Is Denver a seller's market now? It sounds like a ridiculousquestion since we have been in such a strong buyer's market for so long. But aswe creep into 2012, all the signs point to us being pretty darn close to aseller's market.
A couple of weeks ago I wrote my predictions for the DenverReal Estate market in 2012, click here.In it, I argued that with inventory at a ten year low and demand for homesbuilding thanks to a crazy rental market and more and more people moving toDenver, that if we don't see more sellers decide to sell quickly, we woulddefinitely be in a seller's market.
I figured that part of the reason for the low inventory wasthe time of year and that as people got out of the holiday mode we would startto see more and more homes hit the market. But so far, that simply hasn't beenthe case and homes are selling quicker than new ones are replacing them. In ouroffice meeting yesterday we discussed how everyone is starting to see competingoffers on houses and how quickly the good ones are moving.
We are also seeing lots of articles being written about howgood of time it is to sell in Denver right now and believe me, people fromaround the country are starting to take notice since they are taking this as asign Denver has recovered and is a good place to invest. This is great, butalso creates more competition for buyers, pushing the scale further towards aseller's market. To read some of the articles, click hereand here.
So the moral of the story is once again, if you are thinkingabout selling, now is definitely the time. I have at least eight buyers Isearch the MLS for everyday hoping for a new listing to pop up because I knowthey would jump on it and make an offer that day.
And buyers, we havebeen saying for the past year that this time could be around the corner. Nomore waiting for the bottom to come, it has come and gone. But it is stillbetter to buy at this time of transition in the market than when it is a fullblown seller's market. So instead of paying rent that will surely keepincreasing, think about getting into a house while the getting is good.
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