The Denver Housing Market Update for March 2021 sounds similar to last month but we’ve got some twists…and not for the better if you are a buyer and you want a brand new house.
Let’s start with some unusual things that are happening:
- I’ve seen a builder tell everyone on their waitlist to bring their highest and best offer and their waitlist number and the price they were under contract for doesn’t matter anymore. YIKES! What? Someone has been waiting for a house and now another someone could come in right off the street make a higher offer and suddenly I don’t have a house anymore?
- I’ve heard of 2 builders out of state tell all the people on the waitlist that they can’t get supplies and are hoping everyone just pulls out of their contracts because at this point, they will not be able to build the house the people on the waitlist are under contract for because building prices have gone up so much, and… who knows when they will get supplies to build.
- And lastly, there is a builder in the Denver Metro area that decided not to sell the properties and they are going to lease them instead. Bye-bye inventory, hello buyers who are now competing with the other buyers who want a home that has been lived in.
So, for those thinking that building would help the inventory, I am wondering if it is going to get worse!
We are creeping into unchartered territory again.
Most everyone knows we don’t have much inventory. We are again at record low inventory for the Denver real estate housing market in March with 1,921 properties for sale. The average over the past 45 years would be 14,000! Check out where the comma is!! Last year we had 5,776 properties available to purchase.
But let’s be clear, this year we have had 5,722 properties come on the market and 5,799 were pending. Last year we had 6,670 properties come on the market and only 4,527 were pending, but we were in COVID last year.
This year’s inventory is not keeping up with the demand, but people are moving every day. The choices are limited, so when you see the house you want to have you need to be ready AND be aggressive. If you are not aggressive, you need an agent who is and who has your back. Do not pick “any” random agent! Find one who is/has:
- time for you
- your best interest in mind
- experienced and successful
- good communicator
- not a jerk – fyi – the other agents on the seller’s side don’t like to work with jerks. There is a difference between aggressive and being a jerk.
Do not make the largest financial decision of your life with someone who does not have a track record.
Do not be a number on someone’s list of buyers they are working with.
It can be simple to sell or buy, but you need good representation.
I have been selling property in Denver for almost 23 years. I have seen almost everything, I have great relationships with agents all over the city and I know how to win, whether you are in a bidding war or how to avoid the bidding war.
Sellers…it is crucial that you do not make rookie mistakes! It will cost you thousands of dollars, your heart will ache, and you’ll definitely have mental anguish. I am hearing the stories from agents about their listings that didn’t sell in the seller’s expected time frame or for the price they wanted. Do not think it is easy to sell and that anyone can do it. If that was true, we’d have 0 inventory because we have that many buyers!