As our fiscal year comes to an end I am feeling the pains of not having enough inventory to show my buyers. When we received the Denver MLS statistics a couple of the numbers took my breath away.
Our inventory of homes for sale is down 27.5% from last year! While it is typical that we see fewer houses become available this time of year, we have hit a record low in the availability of homes to sell.
Since we have such little inventory this is what is happening: our Single Family homes prices are up 9.12% from last year at this same time. The average home price last year was $301,565 and this year it is $329,306. Prices will continue to rise as long as the interest rates are this low and we have such pent up demand from our buyers. Yesterday Fannie and Freddie made a loan available to buyers with only 3% down. This will bring even more buyers into the first time home buyer market.
Sellers are beyond happy. They are making money and selling quickly, many times seeing several offers. We are selling more houses every month than are being placed on the market. This has been steadily happening since last February.
Buyers are thrilled if they find the right house for them. Buyers are really savvy right now, they know what houses should sell for and in what condition, not only that, they know what they are willing to pay.
If you are thinking of selling next spring, I would encourage you to start thinking you should sell late January or earlier so you don’t have the competition of other sellers. Yes, you will be able to find another house! It is such a fabulous opportunity to move up and it is so much easier if you don’t have a contingency to sell your house when you make an offer. Let’s talk soon and decide what would make sense for you.
If you are thinking of buying, let’s talk and strategize about how we can make you a competitive buyer and find the house of your dreams in this amazing market!
If you aren’t going to buy or sell this year, keep me in mind, maybe you know someone I could help in the next chapter of their life!