professionals Ranked as High as the #1 RE/MAX Agent in the State of Colorado!Bad News Leads to Good News!
The late Summer Denver Real Estate Market has kept the tradition of Buyers taking a bit of a break while enjoying the end of Summer activities before school starts, and at the same time has been very unpredictable with some amazing homes for sale just sitting on the market and some homes unexpectedly selling very quickly!
This is all about to change soon, as we have just seen three major signals over the past couple of weeks that create the perfect time to buy again and to sell.
- First: the indications of inflation slowing down are pretty solid, with the CPI data showing a major slowdown, especially in the labor markets. The Federal Reserve has voiced some key words that indicate an interest rate cut in September is probable!
- Second: The Active Listing Inventory has increased to 10,584 at the end of July, which is a 68% increase over July 2023. This increased Inventory has created a much better selection for Buyers to see, and a much better negotiating opportunity!
- Third and most important: Wall Street has already begun to adjust for a September Interest rate reduction of short term rates, which has caused our long term Mortgage rates to plummet over the past week! 30 year mortgage rates are now available in the high 5% to low 6% range, and affordability has improved tremendously!
Sellers, this is the best time to have your home show really well and be priced correctly!
Buyers, as we find ourselves transacting business in a new way in August and beyond, please let us show you the value we bring to your Real Estate Transaction. We have the knowledge, experience and just plain hard work to help you with your largest purchase.
We look forward to assisting with your Real Estate needs soon!
