The Housing Market in the COVID Era

The housing market, particularly in the Denver Metro Area has continued to push through, even with the deadly coronavirus taking its toll on many different industries across the nation. According to the CEO of Redfin – Glenn Kelman, in a conversation with CNBC,  he believes that we are just seeing the beginning of a real estate boom across the United States. Here at Optisource, we believe this is a trend that will continue and is a great opportunity for homeowners in the state of Colorado, and those that are looking to become homeowners. With an increase in flexibility with WFH mandates and record low interest rates you are seeing more transactions year over and year and an increase in average sales price of 8% from 2019. 

So what does that mean for Denver?

Denver was already seeing a boom in our real estate market before COVID and lockdowns began to take hold. Fueled by true demand, we have been a true sellers market – meaning there is an excess in demand for homes and lower inventory. As we have progressed through the pandemic we have seen: record low mortgage rates (< 3%), decreasing time on the market, and increased transactions – all with insanely low inventory in the market. 

So what does that mean for you?

If you are looking to sell your home in the Denver market, you are looking at average days on market at just 24 days and homes selling for 8% more year over year from 2019! Likely you will see more demand on your property, driving up the price as well. 

If you are looking to buy a home in the Denver market, you are making a wise decision! With rates so low, you have the ability to make life changing moves at much cheaper than you can normally expect. But, on the downside, you can expect an increase in competition for the home of your dreams. Which makes it more important than ever to align yourself with an agent that has your best interest at heart and will go to battle for you to make sure your offer stands out. 

Here at Optisource, we are confident this is a trend that can carry into 2022, due to new housing developments, more businesses moving to Denver, and low interest rates. Now is the perfect time to capitalize to get the most profit out of your house and to grab a piece of the pie with low rates.