I know I get many questions about if everyone is "quitting their jobs", will we start seeing some good deals in the Denver metro area?
I would say NO, and petty adamantly too! With home values in May (over one year) we saw a 24% increase, so if a homeowner is having troubles paying the mortgage, they would be silly to let it go to a bank and let them enjoy the equity. With the short sales, unless a homeowner just bought the home, I highly doubt there would be a need for a short sale, there would PLENTY of equity to sell the home.
Some of the calls I have gotten were asking when the market will shift to a buyer's market, or at least become more stable. We are slowing down (compared to the fast-paced market earlier this year) but still remains a very strong Seller's market. Until we hit 180 days in MLS, it will remain a Seller's market. The stats for October show only 15 days for the entire Denver metro area for October 2021. We have a ways to go!
At least most homes are not seeing more than 5 offers, but do know of one listing (I was going to show a buyer) that under-priced a home by $100k and got over 30 offers. Goodness!
Bottom line, if you are looking for a deal, you may need to wait awhile, at least in the Denver Metro Area!