The market in Denver, Colorado and its surrounding area is HOT right now for sellers!!!
1. Home prices are high. The average price for a single-family detached home in metro Denver is at an all-time high. In April 2016, the average went over $400,000. Home prices have never been this high before, which means your home is worth more than ever. Prices are up over 1o percent from this time last year and show no signs of stopping yet.
2. There are not a lot of homes on the market. Nationally it takes about three months to sell a home while in the Denver metro area it is only taking a little over three weeks! Why so quickly? There is a shortage of homes that are on the market right now. Denver only has about a 6-week supply of homes. Nationally it is closer to 18-weeks. That, obviously, creates a very tight market for buyers resulting in faster sales at higher prices.
3. Interest rates are low. Interest rates during the 1980s are a faded memory. The idea of a home mortgage with a 15% interest rate seems unimaginable for those who were not attempting to purchase "back in the day." Lower interest rates mean an ability for purchasers to buy even more house. FHA loans only require a 3.5% down payment as well, opening up even more possibilities even for those who may not have stellar credit or a lot of money saved up.