Denver Buying Trends & Predictions: Summer 2019
The Denver real estate market is the opposite of dull. New construction projects, expanding suburbs, and companies moving to our city have all affected the home buying market. But what about this summer? With the spring shaping up and quickly coming to a close, here are the trends that I think we will see Denver’s real estate market.
Suburbs Are Cooling Off
It’s true that Denver’s suburbs home prices are cooling off considerably. If you’re interested in suburbs like Highlands Ranch, Thorton, and Aurora, you may be able to get a great deal as a homebuyer.
…But Denver Proper Still at Premium
However, if you desire Denver proper (don't we all?), you’ll still need to pay a premium. While most of Denver’s home prices are still climbing, the neighborhoods demanding the consistently highest prices are Washington Park, Cherry Creek, Cherry Village, and Observatory Park.
Interest Rates Are Increasing
With the housing market still hot, the Federal Reserve will likely increase interest rates this summer. To give you an idea and when and how much they’ve raised interest rates in the past, here are 2018’s numbers:
1.75% on March 21, 2018
2.0% on June 13, 2018
2.25% on September 26, 2018
2.5% December 19, 2018
Based on these numbers, we’ll probably see a small hike this summer so if you’re teetering between buying now or next month, you might want to apply for a mortgage now so you’re grandfathered into your interest rate.
Millennials Are Finally Buying
Millennials have been the smallest group of home buyers in the nation for years. However, this spring we saw large upticks for generation and we think they will continue to climb throughout 2019.
Personal Notes Go Far
For most homes in Denver, sellers are getting multiple offers. To make yourself stand out, write a letter about yourself and your future plans for the home. For many sellers, it's about selling their home to a family, young couple, or someone that has a story. For something that only takes a few minutes of time, this trend can really pay off!
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