If you want a summary of single-family homes in the Denver Colorado market, then you are in the right place.
The Denver housing market is now on the national radar with more interest than ever in Colorado as a place to live. Single Family Homes are a great place to start when analyzing what is happening to home values. In this report, we exclude condos, town-homes, etc. This market report is for the housing statistics we saw in April of 2020 and comes from the Colorado Association of Realtors and National Association of Realtors.
On April 27th, 2020, Colorado Governor, Jared Polis, shifted the Coronavirus restrictions to “Safer-at-Home.” That same day, 3,500 showings were scheduled– this is more scheduled showings than any other Monday of the year.
Most industry experts believe that it is much too early to start making conclusions into the effect the corona-virus has had on the housing market in Denver, CO, or in fact, across the entire U.S.
Some key points that most gurus agree on when it comes to housing are as follows:
- Inventory is low, presumably because people have decided not to list their homes because of the coronavirus.
- The low number of sales is directly proportional to the low number of listings.
- As restrictions due to COVID-19 are lifted, more people will be willing to list their houses.
- Low-interest rates will entice some buyers into the market.
Key points to housing value analysis in today’s market.
You must think about some more key things if you are talking about selling or buying a new home.
These don’t really change because of the coronavirus.
Research the neighborhood, making sure it fits your needs. The quality of schools and amenities such as pocket parks pause and even access to supermarkets is important.
Take a look at property values in the neighborhood: past, present, and future.
Analyze comparables, or “comps” for the area. Try to match the square footage number of beads in bath lot size and how recently the property is updated. The more similarities, the more accurate the “comp” will be.
When doing market research, do not cross over major highways, railway tracks into other neighborhoods. This can lead to an inaccurate value assessment.
How do real estate experts currently feel about the Denver Market?
We have spoken to several industry experts here in Denver Co. The one thing they are all certain about is uncertainty in the future. However, they also do go on to say that if you need to move and you are moving into the same market, it is always a good time.
We also spoke to some financial advisors. A common theme with them was now is a great time to look at your spending habits. A quick look at where your money is going may find a few things you are no longer using. How about the gym membership you bought 8 months ago? It’s not to say you shouldn’t be exercising. However, if you aren’t using it, maybe you need to find a better way to exercise. Something that you find more enjoyable and it will do more.
Owning your own home provides more than just financial gain. It can provide an improved sense of meaning and quality in life. It’s not for everybody, and it can create stress. We will continue to watch the market and report back to you every month.