Low Inventory Could Lead to More Bidding Wars

Is Another Seller's Market Coming?

Currently, in the City of Denver, there are less than three months of housing inventory on the market, and the average home is on the market for only 40 days. That's in contrast to this time last year, when there were four months of inventory and homes were, on average, selling in 60 days. Common real estate wisdom suggests that when inventory numbers drop to less than a six month supply, it's a ˜sellers' market.'

(Find out more about this property here.)

So, if you're thinking of selling your house, now is a great time. At the beginning of 2013, housing prices were predicted to increase around 3%. Instead prices skyrocketed with a 12% rise in the Denver area. Will we have that same kind of growth this year? Only your crystal ball can tell you that. But with inventory very low again this Winter, and affordable interest rates predicted to rise by the end of the year, many people are expecting it will be another great year for sellers. Are you ready? Sellers who have properly prepared their homes for market, and priced it right, are being rewarded with a quick sale.

(Find out more about this property here.)

Since the beginning of the year, we've already seen signs of a competitive home buying market. Buyers who are not acting quickly when they find the ˜right' house are losing out. Mulitple offers are common, and brokers are scrambling to quickly schedule showings on hot new listings in desirable neighborhoods.

If you are looking to buy a home in the next six months, low interest rates can still allow you to get more house for your money. But you need to be ready. Get your finances in order, find a responsive mortgage broker, engage your Live Urban Realtor who will coach you when facing multiple offers, and be prepared to work fast.

(For more information about age-restricted housing inventory, click here.)

If you have a property that you are thinking of selling...we probably have a buyer waiting for it! Let us know!

To see a list of Current Buyer Needs in our office, click here.