The Denver real estate market is hot. Spring is officially in the air and homes are selling. The number of homes for sale have increased by 2,184 since December and the average sold price rose from $260K in January to $270K in February.
In the recent months, I have experienced a demand for homes selling under $250K to be greater than the market can provide. In the last month, I've seen this trend work its way into homes selling for over $250K. Just last week, while scheduling showings, 4 of the 5 were already under contract. These homes averaged $300K and had been for sale an average of less than 30 days. Today's housing market is actually a "sweet spot" for sellers and buyers.
Sellers, today is a great time to put your house on the market for a few reasons:
- Buyer demand is high partly due to gov't tax credits ( set to expire April 30th )
- Spring and Summer are peak sales months.
Buyers, the timing is perfect to purchase for several reasons:
- Even as demand increases, homes are still reasonably priced.
- The number of homes for sale are increasing with the Spring and Summer seasons.
- You may still take advantage of $6500-$8000 in tax credits if you are under contract by April 30th. Unlike a tax deduction, a tax credit is a check to you after the purchase.
- Interest rates are still very low, but expected to increase as the year moves on. Low interest rates increase your buying power, which means you can get more house for a smaller monthly payment.
Get it while it's hot. Let me know if you have specific market questions.
Melanye Phipps, MelanyesMinute.com, 303-913-5325