It’s no secret that the past several months have been surrounded by uncertainty in many areas. Amidst all of the craziness of 2020, however, the Denver real estate market has continued to thrive. Check out our recap of The Denver Metro Association of Realtors’ monthly Market Trends Report for all the details!
Throughout the year, home inventory has been exceptionally tight across the entire country, which was no different in Denver this October. We set a new record for the least amount of homes available in any October on record. With this record low supply, homes are selling very fast. Single-family detached homes were selling at an astounding rate with an average of 24 days in MLS in October. We can expect similar results in November as families look to settle into new homes for the holidays.
Virtual Showings Remain Popular
Virtual showings exploded in popularity earlier this year due to the lockdown. Even though social distancing restrictions are a little looser now, we still expect virtual showings to remain a fixture in home real estate. In October, virtual home showings allowed prospective buyers to maximize their time and thoroughly observe homes the day they went on the market. With demand as high as it is, this head start can genuinely make all the difference in the world.
What the Current Market Means for Buyers
Things are changing all the time in 2020, but here is the situation for most buyers at this moment in November. Buyers need to act very quickly and confidently if they discover the perfect home. With this record low inventory and such high demand, homes will slip through your fingers very quickly unless you are ready to act. Of course, working swiftly and decisively when making the largest investment of your life can be pretty unnerving. As such, it is hard to overstate the importance of hiring a skilled and experienced real estate agent if you are planning to purchase a home in 2020 or early 2021.
Stay Updated on Market Trends with Golden Lenders
Golden Lenders helps home buyers in Colorado, Florida and California understand the different types of mortgages available and provide loans to help people achieve the dream of homeownership. Since the specifics of which mortgage to choose is dependent on a variety of factors, we encourage you to call us for more information and find out which is right for you. Our number is (303) 482-2361, or you can send us a message.