Things Are Looking Up (Sort Of)....

By
Real Estate Agent with The Devonshire Company

Amid the talk of economic woes, hurricanes and war, Denverites can rest easy (easier, at least) knowing that our real estate market is taking a little turn for the better.

Wells Fargo, Colorado's largest home lender, has announced that it will remove the label "distressed" from our market and changing it to "stable."

The inventory of homes has dropped significantly, according to Margaret Jackson with The Denver Post.
"There were 24,648 homes on the market last month, a 20 percent drop from August 2007's 30,827 homes, according to data released last week." (Click here for full article)

What does this mean for Denver real estate?

With the recent drop in interest rates and the fact that it will be easier for home buyers to obtain financing, we should see a more active market.

And, since home buyers will be able to finance up to 5% more than before, purchasing a home may be more realistic for many people now that they don't have to dig so deeply into their pockets.

Denver real estate also comes out significantly better than the National Price Index. Home prices dropped 15.4% for the one year period that ended in June but Denver was only down 4.7% with 3 straight months of price growth.

After a week of staggering economic news, at least we have one ray of hope here in Denver.

Comments (0)