Real estate in Denver has picked up steam during September and October. The summer was hot and dry, the fall has been brisk. Under contracts are up over last year.
Inventory is still extremely low, and buyers are finding it difficult to get into the house of their dreams without making some concessions. But sellers with any sort of perceived flaw in their home are nonetheless finding themselves waiting for an elusive offer. The perceived flaws that hold today’s buyers back are location issues, lack of updates and price.
Those are just a few of the reasons why such a profound lack of inventory still isn’t translating into higher prices. We have 7,347 fewer homes on the market from the same time last year, yet prices are still down 2.63%.
Another factor is that showings are bulking up at the $200,000 to $400,000 price point. A reflection of investors buying up rental properties. With vacancy rates hovering at only about 1%, it’s a crazy good time to own rentals.
If you’re a seller, don’t even think about taking your house off the market for the holidays. The shortage of inventory plays to your favor, particularly if your house is priced between $200,000 and $400,000.
Buyers can use this time of year to negotiate. Just make sure you do your research. Not every listed home is over priced. And if you’re not finding what you’re looking for, you’ll see an increase in your choices by mid-January.
Search homes in all neighborhoods and research sales statistics at www.GretchenRosenberg.com. Gretchen Rosenberg’s real estate web site.