Every month I post something about the Denver Real Estate market statistics, and it gets so boring! I am sorry, but last month I saw a serious drop. I have not seen any significant changes yet this month, but I gather my information late in the cycle...on or about the 15th of the month. Why? Well I know Real Estate agents tend to be busy at the end of the month closing deals, and sometimes with every thing else they are doing, forget to enter the data into Metrolist, the Denver area multiple listing service. So I give them a few extra days to get entered. Yet today I am chomping at the bit!
Recap: last month we saw a 5 year average broken by a 20% drop in new listings coming on the market. This is through out metro Denver! Wow, drop from a five year average of 6756 brand new listings for single family homes entering the market in March to 5377 in March 2008! That is a 20.4% drop in new listings! That is a big change. And I expect this month to be very similar! When selecting properties to show (this is not statistical) there just are not allot!
Now what do you do with this news? If you are considering selling your home to move up, please do it before the prices on the new house goes up! Here is why:
Your home has lost some of its value, say 10% over the last 2 years so instead of being worth $300,000 it is now worth $270,000. (ouch) However the move up home you want to buy has also suffered that same 10% loss so instead of it being a $500,000 home now it is a $450,000 home. You made $20,000 by moving now!
Hmmm? Too good to be true? Not with skillful negotiation and proper planning. Lets take another look: Your $500,000 home lost 10% of it's value and is now worth $450,000. OKAY? the target home you want was in an upper price range close to $850,000 and they too lost 10% of their value so it is now worth $765,000. Some one (you) just gained the $35,000 that was left on the table by taking advantage of a down real estate market.
But why do this now? Why not wait for a while? This is where the statistics come in...sometimes you only know where the top or bottom of a market is by analysing data. When I saw that big drop last month I saw something like we saw in 1988 that flagged the beginning of the end of our local real estate meltdown. So, seeing it again should flag the likelihood that something good is about to happen....demand stays steady and prices will go up! This is where experience plays a key role in your next move! So my recommendation: Buy Denver Colorado real estate NOW!
So, if this kind of adice could be valuable to you or your friends, put my nearly 23 years of experience to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment