The Denver Metro Housing Market is Red Hot!
Or Is It?
For a area with over 3 Million residents and many more moving here each day there is roughly 3,253 homes on the market. THAT IS IT!
Here is the current inventory and the problem for First Time Home Buyers, VA and FHA Buyers.
Price Homes on the Market as of 5-1-2015
$0-$100,000 54 Homes
$101,000-$200,000 283 Homes
$201,000-$300,000 502 Homes
$301,000-$400,000 598 Homes
$401,000-$500,000 597 Homes
$501,000 + 1,613 Homes
Cash is King right now which is putting the buyers who only have no down payments with the Veterans and the 3.5% FHA buyers in a bind. Homes under $300k are flying off the shelf with many with at least 12 offers in the first 24 hours.
These homes are going for well over Appraised Values and the Agents are putting stipulations in the contracts about the buyers bringing more money to the table if the home/condo/townhome appraises lower.
These First Time Home Buyers are getting out bid by cash buyers by a landslide!
With the Rental Prices at a all time high in this area it is cheaper and makes more since to buy, but there is not enough inventory. Add in the Cash Buyers or the Large Cash Down Payments for Conventional Loans the VA and FHA buyers are currently fighting a uphill battle.
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