It is wild to see 4.3% appreciation at this time of the year! The spike reflects September's buyer demand when we briefly saw interest rates close to 6% sparking a mini buying frenzy. While I don’t anticipate this kind of appreciation to last long-term, it gives us an interesting preview of what would happen if rates dropped consistently over the next one to two years.
In other news, Denver is adding a new neighborhood near downtown! The development will take until 2050 to complete, but Denver City Council approved Kroenke Sports and Entertainment to repurpose the 64 acres of mostly empty parking lots around Ball Arena into 6,000 housing units, parks, paths, and retail. This will be right next to the River Mile project where Elitch Gardens will be redeveloped with housing for 15,000 residents.
As we move into the holiday season, timing a quick close before Christmas can be a winning strategy for buyers, as most sellers have been prioritizing peace of mind over price during our negotiations recently.
Too Long, Didn't Read:
- Buyers: Offer a quick close before Christmas, and you might get a lower price as sellers look to avoid holiday listing stress.
- Sellers: Hold out until January to maximize your ROI.
