Did the Dog Days of July Drag Down the Denver Market?

Did the Dog Days of July Drag Down the Denver Market?

Did the Dog Days of July Drag Down the Denver Market?

July is reliably Denver’s hottest month of the year — when measuring in Fahrenheit, that is. The housing market, on the other hand, wasn’t so hot this year, fizzling like a sparkler on the 4th. Combined single family and condo sales cooled off by 20% from June 2017, and though active inventory increased by a little over 4%, it marks an all-time low for any month of July dating back to 1985.

Are we worried? Absolutely not! Aside from the lack of inventory, year-to-date data is showing growth compared to 2016, with sales volume climbing by over 13% and single family average sold price steadily advancing toward the Premier Market.

Another factor that may boost the market comes from a change in the way the three major credit bureaus calculate scores going forward. Starting July 1st, obtaining a home loan potentially became easier for \borrowers with a less than stellar financial history. By excluding any non-contractual debts from reports (think unpaid traffic tickets and tax liens), credit scores will likely improve for many. Also benefitting from these revisions are those who have been fighting the bureaus to erase incorrect information from their credit report. Until now, your credit score may have been affected by the blemishes of someone with a similar name to yours, and requesting the wiping of erroneous information has typically been a long, uphill battle. Since these blunders will now be removed, long-time aspiring homebuyers who were previously unable to get a loan will be entering the market.

If you’ve been unsuccessful in getting approved for a mortgage in the past, give us a call at 720-935-0412 or fill out our contact form. We’ll help you check your new credit score and go over your options with you!

Note: All statistical data unless otherwise noted has been sourced from the August 2017 Denver Metro Real Estate Market Trends Report compiled by the Denver Metro Association of Realtors and includes 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park

Libby Levinson
Libby Levinson
Libby Levinson made the move into real estate in 2005 and proudly joined Kentwood Real Estate – Cherry Creek in 2006. During her career, Libby has had the pleasure of helping a variety of clients navigate their real estate transactions: helping first-time buyers find their starter home; coordinating the synchronized sale and purchase for buyers looking for more space; sellers looking to down-size; and assisting sophisticated investors with their next investment opportunity. She has also enjoyed working with buyers building their dream home from the ground up. Libby is known for her ability to smoothly facilitate the complex details of both the buying and selling process. Libby’s real estate website is www.libbysellsdenver.com. She also writes for www.lifestyledenver.com.