How to Navigate the Competitive Denver Real Estate Market

With the right strategy in place, selling your home and/or purchasing a new property can be a low-stress process.

Summer is in full swing, which typically means hot days and an even hotter housing market in the Denver metro area. But due to high interest rates and home prices, the local real estate market isn’t experiencing the customary summertime surge in inventory and sales. According to REColorado, 26% fewer houses went on the market and 20% fewer listings closed this June compared to in June 2022.

If you’re a prospective buyer and/or seller, don’t fret: This slowdown doesn’t have to deter you from meeting your real estate goals this year. Closing on your dream home or getting the most for the sale of your existing property are possible with a strategic approach, diligence, and a bit of patience. Follow these tips for navigating Denver’s competitive, albeit fluctuating, real estate market.

If You’re Selling Your House in the Denver Metro Area

Partnering with a skilled real estate agent can get you the greatest return on your home.

Work with an experienced real estate agent: Hiring a highly knowledgeable and experienced real estate agent who specializes in the Denver market is key to successfully selling your home. Your real estate agent has the knowledge, tools, and expertise to effectively market your house to qualified buyers, provide location-specific insights, and handle tricky negotiations.

At Iron Works Realty, we have more than two decades of experience selling homes in Colorado to make the sales process as painless as possible and maximize profit for our clients. Learn more about the high-level marketing tactics and strategic services we offer to local sellers.

Set the right price: Listing your home at the appropriate price can make or break your sale. Overpricing can discourage potential buyers and cause your listing to sit on the market for too long, while underpricing may lead to leaving money on the table. When you work with Iron Works Realty, you can rest assured that you have up-to-date knowledge and comparative analysis tools to help you set an attractive, competitive price for your home’s specific location, size, and features.

The right staging goes a long way in attracting prospective buyers.

Stage your home: During the house-hunting process, prospective buyers want to be able to imagine themselves living in the homes they’re touring. One tactic for making your home more relatable and desirable is through staging. Create a neutral and inviting environment by removing personal items and clutter, thoroughly cleaning the space, and painting walls in neutral hues. You might even consider hiring a professional stager who can use their interior decorating expertise to show off your home's best features and make it more appealing to potential buyers.

Make your listing stand out: High-quality photography and compelling descriptions will help your home stand out in a crowded online marketplace. When you work with Iron Works Realty, our dedicated marketing team will use best-in-class printed and digital marketing executions to reach a wider audience of potential buyers and showcase your home at its best.

Ensuring that your home is in tip-top shape before listing will help accelerate the selling process.

Execute pre-listing inspections and repairs: Identifying and addressing any potential issues with your home will help expedite the selling process and give buyers more confidence in the condition of your property. Prior to listing, Iron Works Realty can handle any necessary repairs through our Concierge Program, which limits out-of-pocket costs for the seller and ensures that repairs and enhancements are completed cost-effectively and on time.

If You’re Buying a House in Denver

Establish your budget: Finances are the single biggest driving factor in finding a new home that’s right for you and your family, which is why it’s important to get a clear picture of your financial situation before you start house hunting. Your income, credit score, debt obligations, spending habits, and financial goals all factor into what you can afford in a home. To help you get an idea of your home-buying budget, use a free mortgage calculator tool that factors in mortgage rates, property taxes, and HOA fees. Better yet: Get pre-approved for a mortgage before you begin your search. This will give you a clear understanding of your budget and purchasing parameters and will make you a more decisive, efficient buyer. 

Define and hone your priority list: You likely already know how many bedrooms and bathrooms you need in your next house. But make sure you establish other priorities as well—and be realistic about your lifestyle and preferences. Are you looking for a turn-key property or are you willing to undergo renovations? Is an open-concept living space on your must-have list? Is limited storage a deal breaker? Are you OK with the amount of upkeep that comes with owning a big yard?

One of the best ways to hone your priority list is by touring homes within your budget. Visiting houses in person allows you to imagine yourself living there and determine which design elements, architecture styles, or layouts are right for you. Narrowing down your homebuying checklist will help you weed out listing options and focus your search. 

Working with an expert real estate team will help you find and secure your dream home.

Choose the right agent for you: Buying a new home is a significant life decision, so it’s important to partner with an experienced professional you can trust. Your real estate agent has invaluable tools and expertise to help guide you through the home-buying process and can act quickly on your behalf. Iron Works Realty has more than two decades  of experience representing buyers in Colorado, and it’s our goal to give our clients peace of mind during what can sometimes be a stressful process. Learn more about how we can assist you in finding your next home. 

Act swiftly: When you find a property that meets your criteria, timing is everything. Submit your offer as soon as possible and be prepared to compete with other offers (tactics for strengthening your offer include being flexible on contingencies, offering a higher earnest money deposit, or even going above the asking price). Moving quickly is essential to making an impressive offer in a competitive market, so decisiveness is key.

Ready to make progress on your real estate goals? Iron Works Realty is here to help.

Buying a new home or selling your existing property in today’s competitive market doesn’t have to be daunting—Iron Works Realty is dedicated to making the process as stress-free and successful from start to finish. If you’re looking for a trusted partner in meeting your real estate goals, contact us today.