Jill Schafer is the Chair of the Denver Metro Association of REALTORS® Market Trends Committee and has some insights into the current market. She says, “The increase in home choices could make it possible for more home buyers to get what they wish for this Christmas. Meanwhile, the low months of inventory will keep prices strong and sellers should continue to have plenty of money to do their holiday shopping, too.”
Schafer also notes, “Single-family homes priced under $1 million had three months or less of inventory, showing sellers still had control in the bulk of the market. Anything under five months is considered a seller’s market and over six months is a buyer’s market.”
By definition, a seller’s market means there are more buyers than available homes. We’re not in an “extreme” seller’s market, with less than two months inventory, but if you want to sell your home, you can still do it.
Buyers may be able to negotiate repairs or concessions more easily, like asking a seller to pay closing costs or to include a home warranty. We’re also seeing more contingent offers being accepted, where the offer is dependent on the buyer selling a home before the purchase.
Find out how The Principal Team markets your home to more prospective buyers. Contact David. Call 720-408-7409.