March 2023 Denver Porch Report

Spring has arrived, clocks have sprung forward, and we’re seeing warmer days! The local market continues to perk up as well, so if you’re thinking about a big move, reach out. And if you’re more focused on spring home projects, I’d be happy to connect you with my favorite (and reliable) pros.

As the Denver market continues to warm up, the median sales price for detached, single-family homes came in at $600,000 for February, a slight increase compared to January.

However, buyers are taking time to shop around before committing to buying at today’s rates. Average days on the market for February came in at 49, flat compared to January and up 250% over 2022. That’s likely why sold listings dropped significantly year-over-year as well.

And despite the small uptick in prices, buyers are negotiating and paying an average of 98.8% of the asking price. Last February, they were paying 105.1% of asking.

If you’re in the market to buy a home, your “must-haves” checklist likely includes the important stuff—location, size, number of bedrooms and baths, as well as price.

What many buyers don’t notice are the weird little details. That’s why you work with a proactive and dedicated real estate agent who will point things out or set up a private showing so that you can really take your time and investigate a home.

Some things you’ll want to check out are the number and location of outlets, especially in older homes. Flush toilets. Check shower pressure. Make sure you have a closet or drop zone for all your stuff. And peek under rugs to check for damage or stains. Get nosy!

A cash offer on a house can go a long way toward getting a seller’s attention. There’s no need to worry about a buyer getting approved for a mortgage, and cash deals tend to close quickly.

Of course, most homebuyers don’t have hundreds of thousands of dollars lying around to buy a home. Even if you could pull together the funds, it may not be the soundest financial move.

Fortunately, there are ways to make a strong offer even if you don’t have cash on hand. Options include getting a solid, underwritten preapproval or making an offer with a cash guarantee.