To say that Denver’s housing market has been hotter than ever would be an understatement – but the question on everyone’s mind – how long will the seller’s market streak continue?
The August DMAR report suggests that while the market isn’t showing signs of cooling down any time soon, it may be starting to balance out as we head into fall and into 2022.
So, what’s a buyer to do if they are looking to purchase a home in the Denver area? Is Denver’s fall 2021 housing market signaling that it’s a good time to buy?
Denver’s Fall 2021 Housing Market Forecast
Here are four things prospective home buyers should consider if they’re planning to invest in the tail end of 2021.
Understand what fits your needs
Whether you’re purchasing your first home, upgrading, or preparing to downsize, it’s essential to know what kind of space will best fit your life (and budget). Know what home features and amenities are considered must-haves (garage space or kitchen upgrades) versus what’s a nice-to-have (fireplace, pool, etc.). Also, think about what kind of home will best fit your needs—both now and in the future. For example, if you’re a first-time homebuyer or interested in downsizing, a townhome or condo may be a solid option to consider. It’s also just as necessary to know how much home you can afford and stick to properties that fit within a range that you can comfortably afford.
Be prepared for the competition
Mortgage rates are expected to remain low for the foreseeable future, which is good news for home buyers. However, that good news is driving more people to buy than ever before, driving competition for homes up. On top of that, delayed housing starts due to lumber pricing spikes have also been contributing to increased competition among potential buyers. But you still stand a chance if you come into the buying process well prepared. This means comparing lenders for the best interest rate and getting pre-approved for a mortgage before you start touring homes.
Expand your neighborhood scope
Many first-time home buyers want to live in a vibrant neighborhood with a high walkability score, nearby restaurants, and entertainment options. Keep in mind that homes in trendy areas or historic districts are on many home buyers’ wish lists and will be priced accordingly. Neighborhoods that are quieter or slightly further from the action, yet still close to Denver’s best amenities may be more affordable and still allow you to be close to all that Denver has to offer. Also, consider how your lifestyle may change over time and if your community will still be a good fit. For example, a young professional may love the bustle of city life but may want a slower pace when they are ready to start a family.
Consider a new build
Depending on your budget and pre-approval amount, your options may be a bit more constrained, especially if home prices continue to rise. Fixer-uppers may be a viable option for those who are handy enough to take on DIY projects or can allocate some of their budgets towards upgrades. But that may not be suitable for everyone’s home buying plan. Another option may be to consider a new build – especially a condo or townhouse. This could be a vital consideration for homebuyers that would prefer a low maintenance option or would like the idea of upgrading appliances or fixtures before they even move in
Whether a single-family home, condo, or townhome, new builds can also be a great turnkey home that comes equipped with the latest technology, sleek kitchen appliances, and amenities that you may have felt were outside of your budget range.
Let Highland Development Company Help You Navigate Denver’s Fall 2021 Housing Market
If you are looking to explore Denver’s housing market this fall, you may face challenges in an increasingly competitive seller’s market. But patience, staying flexible in your bidding offers, and considering all of your options – including new builds – may help you land your new space sooner than you think. Contact Highland Development to learn more about your options today!