JANUARY 2022 DENVER MARKET STATS
February 15, 2022 | denver-housing-market
All comparisons made to January 2021
The impact of rising mortgage rates is coming, and the monthly payment increase associated with the change will be felt mainly with buyers, putting into question their ability to purchase this year. In addition, if there are fewer qualified buyers, we will see an increase in inventory and less competition for each home.
If you have saved your hard-earned money to buy a home, do it as soon as possible to capitalize on locking in the lowest rate available. Your purchasing power will continue to decrease with every tick-up in interest rates and monthly payments will become more expensive. The days on the market are low and competition is still fierce. Let’s discuss our off-market strategies to help get you into your new home before rates make your new home unaffordable.
We have had an impressive number of showings already this year, and buyers are out in full force looking for homes to purchase. However, as rates rise, we believe a relatively large percentage of those buyers will no longer afford the home they want. Call to discuss the costs of waiting longer to put your home on the market. Our new tool will help you understand your position and the expenses associated with rising rates and your long-term goals.
Appreciation is working to your advantage as we believe homes will continue to be in high demand. The year started with high showing numbers and more buyers for homes with few houses on the market. Additionally, the Marshall Fire brought to light that with years of appreciation, many homeowners are underinsured. The beginning of the year is the perfect time to call your homeowner’s insurance agent and ensure you have enough dwelling coverage since the value of your home and the costs associated with rebuilding have increased.
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