Homebuyers in the Denver area recently received some long-awaited good news: After months of exceedingly tight inventory, the Denver housing market opened up, with the number of houses for sale rising dramatically—by as much as 24%.
That fact, coupled with the traditionally calmer buying atmosphere in September, means that now is a great time to look for a home.
September generally marks a lull in the frantic buying we see in the summer months. “There’s more commonsense in the market,” says one broker, “a little less urgency.”
This year, in particular, that should come as welcome relief. This month follows a frenzied summer in which buyers competed aggressively for houses. Many offered more than the asking price and agreed to forego important safeguards, such as home inspections. As a result, buyers frequently got cold feet before closing and many contracts — approximately 30% —fell through. By contrast, we expect the market to become more normalized and rational this month.
Buyers will appreciate the calmer shopping environment. But sellers, too, will benefit from the changes. As buyers feel less panic to pin down a deal and begin to make more carefully considered offers, transactions are likely to be smoother, with fewer deals collapsing.
Meanwhile, homes still show well this time of year. Plants are in full bloom and the beauty of outdoor living remain on display for buyers. And while a sense of urgency is typically diminished at this time of year, buyers are still highly motivated: Many of those looking for a home want to be settled into their new place by the holidays.
In sum, now is an optimal time to enter the market.