The stats do not lie. New listings in the Denver real estate market are down nearly 35% over a 5 years average in June again and down 32% over that same 5 year average in May. What does this mean? Read on...
Houses that are really for sale and that can be conveyed by a ready willing and ABLE seller (not short sale and not controlled by some 3rd party other than the owner) currently represent about 35% of certain market segments, typically first homes. Appraisers have been adjusting for "distressed sales". What this means to you is that if a house down the street was a foreclosure, and yours is in good condition, the appraisers can adjust your value UP!
Finally, what all this means is that there are only about 50% of the homes listed for sale that the seller can really sell. With sales down only about 15-20% prices will start to go up on your dream home soon!
We saw similar trends in 1988 and an exploding market starting in 1989. That means folks need to speak to a good Realtor, find out about their local market and then create a plan of action..."before we sell we need to..." so that they can implement when they are ready. Also, getting the funding lined up or asking the Realtor about doing "back to back" closings for your convenience. Now, if you are ready now, it is a perfect time to make a move up. Call me at 303-880-5585 or toll free at 1-800-571-7383.
23 years of experience can go to work for you or your friends, 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