Denver real estate may have hit bottom, which means it's a really good time to buy. Interest rates have been dropping and so have prices. Buyers can virtually write their own ticket for seller concessions -- down payment help, closing cost contributions, buying down the interest rate, and even more creative assistance.

Buyers are getting houses at an average 3% discount, a figure which has stayed pretty steady over the last year. But the discount is much greater when considering the seller's original asking price. In both October and November sellers' original asking prices on average was 79-89% of what they got at closing. What that means is that sellers were having to discount their original asking price by 21 to 31% of what they originally thought they should realize. The year-to-date discount was an average of 10%. By the time sellers realized they had to lower prices their homes (and condos) had been on the market on average 100-103 days.

The median price for single family homes was $229,500, a drop of 4.38% from November 2006, while for condos was $139,000, a 10.8% drop from last November's $155,750. According to one local real estate expert, some homes are priced so high they'll never be sold in today's market, a discouraging thought for sellers. If you're a buyer and you run into one of these houses, don't be discouraged, there are plenty more out there to look at.

For further information or for questions contact Judith Clausen at Buyers Advantage Real Estate of Metro Denver, 303-587-3509.