The stats are out for the month of February, and all the numbers revolve around the inventory number! As of almost the end of March, we are still experiencing low inventory (hovering around 2,200 on weekends), down 63.7% over one year ago. I have had potential Sellers who want to list and buy, but are fearful of not finding a replacement home, so they stay put and remodel. But when they do list, they sure are seeing a great bottom line! Multiple offers are still happening and aren't across one price point, it is in all price points!
This data is courtesy of Joan Cox - House to Home, Inc.
Lately, we are seeing homeowners pricing their homes a bit closer to fair market value (some exceptions), and yet seeing increased price reductions (about 160 in a 7-day period). Wonder if the snowstorms every few days in keeping the real estate market a bit slower?
See what homes are currently available - Active Homes for sale in Denver
Buyers - If you have thought about buying a home this year - NOW IS THE TIME! The interest rate is unbelievable - hovering around 4%. Be sure to be pre-approved and know what your budget is! Be prepared, many homeowners are asking for a 60-day rent-back to find a replacement home. With limited inventory, you may need to be more flexible in the features you want. Select the home with the items that cannot be changed (location, layout, school district).
Sellers - My sellers are seeing a nice bottom line! If you are thinking of selling but worried you won’t find a replacement home, I can enter into MLS the fact you require a contingency of a replacement home or ask for a 6-day rent-back to enable you to locate the replacement home.
Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away. Relocating to Denver, and need some advice - see my Relocating to Denver information.