The number of showings and offers may be lower than in the days of early spring, but activity is staying strong with sale prices above asking price.
Homebuyers, though, are beginning to limit their search criteria to $50K to $100K below their budgets to adjust for competition in the market. As a result, sellers who price at the top of the market hoping to cash in may be losing out on potential buyers.
New builds are also feeling the heat. According to home builders, the cost of lumber has increased more than 300% since last April with other materials like steel and concrete rising fast as well. The National Association of Home Builders has reached out to law-makers for solutions resulting in bipartisan support.
There is a bit of good news for buyers: Interest rates dropped below 3% again at the end of May. Every little fraction of a percentage helps.
For those looking to add value with a remodel, choose wellness and creature features to maximize your return. A year of pandemic living has led buyers to prioritize comforts such as hot tubs and saunas, outdoor living rooms, air quality and home gyms.
Here in the Mile High, 5280 Magazine recently released its list of the top 25 neighborhoods in Denver. Hilltop led the list with Country Club, South Park Hill, Washington Park West and Platt Park filling out the top five. The ranking looked at 78 neighborhoods considering home values, school quality, safety, cultural offerings, food access, bike-ability and open spaces.
According to Money.com's 2020 Best Places to Live, Parker, Colorado is number two in the country. Perks include mountain views, open space, a strong local economy and 25-minute commutes to Downtown Denver.
We’re also one of the country’s hottest burghs. Denver's excessive number of showings made it one of the two busiest markets in April along with Seattle. Denver saw an average of 25 showings per listing for the third consecutive month.
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