2016 is coming to a close and it is safe to say that this was a big year in Denver real estate. No matter if you are buying or selling – if it is the first time or if you are seasoned homeowner – there is something for you in the recent market trends.
During the holidays, it is normal for things to slow down. Families are traveling to see loved ones and gathering together. It is a time of celebration and being with those nearest to your heart. Showings and sales slow down a bit, and the number of homes available plateaus. However, the holidays do not equal a bad market. Price ranges for homes vary but the value of total sales is higher.
As this year has passed, we have seen how rapidly the demand for homes in the Denver area has grown; this is a great thing but is also something to be aware of. With all of the market activity, a high demand for affordability is at play as well.
The competitive nature of real estate has buyers, first-time buyers included, working towards the home they want at the price they need. Affordability is also playing a huge factor in loans and mortgages. Many homeowners are working to make the most of what they have and find the best loans they can.
This can be a challenge due to rising interest rates, with many blaming the rise on president-elect Trump and his administration. However, having him in the White House could bring benefits into the real estate market – only time will tell.
The high demand overall brings a high demand in custom homes, too. If you decide that a custom home is for you, make sure you know what you are getting before making a decision. It can be costly but a custom home is worth it.
As far as the trends for luxury homes, they have seen about a 102 percent increase in sales, with a higher price per square foot. Luxury single-family and condo home sales increased as well – and because of the homebuyer demand, this has contributed to achieving an equal market between homebuyers and sellers. The success isn’t just limited to luxury homes; both the premier and signature markets are experiencing the same. The number of homes listed went down, but the average price sold went up.
At the end of the day, you have to buy or sell your home when it is the right time for you. Know what you are looking for, what you are willing to accept, and what you are willing to pay. No matter which market you enter – luxury, premier, signature – you will have options. It doesn’t matter if you are a buyer or seller, everyone will benefit from this market.