Denver's Real Estate Market is Changing...Quickly
In the last few months, buyers looking for Denver real estate have noticed the limited inventory available, and in some cases seeing multiple offers. Showing homes on the weekends, Realtors are experiencing overlapping appointments with other Realtors and their clients. Showings set for homes in the Denver Metro area have doubled from the previous year on Fridays, Saturdays and Sundays, but our inventory has increased minimally.
When the supply of active Denver home listings become limited, and the demand increases, we surely will see some pricing increases in the next few months. With multiple bidding being prevalent, the need to know where the home will appraise is very important. If the home does not appraise at contract value, and the buyer is obtaining a loan, the dollars offered in the contract over the appraised value will need to be added to the dollars needed for closing.
Example - Last weekend I showed a property new on the market one day --- 15 showings first day, 7 the next, and 4 offers were received. This home was absolutely turnkey, great location, AND $15,000 higher than any other comparable sold property in the development.
With the market changing, we as Realtors have to be sure our buyers and sellers are aware of these facts! Working full time in this industry is very helpful to see the changes happening, and to be able to relay this pertinent information to buyers and sellers!
Real estate is local, it is important to know all markets are not the same!
I have 15 years of experience working with buyers and sellers working full time in the Denver metro area. My involvement within my Realtor community keeps me abreast of local governmental changes and the current industry trends.