Denver house hunters sticking to the sidelines
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Fence-sitters might be looking online, but they're not out making offers, longtime Denver-area agent Kelly Moye tells Axios.
Why it matters: Some house hunters are giving up.
Zoom in: In Denver, people have either decided to wait for rates to drop, or they're seriously "ready to rock," Moye says.
- "I'm not getting any looky-loos," she says. The ability to look for houses online has eliminated those one- to three-year buyers.
The big picture: We've been talking about it for years — home prices, mortgage rates and a lack of inventory are posing serious challenges for buyers. And recent data show people are growing weary.
- Pending home sales fell to the lowest level in four years in April — the worst reading since the height of the pandemic lockdown, Axios' Courtenay Brown reports.
By the numbers: Just 21% of Americans say now is a good time to buy, according to the latest survey from Gallup.
- For 16 years (2005-2021), the majority of people surveyed said it was a good time to buy. Since 2022, that share has been below 30%, Gallup found.
- Younger people feel especially pessimistic: 75% of those under 50 think home prices will continue to rise, compared to 60% of older adults.
The other side: With less competition, some buyers are able to find deals right now, especially all-cash buyers who don't have to worry about mortgage rates.
What's next: Consumers are cautiously optimistic a rate cut will help them get back in the homebuying game.
Go deeper: How to know if you're ready to buy a home