The Competition is Coming—Want to Get Ahead of It?

As I noted in December, the Denver Real Estate market typically picks up after the Super Bowl, which will take place on February 11, 2024 whether the Broncos are there or not. From there, activity usually ramps up to the point that March, April, and May see the most competition in terms of buyers in the market.

Interest rates have recently dropped a bit, with most Fed forecasts predicting rates to either stay flat, or possibly even drop a little bit more.

This leaves buyers with a decision—game the market by waiting and hoping rates drop a bit more? Or move sooner to take advantage of our currently unbalanced market, which has about 2 months of inventory.

Lower interest rates help buyers afford a higher purchase price since less of their mortgage payment is going to servicing the debt. More buyers competing for the same inventory can drive the purchase price of a home higher in the bidding process. 

Where is the sweet spot between those two circumstances? That depends on the buyer, and it’s exactly what I’m here to help you figure out.

Who should try and beat the competition?

If any of these situations apply to you, then you might want to consider moving in January or early February to avoid a more competitive market:

• There is a listing out there that you already love but you’re hoping interest rates drop before you consider it.

• You are prepared to make a cash or mostly cash offer.

• You have your heart set on a specific neighborhood, and that neighborhood is very popular.

At the very least, if you identify with any of these bullet points I recommend you call me or email liz@denvernook.com so that we can come up with your personalized plan. The competition is coming—it always does—and I don’t want you to be waiting for a better Spring if your sweet spot is actually right now!