you have been thinking about buying a home or selling a home?
Take a look at this… The inventory of homes
for sale in metro Denver
was down 10 percent in October from September and down 23 percent compared with
October 2013, Metrolist reported last week.
Furthermore, last month, there were 8,041 homes for sale, down from
10,376 homes in October 2013.
after two consecutive months of decreases, October brought an increase in the
average sale price for single-family homes.
The average price in October was $323,750, up
1 percent from September and up 7 percent year over year from $303,328 in October
2013, Metrolist said."With inventory levels remaining tight
in October, the market stayed nearly as competitive as it was during the
summer," Metrolist president and CEO Kirby Slunaker said in a statement.
"Home prices climbed a bit, and days on the market remained low, indicating
continued demand." But homes moved
quickly in October, remaining on the market an average of 34 days, compared
with 45 days a year earlier. So what does
all this mean to you? If you are a
seller- now is a great time to sell.
With a limited inventory, your home has the potential to attract more
buyer than in a high inventory market.
Thus creating a higher demand for your home, which nets you more
money. Potential multiple offer situations
still exist and are very common in the Denver
area. Additionally, waiting until the
spring to get your home on the market is too late. There will be so much more competition for
buyers with an increase in the number of homes on the market, that you can end
up missing out on buyers. Ask yourself
will your home help other homes in the area sell or will yours be one to sell?
If you are a
buyer- are you looking for a deal? Then
now is the time to buy. Wait back up a
second, are you thinking to yourself…didn’t I just say that now is a good time
It is a great
time to sell, but also buy, and here is why…
Rates….right now buyers are on borrowed time.
Money is becoming more expensive.
With the mid term elections having just been completed, historically
interest rates being to rise shortly after those elections, which means money
becomes more expensive. 2.
with the winter and holidays- right now- if a home is on the market it is
because it has to sell. Take advantage
of that motivation. The luxury of
waiting for a strong offer is not always there. 3.
with increasing rates, thus money getting more expensive, paired with the fact
that waiting only means more buyers will be in the buyer pool…ask yourself if
you are willing to wait a few months to pay $25,000 and up extra for the same
house you can buy today, at current prices. Curious what your home is worth? Use our FREE online
valuation tool Click Here!
Michael Kane is a Broker Associate at Keller Williams. He is a member of the
Carr Peck & Associates team that is recognized locally and nationally as in
expert in real estate. Locally he is a member of the Denver Metro Association
of Realtors. Nothing brings him more joy than making his client’s dreams
become a reality! For more information feel free to contact
him or call 303-717-9284.
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Author:Jason Peck Phone: 720-446-6301 Dated: November 10th 2014 Views: 707 About Jason: ...
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