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Denver Market Update

Denver Market Update

Real Estate News – September 2024

Is there an interest rate tipping point?
> We are closing 3,000-5,000 homes a month, which hasn’t changed much in over 20 YEARS.
> With the population growth we’ve experienced during that time, it appears there is growing pent-up demand. Massive apartment complexes have been built all over town. Many of those renters will want to buy soon.
> The higher interest rates have kept sellers in place much longer than they would normally have been. They’re holding tight, not wanting to sell their 3% mortgage to buy a 6-7% mortgage.
> As rates start to decrease, possibly lower again in September, I believe there will be a “tipping point” when this demand comes to the forefront and the market is on fire again. Buyers not wanting to be renters anymore and Sellers deciding “it’s time!”.
> What is that tipping point? What’s the magic interest rate? That’s the billion dollar question.

Quick Summary:

  • Home builders are creating more flex spaces, fewer hallways (more openness), and smaller floor plans to assist with affordability.
  • Pent up demand continues to grow, with only ~4,000 homes being sold per month and over 10,000 listings on the market. We’ve been seeing the same amount of sales for YEARS now. This simply can’t continue for the long term with our population and desirability of living here. With rates coming down, 2025 could be a barn burner!
  • The condo / townhome market is very slow, spurred on by rising HOA fees, difficulty in HOAs securing insurance, higher interest rates and higher prices.
  • Current interest rates are ~6.1%.

Details:

We’re here to answer any questions you might have, so don’t hesitate to reach out!

If you’re thinking about a new construction home, be sure and reach out to us so you will have proper representation. The sales office represents the builder, not you, and it costs you NOTHING for us to represent you.

Questions? Comments? Contact us anytime. We’re here to help.

Thank you!

If we can help you in any way, don't hesitate to contact us!

Testimonials

jpeg-5.jpg“Working with Drew and his team was a very positive experience. In fact, they were so good, I will always turn to them as my real estate professionals! I was a bit nervous about their knowledge of my area when we started the process as they aren’t located directly in Castle Rock, however, Drew said they knew the area and I trust Drew. As it turned out, they really knew the area! The neighborhood research provided was accurate and the sale price they suggested was exactly on target. Our house so… Read more

Laura and Phil H.

jpeg-3.jpg“We are so grateful that Drew was referred to us. We found him to be responsive, knowledgeable, and patient. He kept in constant contact with us during our search. Most importantly, once we made an offer he and his staff were so very helpful in each of the steps leading up to and including the closing. We would highly recommend Drew Schneider.”

Richard V. and Terry M.

“Drew is a master communicator. The process was managed with great care and professionalism. I would recommend Drew to anyone selling or purchasing a home in the Denver Metro area.”

Kevin and Kim S.

“This was our second transaction with Drew. He is extremely knowledgeable and professional. He kept us informed every step of the way. He streamlined the process so our stress level was greatly reduced. We will be using his expertise again and would recommend him highly.”

Dawn and Roy F.

“We have purchased 4 homes with and without an agent, without question Drew is the best real estate professional we have worked with. He is first class in every way. Drew understands your needs because he listens. He also has an impressive network of related professionals to help complete the necessary transactions. Drew truly has a heart for what he does, and those he does it for.”

Alfonso and Taña T.

“Working with Drew was a little piece of home sweet home: comfortable, familiar, safe and exciting! My husband and I were very new to the home buying process and in this market, we needed someone whose expertise would deliver us fast results while ensuring we felt secure in our decision. Drew provided both of these things and THEN SOME.

Shopping for a home with Drew was always a positive experience. Not once did we ever feel pressure from him to make a decision which was a relief because this ma… Read more

Tiffany and Casey C.

“Drew listed my house and 3 days from the time it went ‘live’, I had 3 offers. Drew walked me through every step of the way and was always there to answer any question. He handled issues immediately and the transaction resulted in a very positive outcome. I would highly recommend Drew for the sale of your home.”

Pat L.

“Drew was extremely dedicated to finding me a home. He always knew about a new home available in my portal before I did. He went out of his way to show me homes whenever it was convenient for me. Drew was never pushy, but always available to answer my questions. He supported my decisions 100%, but when asked, he was helpful and knowledgeable with his advice. Each person he recommended to me (as a lender, inspector, or other service provider) was also willing to go above and beyond to make my hom… Read more

Janelle L.

“We were the type who believed we could survive alone in the home buying process using search sites and making the calls. The filters and email alerts allowed us to find a house that “checked all the boxes.” The deal ended up falling through and we felt it was because we didn’t have proper representation. After comparing that disaster to the incredible experience we had buying our first home with Drew, we are convinced we will use an agent going forward and Drew Schneider will be our first choic… Read more

Jorge and Christine

“This is our second time using Drew. In 2006 he sold our home in 13 days in January and in 2014 he helped us purchase our new home. Both times have been wonderful and we will continue to recommend him to family and friends.”

Scott and Michelle R.