June, July and August are the months when inventory is most likely to hit a peak. Active listings should continue to increase over the coming weeks.
Denver, CO (PRWEB) July 26, 2016
According to U.S. News & World Report, Denver is now the No. 1 place to live in America. In the real estate world, Denver has long been synonymous with “seller’s market.” In fact, it was also named by Zillow as the No. 1 housing market in the United States for 2016. “Although the Denver Metro market is very active and very definitely a seller’s market, there are several reasons for buyers to consider purchasing now,” said Kathy LeMay, a RE/MAX Alliance broker associate.
For those considering purchasing a home in the Denver Metro area, LeMay lists the following five reasons why they should buy now.
No. 1: Active listings are up. In the Denver Metro market, active listings were up 24.4% in June of 2016 over May of 2016, and up 9.67% over June of 2015, according to statistics released by the Denver Metro Association of Realtors. “More listings translates into more choices for buyers,” said LeMay.
No. 2: Peak in inventory. “June, July and August are the months when inventory is most likely to hit a peak,” said Le May. “Active listings should continue to increase over the coming weeks.”
No. 3: The market may be on the verge of a correction. “We are seeing more listings with price reductions, and homes that would have been under contract in a day or two over the last year are now taking a bit longer to sell,” said LeMay. “Homebuyers are having better chances at having their offers accepted.”
No. 4: Home prices are rising. According to Zillow, the median home value in Denver is $342,300, which represents an increase of 10.4% over the past year. Furthermore, Zillow predicts they will rise 5.1% within the next year. “Properties homebuyers are considering now might soon be out of financial reach,” said LeMay.
No. 5: Low interest rates. “Mortgage rates have dropped to the lowest level in three years as the Federal Reserve responds to the Brexit vote in the UK,” said LeMay. “Thirty-year mortgage rates are near 3.5%. A lower interest rate translates into more purchasing power for buyers.”
About Kathy LeMay, RE/MAX Alliance
RE/MAX broker associate Kathy LeMay specializes in military relocation, buyer brokerage, new construction, and short sales. Kathy serves the Westminster, Arvada, Northglenn, Wheat Ridge, Thornton, Broomfield and Brighton, CO, areas. For more information, please call (303) 565-0884, or visit http://www.recolorado.com/kathy-lemay. The office is located at 9737 Wadsworth Pkwy., Westminster, CO.
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