In a month when the Denver Metro Association of Realtors says that homebuyers are holding back from the market because of elevated mortgage rates, those buyers remain picky about whether the homes they see are move-in ready — wanting no projects awaiting them after closing.

In Denver’s South Park Hill neighborhood, north of Colfax Avenue, just east of Monaco Parkway, agent Sally Anderson with Live West Realty has a house listed like that with four-bedroom/three-bath sizing, a big back yard, and all of the issues already taken care of.

No issues waiting

Anderson’s listing at 1533 Oneida St. is a 1937 Tudor-styled home that sits exactly at $1 million — a price that DMAR’s newly released Market Trends report says marks a divide between broader, slower areas of the market below, and healthier performing sales above.

This listing, she said, has none of the problem areas that would flag additional expenses after moving in. That includes a new roof with a 50-year warranty, new plumbing, an updated kitchen in black-on-white that shows new appliances, tile backsplash and faux-stone counters, as well as updated baths and new windows — both as energy savers and as added soundproofing.

The two-car alley-load garage standard in older Denver neighborhoods has been brought up to date, and the big backyard has mature trees, a broad, brick patio, a firepit, and a projector setup for outdoor entertainment.

The home also shows updates to its indoor reception areas, while retaining some of its 1930s roots, including the original hardwood floors. There’s a third bedroom on the main floor that’s a logical home office, and a nicely done basement with a family entertainment area and a guest bedroom/bath.

“A lot of homes of this era have choppy floor plans with little storage,” Anderson said, pointing up the walk-in closets in each of the upstairs bedrooms.

The surrounding neighborhood, she said, is one gaining in popularity now. That’s likely due to its better access to Cherry Creek and other office sites, as opposed to the newer neighborhoods 2 miles northeast in Central Park — the area redeveloped from old Stapleton International Airport.

Anderson also shared her perspective about those persistently higher rates that are slowing buyers down now, as the Iran war drags out.

“(The war in) Iran is messing with everything, but typically the market slows in mid-May anyway when people have a lot going on,” she said.

Rates lingering

With rates now lingering in the low-to-mid six range, Anderson says a buyer could wait too long to make a move.

“I’m expecting that rates will drop soon and, as soon as buyers see the number five appear, the market will shift,” she said. “Then you’re going to have a real problem. Buyers will flood the market, and now they will be competing with other buyers.” 

“Rates aren’t that high, and prices are going up,” she added. “For most people who have held off buying, if they had bought two years ago, they would be ahead now.”

She plans to hold 1533 Oneida open on June 14 and in the meantime can show it by appointment.

OPEN JUNE 14:

WHERE:  1533 Oneida St., Denver; with East Colfax Avenue under construction now, from Colorado Boulevard north of Colfax, turn east on 17th Avenue Parkway and continue 1.7 miles to Oneida Street, then turn south.

SIZE: Four bed/three bath, 2,698 square feet, two-car garage 

PRICE: $1 million

WEB:  LiveWestRealty.com 

OPEN: 1-3 p.m. June 14 

AGENT:  Sally Anderson, (303) 931-2677