Have Denver housing prices finally reached their limit? Housing prices in the Denver metro area are starting to fall for the first in nearly 4 consecutive years. According to new data released by the Denver Metro Association of Realtors, sellers have been forced to lower their asking prices due to more properties coming onto the market and sluggish home sales.
With the number of homes for sale rapidly growing in the Denver metro area, prospective buyers now have more options to choose from than ever before. Surprisingly for realtors and sellers, it appeared the housing market was beginning to finally show signs of slowing down. If the market continues to decline at this pace, the Denver housing market could be headed in a direction more favorable to the buyers instead of the sellers.
In another article published on the National Mortgage News, one local realtor noticed a downward trend of about 30% of sellers lowering their listing price in hopes to attract potential buyers more quickly.
As the Denver housing market suddenly slows down after years of soaring prices, the barrier to homeownership will start to lower. For many people, the challenge of purchasing their very own home comes down to being able to afford the down payment, which is normally about 20%.
If you’re in the market to buy a home in the Denver area, then the perfect timing may just be right about now as housing prices decline. There’s no guarantee when it comes to purchasing a home, but if you can pay close attention to housing trends in your area, you could end up scoring your dream home.
To view housing statistics for Denver, click here.