As we analyze the first half of the year, Denver Real Estate is looking good. Currently we have 20,251 Active Listings in the MLS, last year we had 26,104 Active Listings. Wow, a 20% reduction in inventory! There is a 4.7 month supply of Single Family Homes and 5.9 month supply of Condos. Traditionally six months of inventory is normal and when we hit the 3 months of inventory prices start going up. This is anything but a traditional year.
This month we will start seeing increases in Short Sales/Bank Owned/HUDs because we had a moratorium this winter on Foreclosures and the moratorium was lifted in March. So, 90 days later, we are seeing these houses hit the market and will affect our inventory again. It’s good because we don’t have a lot of inventory, bad because the banks just don’t have a good system to get the houses closed. Seven of the big banks are adopting a new system at the end of the month to give “transparency” to those who are in their system. Hopefully this will take some of the mystery and the inconsistency in answers between the bank, sellers and Real Estate Agents.
Normally this is the time of year where we start seeing a leveling off or decrease in inventory in Denver. I think this year may be a bit different. Even if the inventory does go up a little because of the moratorium lift, we are still in really good shape to be around the 6 months of inventory mark, keeping us in a normal state of a good Real Estate market.
First Time Home Buyers: get off the fence, get pre-approved and get out there. You don’t have much time. I am writing more offers for one buyer than I have in 10 years. We aren’t always able to get the house, when they are priced so low, and I am seeing sloppier fix ‘n flips than ever before. You only have 102 days left to find and close on your new home. Once you find “it” it will take 45 days to close, so you need to find that home and pass inspection before the middle of October. October is less than 10 weeks away. You can start you search here…. AmyCesario.com. Then call me so we can get you pre-approved and out in the streets.
Move Up Buyers: There are amazing opportunities out there, you need to have your house priced correctly so you can buy up and see the appreciation in the higher priced house and take advantage before the interest rates go up next year. You have the best of the opportunities, the $300,000 plus market is where the best deals are, and if you think you want a million dollar home, you will get an amazing deal this fall, one you will probably talk about to your grandchildren. Call me.
Investors: Wow, nothing to say except get on my auto e-mail list and let’s get you a property! The need for rental properties will be going up as the banks start foreclosing again.
Sellers: Price your house correctly, listen to your agent and what the market is telling you so you can move on as well. It is no fun showing and showing and showing you house every day with no offers. Be the first in line, don’t follow the market, be ahead of the curve and get it sold. There are plenty of buyers who know what they want and what they are willing to pay. If you would like to know how much your home is worth, contact me.