Hi There Everyone,
I just had a client ask me whether it's a Seller's or Buyer's market. So, maybe some of you are asking the same thing. Here are my thoughts:
For May 2012, The MLS Monthly Indicators Report for the Denver-metro area (Residential & Condo), shows good news for Median Sold Price going up 13.6% and Average Sold Price moving up 11.3%. This is based upon the change from May 2011 to May 2012. Take into consideration we have a low housing inventory, so that is driving some of those stats.
For Sellers...it's always good for these indicators to go up. Thus, I would say it's a Seller's market. But is it optimum timing for homeowners to sell? Well, that answer will vary; as it depends on what price you bought your home for, what are the homes selling for in your neighborhood, what price you need to get to make a reasonable profit, and what area you live in (because some area pricing trends aren't moving upward).
For Buyers...it's not exactly a Buyer's market when homebuyers want to get the most for their dollar and buy lower than market prices. The pricing trends are moving upward, so buyers don't want to see that. Buyers want these indicators to move downward instead.
But hold on to your hats, there is good news for Buyers. On the flip-side, when anyone refers to this time period as a Buyer's market, they may be talking about our current period when home affordability is at an all-time high with interest rates at /under 4%. I have never seen interest rates this low. With these lower interest rates, buyers can purchase a bigger home for a smaller monthly payment than ever before. So, in that regard, this is a great time for Buyers.
One thing to note, as if you haven't already heard...with the low Denver-metro housing inventory, Listing Agents are seeing multiple offers and it's very competitive for buyers trying to land their dream home.
Depending on your circumstance with you home, now may be a great time to
sell. Not sure how long this pricing upswing will last. Also, the high cycle for selling occurs in the summer, so you have a few months left.
From your Real Estate Agent in Denver, CO - Patrick Murray. www.selldenver.net
Hi There Everyone,