Today our buyer specialist Ben Sutt is here to help me answer a common question: Is this a buyer’s market or a seller’s market?
We are absolutely in a seller’s market right now. It all comes down to simple supply and demand economics. If at any point in time we have roughly 20,000 buyers in the market and only 5,000 homes on the market, the market will favor sellers. Sellers do have a lot of leverage, and that is the overall trend that we’ve seen for quite a few years now in Denver.
The good news is that our market is somewhat affected by the seasons. As we head into the fall and winter months, there are fewer buyers to compete with in the market. Some people may not want to move their kids mid-semester, while others simply don’t want to move in the snow.
Since there are fewer buyers in the market, there is a little more opportunity on the buy side. Still, it’s very important that you find a real estate agent who will be able to navigate all of the challenges of the current market.
Working in a seller’s market is different than working in a buyer’s market. You need someone who can negotiate and beat out those other homebuyers so you get the property you want.
If you have any questions or need any help finding a home in this seller’s market, give us a call or send us an email. We look forward to hearing from you!