October 2022 Denver Real Estate Market Update
Well, buyers asked for a reprieve and they got it. Bidding wars are still out there, but they are fewer and further in between. We are moving back towards a balanced market with inspection contingencies and seller concessions.
As for the supply of homes, it’s definitely coming – 115% more homes from October 2021 to October 2022 in the Denver Metro Area. And, days on market doubled from 14 to 28 days.
But, it’s that darn interest rate! The Fed just bumped the rate up 75 basis points meaning mortgage rates will be going up soon – again.
If you haven’t heard by now – rates have gone up basically 4% since 6 months ago. This has made home ownership more challenging than ever with prices only adjusting 3-5% from the highs. Adjustable rates mortgages and buying rates down for 1 to 2 years help buyers shoe horn into their purchases.
The good news is that inflation is showing signs of ebbing. That means the Fed may slow or stop raising rates. If we move into a recession you can perhaps even see the Fed lowering rates again. Wouldn’t that be a welcome thing! 🙏🏻
This time of year slows seasonally for the holidays.
Thinking of selling? It’s still a good time to sell as some people will wait until next year to sell. Increasing inventory could put pressure on pricing. For our buyers: there are more deals than ever!
Ask your CJV Expert for guidance. We are happy to help!