Denver metro Real Estate Market RIGHT NOW – Colorado News Statistics FACTS for Buyers & SellersPosted by Rachel Betz on Tuesday, March 6th, 2012 at 1:32pm.
Many of you hear about the horrible state of the real estate market on a daily basis. I am here to hopefully brighten your day with THE TRUTH about the state of the Denver real estate market. Below details, in very basic terms, what you need to consider if you are thinking of buying or selling a home in the near future. The current real estate market is exciting, and what you hear on the national news about real estate as a whole DOES NOT apply to our local market in Denver, Colorado.
FACT 1: The Denver Real Estate Market is stronger right now than it has been anytime since the crash. AND it’s getting stronger.
FACT 2: We are now officially in a Seller’s Market. What does that mean? There are now fewer homes and condos on the market than there are Buyers who want to buy. How many fewer? A staggering number! Compared to just one year ago, we have almost 42% fewer active listings on the market. We have as many if not more Buyers who want to buy right now, and THERE ARE NOT ENOUGH HOMES & CONDOS TO PURCHASE. Listing times are 15% shorter than this time last year! There are 40% more homes under contract than this time last year! It is time to SELL. It is time to BUY. IT IS TIME. (see MLS statistics courtesy of Metrolist below)
FACT 3: I personally have not written an offer for one of my Buyers in the past 5 weeks that didn’t have multiple offers submitted already. From my discussions with other Realtors, this is very consistent with their experiences right now.
FACT 4: Of the many offers I wrote on behalf of my Buyers over the past several weeks, most were full price offers, and some were even above asking price. Some of my Buyers did not get the house – even some who offered above asking price. Someone else did – a Buyer who offered far ABOVE asking price.
FACT 5: Throughout history, real estate has followed the traditional model of supply and demand. When there are not enough homes on the market to meet the demand, prices generally increase.
FACT 6: Interest rates have never been lower in most of our buying lifetimes. Many of my Buyers are buying homes at a 3.75% interest rate for a 30 year fixed mortgage. How is this possible? If rates creep up 1%, 2% or even 3% (still historically very low), you cannot afford as nice or as much of a house as you can right now. For the same exact home, your mortgage payment could increase by hundreds of dollars a month, even thousands (depending on your pricepoint).
My thoughts…all of these current market attributes have created the Perfect Storm. SELLERS: Have you thought about putting your home on the market recently? You should sell. There has not been a better time for you to sell your home in the past 4 years than right now. BUYERS: Are you thinking of buying? You should buy. If you wait another year to buy a home, prices will be higher than they are now. And if rates follow prices, you will be able to buy MUCH less house for your money.
Call me anytime to talk shop! I can help you every step of the way in pursuit of achieving your real estate dreams! Rachel Betz Real Estate 303-534-5000
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