Denver Market Outlook
Many people don’t think about shopping for a second home in these cold winter months, especially if they are looking to buy waterfront. BUT if you are looking to get a little more of a bargain, then “Tis the Season” to be shopping.
Typically denver real estate slows down as the months get colder. This is especially true at the beginning of the year, after the holidays have passed and many peoples budgets are a little tighter. During this time many sellers will be more flexible on their price, knowing that it’s not the prime season to sell.
With second homes, many owners don’t like the idea of having to pay for the high cost of heating during these cold months, if the house isn’t occupied. This is even more true with the higher cost of fuel. Often owners will get the property winterized to save money while others will often leave their homes (or cottages) lightly heated to prevent drywall from cracking or to keep other things from shrinking or expanding from the change in temperature.
Also, with today’s job market (especially here in Michigan, with the auto industry being in trouble), many people are looking to get out from under the extra payment of a second home. If a second home owner experiences a job lose or cut in pay, they often can’t they afford to keep their second home mortgage. When this occurs, sellers can sometimes find themselves in a major financial pinch. In some cases they may need to unload that second home in a hurry to prevent foreclosure. Therefore, they are more willing to take a cut on the fair market value price to move the property more quickly.