Monthly Housing Update – “Buyer Fatigue” – Why now is the time to buy

“Buyer Fatigue.” That’s the best phase I’ve heard yet used to describe the sudden change in the market over the past few months. 

After several years of prices rocketing up by 10% a year, Buyers have become worn down and burned out. The constant bidding wars and price increases have been met with a sudden slowing in the market which began in September and which we are fully realizing now. 

Most Sellers have yet to understand this change and continue to hold out for full price (or higher) offers on their homes. Many who expect the homes to sell in a week or two, are making irrational decisions regarding pricing or concessions. 

This is fantastic news if you are a buyer considering re-entering the market. 

Our team sold a $235,000 condo yesterday where the Seller paid $3,000 in concessions and closing costs for the buyer allowing them to use a down payment assistance program. This has been almost unheard of over the past few years and highlights that many Sellers are ready to deal. 

If you were looking to purchase a home even six months ago and decided the market was too crazy, this is the time to start looking again. You’ll be surprised how much it has changed! 

Give us a call to talk about your options and the many new Down Payment Assistance Programs available. 

If you’d like to discuss your situation in detail, please don’t hesitate to call Brian directly at 303-817-0209. 

    Change Vs
  October 2018 Year Ago Year Ago +/-
Single Family (Res + Cond)
Active 11,768 8,976 +31.1%
Under Contract 6,507 7,095 -8.3%
Sold 5,434 5,928 -8.3%
    Avg DOM 33 30 +10.0%
    Median Sold Price $394,000 $371,000 +6.2%

“Based On Information From REColorado®, Inc. For The Period October 2017 Through October 2018 Note: This Representation Is Based In Whole Or In Part On Content Supplied By REColorado®, Inc. REColorado®, Inc. Does Not Guarantee Nor Is It In Any Way Responsible For Its Accuracy. Content Maintained By REColorado®, Inc. October Not Reflect All Real Estate Activity In The Market.

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