What’s Happening in the Fall Real Estate Market?

The fall real estate market is here and it is a great time for Denver home buyers. Interest rates are low and market conditions are fantastic, partially thanks to Brexit.

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Why is now a great time to buy a home in Denver?

One reason is that interest rates are still incredibly low. When interest rates are low, homes are more affordable. Right now, interest rates are floating around 3.3%.

Interest rates are phenomenal and so are current market conditions. It is not always nice to take advantage of a neighbor’s mishaps, but in this case, everything that is happening with Brexit and the European Union has positively affected the economy here in the U.S.  Brexit has created an excellent opportunity for you to purchase real estate here in Denver.

Also, market trends show that the exact same thing has happened in the Denver market over the past three years: inventory slightly increases at this time of the year, but home prices go down. Sellers tend to take less than what they were asking for, which is completely opposite of the trends we saw in the market two or three months ago.

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In the fall, inventory goes up but home prices go down.

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If you got burned by the market a couple of months ago, now may be the perfect time for you to jump back in there and take another shot. You won’t be competing against as many other buyers; herd mentality causes more people to buy homes in the spring and summer. Go against the herd and jump into the market in the fall so you can take advantage of these phenomenal rates and find the perfect home for you.

If you have any other questions about the fall real estate market or about buying a home, give me a call or send me an email. I look forward to hearing from you!

How Can Appraisals Affect Your Denver Home Sale?

A question I get asked all the time by Denver sellers is, “Should I have an appraisal done before listing?” Today, I thought I would answer the question in detail.

Although I don’t think a pre-listing appraisal is a necessity, it’s definitely a good idea and it certainly won’t hurt to get a little more knowledge from a professional who is objectively valuing your property.

However, one thing to take into consideration when you're looking at the appraised value is that there is often a disconnect between that appraised value and a Denver home’s fair market value. The reason being that appraisers are only looking at historical and sold data as it relates to your property. They may be looking online at sold properties and only have pictures as their reference point. They don’t get to see the quality of the finishes or other different nuances. They also don’t take into account the lack of inventory or the competition currently on the market.

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The fair market value is what you really want to know.

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To get your fair market value, you’re better off talking to a professional real estate agent. They know the market, they know what homes near yours are selling for, and they understand the different nuances that go into determining a home’s value. They will help you find the perfect price.

A pre-listing appraisal is by no means a bad idea, but it’s not the end-all of where you should price your home. If you have any questions for me, don’t hesitate to reach out and give me a call. I would love to hear from you.