July 2020 Updates
Vince Reece, Colorado Mortgage Guy, here to update you on the happenings of Denver Real Estate. The July 2020 updates are… (drum roll please)… more of the same.
Inventory remains quite low while the number of buyers remains higher. Interest rates remain low as well.
So what does that mean for you? Well, it depends on whether you are buying or selling. There is never a bad time to buy a house. BUT you do want to know what challenges you may face before you start shopping.
As a seller, the market is still in your favor. Because the inventory is so low, you will have many buyers viewing your home while it is on the market. If you price your home right it is likely to sell quickly, maybe even above asking price.
In June, the median sales price of single-family homes was $505,000. That is up from approximately $494,000 in May.
As a buyer, house shopping is tough right now. There are a lot of buyers out there looking at a limited number of homes. If you find a home you love, it is important to move fast and make a competitive offer. This is not the time to offer low, as the seller is unlikely to even counter, and will probably simply reject your offer.
The main benefit to buying right now is that those low interest rates are going to save you A LOT of money over the life of your loan. Your monthly payments will be lower also.
If you are selling and buying, you get the best of both worlds!
The market is ever changing, and I’m here to help you navigate it. It’s sure to change some in August, but these are the details for your July 2020 Updates.
If you’re ready to buy a home, give me a call at (303)818-0699 and I’ll work with you to get the best loan for your situation.
To read more about loans that might work for you, read this post: Understanding Various Home Loan Programs