Real Estate Market Update

Hot or Not?

Spring pricing is sticking around. Many homes reflect the same pricing of the busier season, but with buyers negotiating terms more than usual, sellers have to act fast if they want to accept an offer.

In fact, many sellers are choosing to price slightly below market value in order to sell faster. In August alone, 37% of properties had price reductions before receiving an offer, up 6% since last year.

Did You Know?

Rent in Denver is reaching record highs. In the first quarter of 2018, the median rent for apartments in the City and County of Denver was at $1,406, up 4.3% from the previous year.

Not only has rent increased year-by-year, but it’s also reached the highest median price Denver has ever seen. Over just the last ten years, rent payments in the city have jumped up in value by a whopping 74%.

Buy Now or Later?

If you want to take your time with your home search, then now’s the time to buy. Currently, the average life cycle for a listing in the area is 69 days, with 32 of those days being active in the MLS and 37 of them under contract—so that means you have plenty of time to fit in multiple showings before making a decision.

Mortgage rates are still low, sitting around 3.75%, and mortgage purchase applications are 8.8% higher based on a year-by-year comparison.

What’s Happening in Denver?

Remember when we recommended checking out Toby’s Pet Parade & Fair? Well, the event happened last month, and it was a huge success! We’ve got a few highlights of the most adorable pictures below, and we’ll be posting even more on our site soon—so stay tuned!