2020 Vision in Real Estate - Insight for Buyer & Sellers
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I hope everyone’s had a great start to the New Year. I can tell you I’m beyond excited for the year ahead, especially when it comes to real estate. So here’s my vision and what you need to know if you’re thinking about buying and or selling in 2020.
February through June is the high selling season here in Denver metro, where we generally see inventory and sales increase over that time. As you near June, demand begins to taper off and prices begin to fall back July through January.
Sellers looking to maximize their sales price will want to get their home prepared for sale now and get it on the market within the next month or two to take advantage of low inventory and less competition. I emphasize preparing your home for sale, because as prices increase, buyers are having to take out bigger mortgages and therefore have less money left over to make repairs or renovations. Additionally, the increased costs of supplies and shortage of labor makes it even more difficult, increasing the demand for move-in ready homes. Buyers are being more discerning about the condition of the home and making more demands when it comes to the inspection.
I would encourage Buyers to take advantage of over-priced and old inventory. Seller’s that listed last fall and are still on the market will be anxious to sell before competing with new spring inventory. And we are still seeing inflated pricing that often results in price reductions, so don’t let the list price keep you from negotiating.
Interest rates remain low. While we don’t expect them to move up anytime soon, they are not in our control, so it’s best for buyers to take advantage now, especially as we face affordability issues as prices continue to rise for the 8th consecutive year here in Denver metro.
Although I don’t have a crystal ball, It looks like 2020 will continue that trend as we head into spring. Right now, it looks like the only major factors that may disrupt that trend are an increase in interest rates and severe weather, that could hinder sales.
It’s also important to take note that its an election year, which can cause some economic uncertainty with both buyers and sellers. History suggests, however, that the slowdown is largely concentrated around the month of November. I look at it as just one more reason to get your house on the market and to buy early this spring.
Remember this is just a birds eye view of the Denver Real Estate Market, if you are considering buying or selling, it’s important to get a more detailed, personalized picture of what the real estate market means for you. Location, neighborhood, home type, and price point are just a few of the variables that affect supply and demand.
Give me a call, or go to my website at milenajoy.com. I would love to sit down with you and give you a clear understanding of your real estate options in 2020.
I want to be your real estate resource. In the meantime, please follow me on Instagram at @milenajoy Facebook at Milena Joy Real Estate. I look forward to hearing from you. I'm your realtor, Milena Joy. I know changing where you live, can change how you live.
