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Q2 2022 Denver Market Report

At the midway point of 2022, Colorado’s real estate market took a sharp turn as the Fed raised interest rates to hedge off a potential economic recession. After several years of bidding wars, low rates, and low inventory, sellers no longer dominate negotiations as weary buyers head to the sidelines in hopes of a return to record low levels.
Rates may be on the rise for the rest of the year, giving mortgaged buyers little relief, but those that stay on the hunt will find more homes to choose from and less competition to beat than they have in years. For those with cash and less reliance on low rates, this will be a time of opportunity.
Home prices will continue to rise but at a slower pace than what we saw the past few years, possibly reaching a plateau in the coming months. As the summer unwinds, we expect to see reductions in home sales and initial listing prices to entice active buyers. Sellers will need to present a well-maintained, appealing home to reach their highest value when they list.
This shift, while not ideal, is an adjustment that much of the nation’s real estate market has been waiting for. The imbalance of low inventory, low rates, and high demand has saddled many communities with affordability issues, leading many to migrate because of budgetary constraints. Even with these new market conditions, most home seekers find buying a home vs renting one still more affordable.
As is the case with most change, expect consumers to find a new level of comfort and continue their hunt for the American dream by buying, selling, and trading property across the nation. This is one significant way Americans can thwart a pending recession and keep the economy stimulated.

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