Denver7 sat down with Jeff Tucker, a senior economist with Zillow on Thursday, who says homebuyers looking for a home should not only not give up hope, but also consider all their options when house hunting.
It’s a lot of hard work to shop for a home right now and to actually make that happen – the typical home in Denver goes pending in just five days.
So if a home is listed for a price that’s the absolute top of your budget and you can’t pay a penny more, then it may not be worth spending this whole week, you know, working on an offer for that house, while some other ones, maybe in a more affordable part of town, or maybe a smaller size that’s comfortably within your price range kind of passes you by.
If you could afford, say, a $2,000 monthly mortgage payment that does not buy nearly as much house today in April as it did even just two or three months ago.
JT: We’ve seen a tremendous increase in traffic on our site and our app over the course of the pandemic and over the course of this hot run of the housing market.
But I can definitely also say that a bunch of it is just people kind of watching and just kind of awestruck by what’s actually happening in the market out there and using it as a way to keep informed.
As we head further into the spring and even into the summer, the market is going to look a little bit less competitive in the months ahead.
Denver has really kind of undergone this transition from being a relatively affordable kind of part of the heartland with a bit of a premium because it was near the mountains, you know, maybe 10 or 15 years ago, and has just gone on this trajectory right up into the field of kind of expensive coastal city, and it’s one reason that I think it really reflects reality for local folks in Denver to step back and feel like this has been an extraordinary ride on the housing market.