Since the new year just started, and the snow finally begins to fall, I start reflecting on 2011 and beginning a new year. It's natural for all of us to look back, and try to use what we learn to help us move forward. Of course, because of my profession, I tend to focus on the housing market.
All of us in the Real Estate business, and all of you who own a home or want to own one, have been through another year of uncertainty. Should I buy? Should I sell? How much will my house be worth this time next year? What's best for my family?
We've had our fair share of ups and downs in the last year. We've dealt with changing rules about appraisals, and ever-shifting bank lending standards. Even more changes are headed our way. New banking rules are now being written under the Dodd-Frank Wall Street Reform and Consumer Protection Act. It will affect us all, and few people know what to expect. It's easy to say that uncertainty in the Real Estate market will continue into 2012.
With all the craziness out there, the one thing about 2011 that was striking was the resilience of the home market in Denver. According to the closely-monitored Case-Schiller report, Denver has been in the top five strongest housing markets in the country for six of the last twelve months.
That's important to you and me. Denver home values have remained stable, and in many of our inner-city markets, they've even increased.
We all survived 2011, and I believe we experienced a new normal in our Real Estate market. In order to keep moving forward, we have to plan for change, be flexible, and know that there may never be a perfect moment to make a decision to buy or sell. But those decisions are easier because we live in Denver. Bring on 2012!
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