A report by Redfin shows that 46.7% of home sellers in the Denver metro lowered their prices in May.
Recent interest rate hikes are starting to cool Denver’s red-hot housing market.shows that 46.7% of home sellers in the Denver metro lowered their prices in May.
“The former wants to sell quickly before the market slows further and they’re willing to price slightly below comparable homes in their neighborhood right away, and the latter may have to drop their price if their home doesn’t attract buyers within a few weeks. As more sellers come to terms with the slowing market, fewer homes will have price drops.”Chad Murphy
He says increased inventory and higher interest rates keep houses on the market longer. Rather than sell in a few days, more homes remain available for 14 to 30-plus days. Consequently, some sellers offer credits to pay closing costs or buy-off points to help offset interest increases., West+Main real estate agent, says she has not seen any price decreases in the metro’s popular neighborhoods so far.Monthly payments continue to climb
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