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Denver Metro Market Update - May 2014

By
Services for Real Estate Pros

The continued tone of our market is lack of inventory.


The inventory of homes available for sale remains low and buyer demand remains strong. Interest rates, although affordable, continued an upwards trend in the month of April. Consumer confidence decreased in April to 82.3 down from 83.9 in March. Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate.

In the $500,000 to $749,999 price range, 367 homes sold/closed in April, 2014 with an average sold price of $595,212 resulting in a closed dollar volume of $218.4 Million.

Seventy Six (76) homes sold/closed in April, 2014 in the $750,000 to $999,999 price range with an average sold price of $846,766 resulting in a closed dollar volume of $64.4 Million.

Seventy One (71) homes closed in April, 2014 for $1 Million or greater with an average sold price of $1,516,540 resulting in a closed dollar volume of $107.7 Million.

 

 

Advice to Buyers


With a strong market and limited availability of homes on the market, how does a buyer find the home of one’s dreams? What is needed and what does creativity mean today? Now is the time to reach out.

Reach out to a RE/MAX Professional. Know what you want in a home, where you want to live, and what price range you can afford. Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home. Be prepared and manage your expectations. Talk to your RE/MAX Professional today about your Lifestyle preferences, the benefits of home ownership, homes available for sale, buying a home in 2014, and home affordability.

 
Advice to Sellers


The Denver home market remains strong and the prime home buying season is here. With less than a two month supply of homes available for sale, buyers are gearing up to present creative offers to sellers.

As a homeowner, seller, or prospective seller, one needs to know the market. Here are several questions that need to be asked and evaluated: what is my home worth, how much equity does one have in the home, what is or would be my home’s competition, what are buyers looking for in a home, does one need to update the home, if you update the home, what update should you do, and when the home sells, how and when does one find the new home?

What is a creative offer? How does one sell your home in this market? How does one buy a home in this market?

Now is the time to get back to the basics. Take an objective look at your home. Check out the market. If you are a seller, how does your home compare with the competition? In terms of the competition, take into consideration the homes that are available on the market today as well as the homes that will be coming on to the market in the near future. One needs to remember that the lasting first impression is very important in the buyer’s eye and mind.

What is a seller to do? Know the market, prepare your home, de-clutter, take care of deferred maintenance, and reach out to a Professional.

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