April Market Update 2021

Record low-interest rates, aggressive appreciation, and rising demand continue to be some of the common themes of Denver-Metro real estate. If you're thinking about joining in on this crazy market, keep in mind these four things when starting your home search. 

 

Do Your Research - Before you jump into your search, it's important to set realistic expectations about what you can afford and the homes within your budget. Over the past year, the Denver appreciation rate has been at 16%, and forecasts for the Denver-Aurora-Lakewood Metro regions are expected to increase between 7 to 13% over the next twelve months, meaning that the type of home within your budget is going to change year-after-year. Establish a buffer number for how much extra you are willing to spend in a competitive offer situation and keep that in mind when you start to get a feel for the inventory in your price range. 

 

See Potential Value - Oftentimes, you're not going to walk into that model HGTV home with all the newest appliances and features. Seeing the potential in a space and being willing to make changes upon taking ownership will give you an advantage. Most times, it's not worth the insane bidding wars for those Pinterest-worthy homes. Make a list of your top 2-3 non-negotiables and allow those to inform whether you can take on a project. Once you identify those top 2-3, you can start to see the potential to make it your dream home while simultaneously building sweat equity. In this market, you will absolutely see the return! 

 

Prepare to Be Aggressive with Your Offers - There's no doubt that we are in a seller's market, and being in a market so favorable to sellers means accepting the fact that terms aren't always going to be ideal for a buyer. This doesn't mean you can't set boundaries for yourself, but understand that if there's a home you love you're going to have to be ready to fight for it, giving your best offer right off the bat. 

 

Stay Positive! It may not be as simple as it sounds, but it's easy to get caught up in the stress of today's market and lose some hope along the way. If you feel yourself starting to get discouraged, remember that this process is supposed to be fun and we're here to help with the hard stuff. I like to say everything happens for a reason, and if a house doesn't work out, there may be something even better coming your way.

 

If you have any other questions, please don't hesitate to reach out!

 

If you know of anyone looking to buy or sell their home, feel free to reach out!

 

 

I appreciate being your go-to resource for all things Real Estate. Please don't hesitate to reach out to me at any time if I can assist with any help you may need. Feel free to pass my information along to anyone in need of a dedicated Real Estate Agent; all referrals are greatly appreciated.