There are some interesting things happening in the housing market in Aurora, Colorado right now. Average sales prices are up 10-15% over last year, and the average time on the market is 60-90 days. Homes are moving. There are considerably more buyers than sellers in the market. Just in the past 90 days, buyer activity has increased and seller activity has decreased.
More than 50% of Aurora's housing inventory is made up of short sales and bank-owned properties. More than 50%! And inventory is down overall. We've mentioned this in a few recent blog posts: Buyers who are looking for non-distressed, move-in ready homes have very little to choose from. Hint, hint for those of you who are having any thoughts of selling!
So, taking this information, here are the pros and cons for buyers:
PROS:
- Interest rates still near historic lows
- Plenty of short sales, HUDs, and bank-owned properties available at good prices
- Home prices have been stabilizing and will likely gradually increase from this point
- Low inventory of equity sales (fewer homes to choose from)
- Higher competition means greater chance of being outbid
- Low inventory means you'll be a big fish in a small pond
- Home sale prices are up over last year
- Higher competition among buyers increases chances of multiple offers
- If you owe more than your house is worth, you'll have to request a short sale from your lender
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