How Is Denver’s Real Estate Market Still on Fire? The Answer is as Simple as Supply and Demand How Is Denver’s Real Estate Market Still on Fire? The Answer is as Simple as Supply and Demand

How Is Denver’s Real Estate Market Still on Fire? The Answer is as Simple as Supply and Demand

Friday, August 04, 2017

As one of Denver’s leading real estate agencies, it is our job here at Turner Associates to stay on top of the ever-changing real estate market, which has had its share of twists and turns the past couple years. However, one thing seems to remain consistent: People want to live in Denver. The Denver housing market continues to skyrocket, bucking the downward trend that seems to be affecting some real estate markets nationwide. But why? The answer comes down to supply and demand. We’ll explain:

Interest in Denver is High. Inventory in Denver is Low.

An investigation of Denver real estate trends over the years shows that Denver is seven years past its downturn. This simply means that Denver market peaked, then was down for a couple years, and for the past seven years has been making a comeback due to high demand/interest in the metro Denver area. Denver is an incredibly popular place to live, especially amongst young people. This increasing demand has put a strain on housing inventory. Even though more building is now being done in Denver than it was during the downturn, it is still a struggle to keep up with the huge demand.

Why Don’t Builders Just…Build More?

When looking at new properties to build, the builders must first weigh out the costs, and decide what will be the most cost-effective approach. Builders often cite that it is difficult to get loans and they simply can’t build housing that the average person would consider affordable. This results in lots of luxury building which gives builders a larger profit. Therefore, the demand for affordable housing/building is not getting satisfied.

What Advice Do You have for Potential Buyers?

Take a look at multiple options. If you are trying to save money consider getting a two bedroom home instead of a three bedroom, or possible buying a fixer upper. Perhaps saving your money for longer than planned, then being able to put more money down on a house will be your best option. Ultimately, make sure you are investing your money wisely, and keep in mind that the popularity of living in Denver is one real estate trend that shows no signs of slowing down.

Don’t be afraid of Denver real estate supply and demand!Contact Turner Associates and we’ll do our best to find you a great Denver property that will make your wallet happy!

 
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