Colorado homebuyers don't have to duke it out quite as much to find a home. The state is finally seeing a shift and there are signs it’s becoming a bit more of a competitive market.
So, there is some good news to report!
In this Denver7 360 In-Depth report, we’re diving into the new statewide report from Colorado Association of Realtors and the changes we’re seeing with prices and listings.
Also:
- A way for current homeowners to save on your property taxes
- The one change that is slowing the market
- Find out what can happen if home sellers are not honest about past problems with their homes
- Help for renters struggling to find a deal
As a whole, the market is changing. In May, there were 11,129 new listings in Colorado. That’s a 4 percent increase from April. 💹
Another way to look at it?
In May of last year, there were 10,105 new listings in the market.
That means in May 2022, there were 10 percent more available inventory than last year.
If you’re a buyer, more houses on the market is finally a turn in your favor.
Digging into what's specifically happening in our local communities, it might not look like a dramatic shift in numbers, but there are slightly more homes available in many Colorado cities.
Looking for a home in Aurora or in other Arapahoe County communities, there's been an 8 percent increase in new single family listings.
In Boulder County, 11 percent more new single family homes were listed in May 2022 compared to May of last year.
In Denver, looking at year-over-year stats, there were nearly the same amount of available new single family homes listed in May.
So, what’s behind the change? We look to the Colorado Association of Realtors for the answer
“I've been a realtor for 30 years so I've been through several ups and downs. I've really never seen a market change as quickly as this one did.”
“When the interest rate hike came in April, specifically the week right before Easter, it was a pretty significant rate hike and we saw instantly a real cooling off in buyers.”
Looking deeper at the interest rate trends below you can see the impact, but while there is some good news, there's still no doubt: It's still a buyer's market.
“Make no mistake, the market has not shifted to a buyer’s market and there is a not a bubble that burst." said Kelly Moye, Boulder/Broomfield-area REALTOR®.
"The interest rate hike did exactly what it was designed to do – cool a frenzied market that needed a correction. Our real estate market is still steady, appreciating, and healthy. It’s just moved from red-hot to a warm, orange glow,”
You can check the very latest mortgage interest rates in Colorado here.
One big legal problem could cost home sellers tens of thousands of dollars as the housing market becomes a little less competitive buyers might get pickier when it comes to the condition of the house that they're purchasing.
But being dishonest about the problems with the home that you're selling could come back to bite you. Denver7 reporter Jessica Crawford, who graduated from South Texas College of Law Houston, explains in the video above, what can happen to Colorado sellers who aren't transparent in the process.
And just FYI, unlike some other states - here in Colorado sellers do not have to disclose if someone died in the home that they're selling. If that's something that you care about as a buyer then be sure to ask.
As the cost to own a home rises. Some cities and counties across the front range want to help people stay in their homes by offering property tax relief or discounts. In Denver specifically, officials told Denver7 anchor Brian Sanders their help is available for homeowners and even renters.
"Denver Human Services encourages residents to apply for this program. It really does offer some help in affording their home and remaining valued members of our community." said Victoria Aguilar with Denver Human Services.
Denver is taking applications now for the 2021 tax year and it isn't just for seniors. The program is also for the disabled and families with young children.
You should check your eligibility requirements by searching Denver property tax relief. If you live somewhere else, be sure to check with your city or county to see if they offer any help as well.
And if you're looking for an apartment, you are probably struggling to find a deal. Apartmentlist.com says the vacancy rate in Denver is about 6%.
So look at it the other way which means 94% of apartments in Denver are full. A year ago it was slightly easier to find a place when the vacancy rate was about eight and a half percent.
