It’s official; we now have over 10,000 homes on the market in the Denver metro area. It is the first time since 2013 that this has happened. The strange part? Inventory went up 11.5%, closed homes was down 16.7%, yet we still saw 1.3% appreciation last month. I’m not sure who is paying over asking; we are advising all of our clients that prices are negotiable as long as the seller doesn’t have multiple offers.
I still strongly believe that we are going to see depreciation until the end of the year. If you are a seller, sell now while we are at the peak of our home prices for the year. If you are a buyer, don’t be afraid to negotiate. Don’t worry, even if you don’t like uncomfortable conversations, we do the confrontational negotiating for you. :)
Cheat Code to a 3% Interest Rate
An assumable loan is an existing loan which can be transferred from a seller to a buyer. This can be incredibly valuable for a buyer. On a $500,000 loan, your mortgage payment would be $1,200 cheaper with a 3% loan in comparison to a 7% loan.
Not all loan types allow for assumption. Ever since interest rates increased, I’ve been looking for an avenue to find the houses which have eligible loans for clients. I finally found the resource I’ve been looking for! If you are interested in learning more about this, please reach out to me.
