In many cities and towns throughout Colorado, market inventory is clearing out and prices are starting to rise. This is great news for sellers that have been frustrated by increased competition and lower prices in the past, but now the struggles are turning to the buyers.
More and more buyers in the Denver real estate market are encountering bidding wars as they make offers on certain homes. Although it is not as widespread as one would hope, it is still as sign that the market is on its way up.
Homes receive multiple offers for a number of reasons: buyers fear mortgage rates will increase, renters migrate from that market as rents continue to increase, etc. As this buyer competition increases, so do the prices. Hopefully, we will see this trend continue as we head into June and start to see the numbers from May appear.
Would you be willing to compete with another buyer for the home of your dreams? Let me know by leaving a comment below! The Denver real estate market is such a dynamic entity, and it is great seeing so many different types of buyers and sellers take part in it.
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