'It's advantage buyer a little bit': Report shows housing market in Denver cooling off
When Jillian Reich moved to Denver from New York she wasn't sure how long she would stay.
"I don't know if I'm going to be here for a while. I'm not sure, I don't know if this is like, really where I want to stay, let me figure it out for a little bit," she said.
She quickly fell in love with all that Colorado has to offer, and three years later she and her boyfriend Wilson Roberts are now searching for a home.
"It's definitely been a rollercoaster for sure, interest rates were low, then they were high and now they're coming back down again," Roberts said.
According to housing data from the Denver Metro Association of Realtors and similar reports from the state association, that rollercoaster ride may be smoothing out.
"We saw what was our steepest decrease in pricing for the average priced home, in our June report. I think we were sitting at right around $714,000 is the average price per home.. in July we dropped down $690,000 for the average price just a little bit above that," Bret Weinstein, CEO of Guide Real Estate said.
Weinstein who has been helping residents buy and sell homes in the Denver metro area for 10 years, says the shift is not surprising given how quickly interest rates went up.
"It's advantage buyer a little bit, buyer demand has really slouched with the rates and so we are in this position now where there are fewer buyers, the rates have stabilized even gone down a little bit and there are 7,300 homes on the market so we have the most inventory we have seen we are 80% higher than we were last year," Weinstein said.
Weinstein says while it's good news, it's not enough to shift the tide away from it being a seller's market.
"It's kind of a seller beware. We are in a spot right now where the seller actually has to stage the house it has to look phenomenal it has to be priced appropriately. Buyers have a lot of options currently so if you're the one who is saying while my neighbor got $750,000 three months ago, you're not going to get $750,000 today," he said.
Reich and Roberts say after months of uncertainty, they're starting to feel just a bit more optimistic.
"This is the biggest decision you make in your life, it's the most amount of money you'll ever spend in your life, for the most part, and I want it to be right," Reich said.
You can view the entire Denver Metro Real Estate Market Trends Report and see the state-wide report here.