When 2024 started, Denver area realtors optimistically anticipated that interest rates would drop, but they also expected limited inventory to keep prices high. They were mostly right. Interest rates stayed high, and while inventory rose in the second half of the year, it remained historically low, keeping prices elevated. As of November, the median price for a single-family home was $650,000, up 2% from last year. “No one knows for sure what will happen with rates, but we may never see interest rates at 3-4% again,” said Amy Terry with The Agency. This year’s slower market, with 39,153 properties closed through November, down slightly from last year, taught realtors three lessons: Sellers should prioritize pricing and making a strong first impression. Sellers should be prepared for their homes to take time to sell and consider offering concessions. Buyers should prioritize their goals and finances over interest rates. “One of the biggest lessons this year was that our market was predictably unpredictable,” said Stacie Staub, founder and CEO of West+Main. “Just when we thought we had it figured out, it would pivot again, and listings we thought would go fast while more difficult-seeming listings received multiple offers.” Sellers need to focus on pricing and first impressions Proper pricing and a strong first impression are essential.
Comment on Denver realtors share lessons from 2024 housing market for sellers, buyers
Sara B. Hansen, Denver Post
Thu, 12/26/2024 - 3:10pm
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