01/26/2022
What is going to happen in the Denver Real Estate Market this year?! 🤷🏻♀️
We are just a few weekends into the year, and things are off to a blazing start 🔥
While I wish that I had a crystal ball to predict the rest of this year, I do get to work along side some incredible leading market forecasters.
Let’s start with what everyone wants to know…Is the market going to crash? NO. There is no expectation of home prices crashing, in fact we are seeing the opposite.
If you are wanting to buy, RUN 🏃🏽♀️don’t walk. Home prices are still on the rise, even after last year.
📈Interest rates are increasing. If you were looking at buying a home last year, you’re going to want to lock in your interest rate sooner than later. That also means putting your house up for sale earlier in the year rather than waiting until Spring to capture those buyers.
If buying a home was one of your goals for this year, you’re going to want to be prepared sooner than you think. With 45 million millennials at prime home buying age, the market is expected to remain competitive, especially in entry level price points.
👷♀️Builders are ramping up production to create a small increase in housing inventory. Colorado has had a large labor shortage making the supply demand issue worse and production hasn’t been enough/won’t be enough. Take into account the 900+ houses that were just lost in the Marshall Fire.
Rent is projected to increase 7.1% which will be a strong motivator for first time home buyers
So in summary, experts are predicting ⬆️ mortgage rates, ⬆️ home prices, and ⬆️ rent that will continue to make housing affordability an issue in 2022. My advice is to reach out sooner than later so we can make a realistic game plan for you to accomplish your goal of buying a home ✅