The real estate market has been stagnating for about a year, the pandemic forcing the sellers as well as the buyers to step back and to wait. However, full service Denver property managers reveal that the real estate environment has started to show signs of bouncing back – here are some trends to keep an eye on:
- Better supply – the first few months of the year have seen more demand than supply, but sellers are coming back, so supply can be expected to grow and to become more diverse in the next months. As a result, the market is likely to speed up, with homes spending much less time out there;
- Steep rises in price – compared to figures from the same period of the last year, the price of existing housing has increased by over 17% and the trend is likely to continue during the rest of the year, too;
- Construction continues – new construction will come to the market soon, to meet the rising demand, especially for Millennials, just starting to look for their first home;
- Changes in requirements – an increasing number of potential buyers are giving up downtown location in favor of larger houses on larger plots in areas that are close to the big cities, but not in the cities.