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Banking crisis and shaky stock market adding more uncertainty for homebuyers in Denver metro

Downtown Denver
Posted at 6:16 PM, Mar 17, 2023
and last updated 2023-03-17 21:04:30-04

DENVER — If rising interest rates weren't the dagger, the recent banking crisis and shaky stock market are making prospective homebuyers in the Denver metro even more wary about purchasing a home.

"I will say absolutely. There's a psychological impact," Colorado Association of Realtors Matt Laprino said. "While the cost of living has increased, the interest rates have increased, there's a little bit more economic uncertainty in the world. Yes, all those play into it."

Denver7 caught up with HomeSmart real estate agent Joy Dysart, who was showing a home in Washington Park Friday, to see what impacts have become obvious to her.

"Since a year ago, there's a little more hesitance," Dysart said, referencing the latest RE Colorado data, which shows about 2,789 homes were sold in the Denver metro in February, an 18% decrease compared to the 3,413 homes sold February last year.

The data also showed that homes were on multiple listing services for just four days in February of 2022 compared to 27 days in February of 2023.

But, Dysart said that may be a positive for homebuyers.

"Now people have a little more time to think about houses, where they're not having to make rapid decisions, I think that's a huge benefit for the buyers," she said.

Still, Dysart said the times call for a little extra creativity.

She's throwing in a Porsche and extra furniture on the house she's currently selling in Wash Park.

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