Denver's Real Estate Market is Changing...Quickly
In the last few months, buyers looking for Denver real estate have noticed the limited inventory available, and in some cases seeing multiple offers. Showing homes on the weekends, Realtors are experiencing overlapping appointments with other Realtors and their clients. Showings set for homes in the Denver Metro area have doubled from the previous year on Fridays, Saturdays and Sundays, but our inventory has increased minimally.
When the supply of active Denver home listings become limited, and the demand increases, we surely will see some pricing increases in the next few months. With multiple bidding being prevalent, the need to know where the home will appraise is very important. If the home does not appraise at contract value, and the buyer is obtaining a loan, the dollars offered in the contract over the appraised value will need to be added to the dollars needed for closing.
Example - Last weekend I showed a property new on the market one day --- 15 showings first day, 7 the next, and 4 offers were received. This home was absolutely turnkey, great location, AND $15,000 higher than any other comparable sold property in the development.
With the market changing, we as Realtors have to be sure our buyers and sellers are aware of these facts! Working full time in this industry is very helpful to see the changes happening, and to be able to relay this pertinent information to buyers and sellers!
Real estate is local, it is important to know all markets are not the same!
I have 15 years of experience working with buyers and sellers working full time in the Denver metro area. My involvement within my Realtor community keeps me abreast of local governmental changes and the current industry trends.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Metro Brokers - House to Home, Inc.
GRI, ABR, CRS, CNE, e-Pro
Joan@JoanCox.com
A Denver Metropolitan Realtor
Hands on professionals will always do well for all concerned...carry on and well done
Great to hear the positive changes happening to the real estate market in Denver!
As sales increase, the shadow inventory will come onto the market. this is going to be a long process.
Wow Joan that's great! I have been seeing those Colorodo market reports and inventory is moving. Good for you, and good for Denver!
Your clouds match the new ActiveRain header, Was that planned?
Hot, hot, hot Joan...that is the word about the Denver market and you are the CO realtor to call to put it together!
I agree with you that local market knowledge is the key, especially in a dynamic market like Denver, CO.
Positive change is good for all of us! Actually we're seeing a change for the better in the Albuquerque area too. Again when real estate is doing well / better it's a good sign for all. Happy Monday!
Denver CO is a happening place to live and anyone interested in the area should call Joan Cox for all their Real Estate goals!
Joan: This is excellent news for the Denver area. You are so right, real estate IS local!
Joan - lower inventory will certainly help turn the real estate market around ..... Buyers certainly need to be aware that past values will affect their appraisals and they may need extra cash on closing
Joan, It is crazy right now in Denver. We are running in to the same thing. Such a great turn of events.
Hi Joan...we too are seeing an increase in Buyer activity, and low inventory build up. Our Winters seem to be the Hot time to Sell in Victoria. I was in a bidding war with one of my listings. Nice to see those times return.
You certainly know what's happening in your Real Estate Market
I bet that owner who has multiple offers must be excited. I wish you a successful week.
Joan, that is such exciting news for sellers! I have felt bad for all those people with homes on the market that really need to sell and it's good to hear that inventory is moving well in Denver!
It is very crazy in Denver, almost back to the days in the 90's....Woo Hoo! Today was setting showings for tomorrow's out of state buyer, and three that went on the market over the weekend, are already U/C! I had two buyers write on properties over the weekend, and waiting for answers!
Wonderful to hear positive news about the real estate market out there in Colorado!!
Joan, you must really be a busy bee as your market is doing sooooo well.
Wow, Joan. We are not there yet but activity IS picking up and inventory is not. Good news for colorado, yes? I hope the listing was yours or one of the offers was!
Joan, in our area,any property that priced right it will receive multiple offers, but our inventory is not as low as yours.
Joan,
I've been catching up on all my industry news today and keeping local is the key for 2012. All over the country things are changing but we need to keep our buyers and sellers aware of local happenings so they are better informed. You do a great job of this for sure!!!!
Have a great evening!
Sound like things are moving up and hopefully this will continue but I think the other shoe is about to drop
Joan, We are seeing that in my area as well. Supply down - demand up! Indeed Buyers will find out quickly when their offer is not accepted. Joan Cox knows how to write winning offers in the Denver Metro area.
Joan, finally! That's definitely encouraging news for sellers! Maybe a little stressful too with all those showings and multiple demands from all sides... but doesn't it feel great, too?
Joan -- Supply down....prices UP. Better call Joan Cox, experienced Denver REALTOR NOW!
Joan that is great news, limited inventory will mean buyers will have to be more decisive and seller will be happy to get higher sale price due to the multiple offer situation.
You're so right, Joan, it's at times like this that a real estate professional is so important to help ensure buyers understand all of the implications - great post!
Hi Joan,
All real estate is local and it sounds like Denver is doing just fine! Very positive news!
Lisa
In the last 3 weeks, I have 7 properties under contract, and still need to list 3, and have 3 more buyers to find homes for....it is changing QUICKLY!