In comparison to the red-hot housing boom seen just after the height of the pandemic, today’s market is said to be cooler – but what does that mean for consumers? While demand for homes across Colorado’s real estate markets remains very strong, rising inventory levels and interest rates have slowed the pace at which homes were selling through the second quarter of 2022.
This shift in the market indicates that the rapid acceleration of prices is decreasing however, opportunities for consumers on either side of the closing table are still bountiful for those willing to follow sound advice from their real estate advisor. While the market still heavily favors sellers, the days of all homes selling in a single day for significantly over asking price are behind us. Yet, as noted in a recent New York Times article, “your home may sit on the market for a few weeks and, if priced well, sell for around asking price—which will be more than you would have gotten a year ago.” Buyers who stay in the market now have more power to make at-asking price offers without forgoing reasonable demands such as appraisals, inspections, and mortgage contingencies.
So, what does this all mean? Even with the recent changes to the marketplace, home prices continue to appreciate, motivating sellers to list their homes on the market and encouraging homebuyers to purchase properties to help shield their money from rising inflation. Colorado’s real estate markets are still thriving and are helping both buyers and sellers create the life they love this year.