Did we miss the housing market?
Having a home or property for sale right now would be great. We have a little more inventory and that is good! People would rather go out to look at 2-3 houses rather than just one. The buyers who have been looking for the past year and haven’t found anything are still looking. They might have taken a break at some point this summer so coming on this fall would be great timing.
As I look back at homes that I listed in the fall over the past 22 years, many times we received record-breaking prices for that year. Traditionally in Denver, the prices flatten out in November for single-family homes. With our inventory being so low, I don’t see that happening.
In July and August, we saw fewer showing on properties and not as many offers, and prices were still rising. Instead of 90 showing and 30 offers, it was 30 showings and 3 offers. You only need one good offer to get your house sold.
Will the housing market crash in 2021?
It isn’t too late to get my house sold in 2021? I do not believe the housing market will crash in 2021 or 2022. We don’t have enough inventory. We still have buyers looking and the interest rates are below 3% again.
People have life changes every day of the year, just because school is starting or because the summer is over, that doesn’t mean there isn’t someone out there whose divorce is finally final, or someone took a new job and just transferred to Denver, or their Denver house just sold so they need a new one quickly.
There are foreclosures looming for some. Most people who have not paid their mortgage have equity in their home and they shouldn’t need to let the house go. If you think someone might be in foreclosure, it is imperative to find a realtor that can look at the homeowner’s options to see if it would be better to sell or let it go.
I can guarantee that if a house is foreclosed on, the bank will not be selling it at 50 cents on the dollar. I’m sorry to burst your dream bubble there, they will be selling at the market rate. We don’t have enough inventory for a discount.
When will the housing market crash?
I wish I could tell you. I do believe we are going to continue to have a strong housing market in Denver for the next 2 years. BUT, the market won’t stay like this forever.
Did we miss the market? – NO
Get your house sold and get into your next house and live the life you want to live.