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re you looking to buy a home in Denver? You're in luck! The Denver housing market is cooling, and it's leading the nation in price reductions. In June, 38.3% of active listings had their prices slashed, making it one of the highest percentages in the country.

    This shift is a significant change from the past few years when Denver was a seller's paradise. Homes were selling above asking price, bidding wars were common, and inventory was tight. However, with affordability becoming a major issue, fewer people can afford homes, leading to less demand.

    Other cities that experienced massive growth during the pandemic are also seeing a rise in price reductions. Places like Raleigh, Dallas, Nashville, and Phoenix are now rebalancing as the initial surge of new residents slows down and affordability becomes a bigger issue.

    Nationally, over one in four listings saw a price cut in June, hitting 26.6%. This trend is on the rise, making it an exciting time for buyers. Some cities are seeing a rapid increase in price cuts, including Kansas City, Buffalo, Indianapolis, Columbus, and Minneapolis.

    While not every market is experiencing this trend, there are still areas where sellers have more control due to tight inventory. Milwaukee, New York, Hartford, Buffalo, and San Jose are some of these markets.

    So, what does this mean for buyers? You now have more negotiating power, fewer bidding wars, and more time to decide. You might even be able to ask sellers to cover some of your closing costs or offer other incentives.

    As a real estate professional, I recommend getting pre-approved for a mortgage, working with a good agent, doing your research, and not being afraid to make an offer. For sellers, pricing is key, presentation matters, marketing is important, and be open to negotiation.

    I predict we'll see more price cuts in the months ahead as the market continues to rebalance. If you're a buyer, now is the time to get prepared and start your search. If you're a seller, adjust your expectations and be ready to compete. The market is changing, and those who adapt will be the most successful.