2014 Denver Housing Market Update (and why crazy can be a good thing)
Last year, the real estate market was, well, crazy. I mean crazy in a good way. Crazy can be good, unless it involves people behind the wheel of a car or B-list celebrities.
In 2013, homes were flying off the proverbial shelf, sometimes going under contract within three hours of being listed. The median price of homes rose and foreclosures dropped and mortgage rates were actually affordable – good, good, and more good.
So what does that mean for 2014? While 2013 was a fantastic year for real estate, it doesn’t mean 2014 won’t be great. Granted, 2013 is a tough act to follow; but predictions for this year are positive, with experts believing that home sales will remain at or near the current level and prices will hold steady or even rise a bit. There will likely be a better balance between buyers and sellers, alleviating the panic buyers, concerned with the reality of losing the house of their dreams, felt this past year.
What can you do if you are hoping to buy in 2014? Reach out to me or you personal Realtor now rather than later and provide me with your wish list. Be specific, but flexible. As Realtors, we are constantly touring homes, talking with sellers, and learning of properties that are not yet on the market but may be coming soon. By sharing your wants and needs with us now, you are one step ahead of other buyers in the marketplace.
Thinking of selling this year? Be cognizant of that fact and keep it in the forefront of your mind when making big and small decisions, including renovations, welcoming new pets into your world, and even buying non-essentials for your home. Remember that you are planning on showing your property at some point, and when that happens, you will have to de-clutter and clean to position your property in the best light.
Got a leaky faucet or a non-working fireplace? Tackle those projects now to avoid the mad dash later. And now is not the ideal time to housetrain a puppy (is there ever a good time for this job…I’ve done this more times than I can count and let me just say, wow?!) or paint your bathroom Bronco’s orange or start collecting bottle caps from around the globe. You can do all of those things in your next house – for now, keep it simple and save yourself some crazy.