August Denver Real Estate recap
The Denver market inventory is still quite low. Here is what the numbers mean:
As a seller~
Demand is HIGH. we had a 12% increase in sales in August compared to last year. Also Inventory is down 3 weeks compared to last year. That means because of demand we have nearly half the amount of homes needed to sustain the same demand as last year. Homes are also selling faster than last year with an average of only 23 days on market. If your home value is between 300 and 500 thousand they are selling very fast with good marketing. Home values are also up 11% from last year meaning sellers are getting more money for their homes. As long as demand stays strong and inventory stays low the market will continue to stay strong.
As a buyer~
If you are buying in the $300k to $500k range you can expect competition with multiple offers on homes in good condition. An agent will be needed to help you stay ahead of the game and get you into homes fast. The ones you see today may not be there tomorrow. Negotiations are needed to get you the best deal. Look to an experienced broker to help you navigate the negotiations. This is especially important if your purchase is contingent on your homes selling as well. Be sure to be pre-qualified with a lender before you start trying to see homes in person. If you need help with Lender recommendations please give us a call 303-222-0058. Mortgages are more strict right now and a good lender will help walk you through the process and take advantage of different programs to fit your current needs and financial situations.
ALWAYS remember it is important to buy with in your means. Don't buy a house that you can barely afford. Check your budget and see what you think is comfortable for you to spend monthly on your new mortgage. Even though your lender may qualify you for more it does not mean you should. We advise you work with a lender who respects your needs and a broker that can help guide you and put you in the best house that fits your budget.
For help and guidance please call us at Falko Realty 303-222-0058 we are here to help.