Here’s some information from MetroList
Average Sold Price March 2013 – $295,229 March 2014 – $310,867 – up 5.3% (Denver Post reported about 9%)
Homes for Sale March 2013 – 16,522 March 2014 – 7,595 (appox 1 mo inventory)–
# Homes Sold March 2013 – 4,492 March 2014 – 5.160
What does this mean is English?
Denver home sales are red hot. It means that right now it’s pretty much a Seller’s advantage. Homes are flying off the market, some the day they are listed. Others quickly receiving multiple offers and some selling for more than the asking price. There are far more potential buyers than homes for sale, with many buyers frustrated after losing out on an offer (or more). Most continue until they succeed and are able to take advantage of the current low interest rates. More than 5,000 buyers were successful in March.
Why aren’t there more homes coming up for sale? One theory. Owners aren’t putting their homes on the market because they’re concerned that their homes will sell quickly and they’ll not have another home to move to. I’m not certain that I wholly buy the theory. The fact there’s a limited number of homes available at any one time should not deter the pursuit of another home. Good homes are coming up for sale every day. And the reasons people move are normally compelling.
Thinking of moving? Go now. If you’re considering moving up or rightsizing (PC for the older “downsizing”) now is the time to go. With prices on the upswing and the probability of interest rates also swinging upward, there’s no time like the present.
For example – let’s look at what can happen to a $300,000 loan. The difference in the payment with the interest rate at 5.5% vs 4.5% (today’s rate) is $2,193 per year. Live in your home for 7 years and it’s cost an additional $15,500.
Not planning a move? Perhaps you can share these facts with a friend or relative who may have have a move in mind. I’ve been successfully helping people get from Home A to Home B for more than 25 years. I’d welcome a call and the opportunity to help them move forward with their lives.
For my out of state readers. If you know someone moving to Colorado, perhaps you could put them in touch with me. They’ll not get a heartier welcome or better client care than from me.
“It’s a privilege to live in Colorado”
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Metro Denver Real Estate 