Redfin: Metro Denver is among the most vulnerable markets in the country. The Redfin risk score is based on interest rates, home sales and price drops. It might not be the best time to buy, but for many, it’s better than it was a few months ago.

Prices are down well over 20% from the height in April and May, says Lori Abbey with The Abbey Collection at Compass Real Estate. Recession fears and higher interest rates are contributing to a shift in the market, but most experts say to take a deep breath if you’re a buyer or seller.

On the seller side, real estate experts like Abbey say if you’re priced right — and you don’t have to make a price drop. “We still skew toward a seller’s market,” Abbey said. On the buyer side, things have also calmed down. Even interest rates, which spiked two or three weeks ago, are coming down.

Denver ranked 34th out of the 98 metros studied with a score of 53.8. Redfin does consider metro Denver vulnerable because some homeowners who bought when prices were out of this world may have high debt. One of the risk factors studied was the number of homes on the market that had price reductions.

Metro Denver had twice as many homes with price drops compared to the same time period in 2021. Abbey and Everetts both say the sky is not falling and homeowners should keep calm. “In two or three years, they’re going to be just fine,” Abbey said of those who bought the past two years.
Posted by BI bizpoke
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