Have we reached a peak in our market? We’re not quite there, but we’re getting close.
I wanted to take the time to answer another great question that a few people have been asking. I get this question on a daily basis, where people are asking, “Are we at the peak of the market yet?”
My answer? We aren’t quite there yet, but we’re really close. By the time we realize we are at the peak, it will have already passed. Just use the analogy of climbing: you’re climbing and climbing in the mountains of Colorado, and you think you’ve reached the peak, and you’re actually so close, but you’ve reached a plateau.
You’ve done all the hard parts, but you’re not quite there yet; you have a little bit further to go. That’s a lot like our Denver market right now. Homes have appreciated a lot over the last several years, and now we’re starting to see things slow down a little bit. They’re still appreciating, but we’re inching up there to the top.
HOMES ARE STILL APPRECIATING, BUT WE’RE INCHING TOWARD A PEAK IN OUR MARKET.
Just over the last year, we’ve seen the rate of appreciation drop to about 5%. If you have a condo instead of a single-family residence, I would love to chat with you about your property because condos have appreciated over 13% in the last year.
So if you’re waiting for the right time to list your home or condo, you may miss your chance. If you’re wanting to take advantage of this great market and higher-than-ever home values, let’s do it now. Give me a call or shoot me an email and I’d be happy to help you!