The third quarter of real estate includes June, July, and
August. During these months, people typically come and go from summer
vacations, enjoy warm Colorado weather, and take a break from the school year.
As result, the third quarter of any year is usually an active season for real
estate.

If you’re a home buyer or seller, you may have heard buzzing rumors about an upcoming downturn in the Denver Real Estate Market. While real estate activity has reduced in the Denver metro area as a whole, a brief pause during Q3 2018 is not necessarily indicative of decreasing home prices or reduced home values. Taking into consideration the2018 mid-term elections, higher mortgage rates, and too few houses for sale, a slow-down in local real estate activity is more likely a result of timing and current events vs. a major downturn. Elections generally cause uncertainty around any large investment. Increasing mortgage rates naturally restrict buyers’ spending abilities. While it seems both of these factors may have temporarily impacted activity in the Denver Real Estate market, they surprisingly had very little effect on the Washington Park East real estate market. According to REColorado, comparing year-over-year, the same number of homes (49) sold inWashington Park East. The highest sold home price increased by $150K, and the average total sold price per square foot (PSF) increased by just over 11%.

What does this mean for home buyers looking to invest in Washington Park East, home sellers, or
curious neighbors? If you’re a buyer who’s been on-the-fence about buying,
right now may be a good opportunity to strike while the iron is hot. Less
activity usually means less competition between buyers, which means sellers may
have less offers to choose from and will likely be more inclined to negotiate. Don’t
wait too long to make an offer on your dream home, however, because homes
priced fairly are still selling quickly. Similarly, home sellers should be
mindful of the reduced competition between buyers. If you’re motivated to sell,
be sure to price your home at a fair market value so it will be considered by
as many buyers as possible. If you’ve already invested in Washington Park East,
then you’re in a great position to continue building equity with your real
estate investment.

What are your thoughts? Comment below to share your insights!