Denver Market Update
Denver Market Update
Real Estate News – November 2023
Quick Summary:
- Some key changes can change a home from “unsellable” to sold.
- Data nerds will love the chart on page 2.
- Metro area average and median prices are both up over last year. $687k and $570k, respectively.
- Sellers: Higher interest rates have greatly reduced the buyer pool. So you know the buyers out there are SERIOUS about buying right now. There are also a good percentage of cash buyers still in the market.
- Buyers: Due to the lack of competition for homes right now, this is a good time to buy. As soon as rates start coming down it will be another feeding frenzy like we had the last 10 years. Avoid the competition, buy now, and refi when rates come down.
Here are the interest rates, as of 11/27/23, courtesy of Joe Massey, Castle & Cooke Mortgage:
- Castle & Cooke Free 1 Year Rate Reduction = 6.25%
- 30 year FHA Fixed = 7.25%
- 15 year FHA Fixed = 6.5%
- 2/1 Buydown Fixed = 5.25%
- 30 Year Fixed = 7.25%
- 15 Year Fixed = 6.5%
- 30 Year Investment Property = 8.0%
- 30 Year Fixed Jumbo = 7.25%
- 30 Year VA Fixed = 7.25%
I’m 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!