The Current State of Denver Real Estate - December 12, 2023

The good news is that interest rates have stabilized the last couple of weeks. FHA loans are in the mid 6’s and Conventional loans, are around 7.0% or less, depending on the amount of money being put down and credit scores. It looks like they may continue to stay steady or possibly drop a little through the rest of the year. Many of the sellers are advertising rate buy downs or other seller concessions to help with buyer’s closing costs, which can help even more with rates and loan costs.

The November 2023 stats above, are pretty much as expected. Higher inventories, but fewer closings. Homes are staying on the market longer and weeks of inventory are increasing, giving buyers more options. The median price point is staying steady, but the average price is decreasing slightly. Many sellers are starting to drop their prices as we get closer to the end of the year. Many sellers also have withdrawn their listings and plan on putting them back on the market the start of next year, so buyers should expect to see even more homes to choose from, come January. All is not lost, if you are looking to sell. It only takes one buyer to make a deal happen, provided the home shows well and is priced right.

With the beginning of the new year, another option might be to purchase a home through your Self-Directed IRA. It’s a great way to buy property, save on taxes and not risk having your money in the stock market. If you have any questions about that, we work through the holidays, so feel free to contact any of us at The Tucker Team. We’d be happy to provide you with additional information on the benefits of buying a rental home through your IRA.