4 predictions for the Denver real estate market (chilling?)

It’s no secret that Denver’s real estate market has been hot, hot, hot for years. So when we heard some chilling rumors, we asked real estate agents Stuart Crowell and Delroy Gill of LIV Sotheby’s International Realty’s Live Distinct team for their crystal ball predictions of what’s to come in the Denver metro area. .

Prediction 1

Yo-yo interest rates, but the waiting game is not the best strategy.

There’s a good chance that rates will continue to rise in the new year, Crowell says. Read: House prices will stabilize, inventories will rise. “But in 2023 we see those rates reversing, probably by summer. “The more the bubble bursts,” says Gill, “the more interest rates have gone up. So your net outlay will either be the same or it will cost more if you don’t enter the market.” now.

Prediction 2

Quality will be king.

More inventory means less urgency on the buyer’s part. “There will be a change in what is purchased,” Gill says. “Builders and fix-and-pinball machines will have to have a better product than they have today to demand that high price point.” And residential sellers should step up improvements to increase the price and speed of contracting, Crowell adds. “You’re going to have to improve the curb appeal, redo the paint and trim, and maybe fix that bathroom that’s been bugging you for two years,” he says.

Prediction 3

Size will matter less.

Especially with high-end resale,”[buyers] are going to be less aware of the price-per-square-foot numbers,” Crowell says, “and more aware that they don’t need a 6,000-square-foot monster, just a really nice, well-made house. In other words, says Gill, buyers will prioritize smart design that uses space efficiently. “A lot of people are working from home these days,” he says. “They are looking for a place where they can do everything without having to leave. The space must be functional. »

Prediction 4

Rich and warm interiors will reign.

Tastes will finally move away from a cooler, boxy design to a softer, more embellished aesthetic. “People lean more towards very warm, richly finished homes,” says Crowell. “We are seeing developers who were building strictly modern buildings again incorporating traditional elements into their properties.” You’ll see it in the color palette choices, adds Gill, noting that the ubiquitous gray and white interior scheme is already eschewed in favor of tans and creams.

This article was originally published in 5280 Home October/November 2022.

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