What’s Going On In This Market?
We are in a steep seller’s market here in Denver. Due to the uncertainty of a health crisis, economic unknowns, and an election year, many homeowners delayed their plans to sell. At the same time, people are spending more time at home; they either want to invest in their home or move into their dream home. Record-low mortgage rates are spurring buyers to purchase a home and housing inventory has dropped even further.
Inventory is 58% below last year at this time.
The Denver Metro Area had only 2,024 active listings in February! This dropped from 3,481 homes in January 2020. Real estate expert, Keeping Current Matters, explains: “It’s like when everyone was trying to find toilet paper to buy last spring and it was flying off the shelves faster than it could be stocked in the stores. That’s what’s happening in the housing market: homes are being listed for sale, but not at a rate that can keep up with heavy demand from competitive buyers.”
How do I navigate this market?
Homes are on the market for an average of 20 fewer days than this time last year. Buyers have to make decisions quickly in order to be successful. Now, more than ever, it is important to have the resources and tools to navigate this market. A trusted real estate advisor experienced in negotiation can make the difference between success and the rest.
What does the future hold?
It is likely that as vaccines become more widely available, homeowners will start making their moves. Ali Wolf, Chief Economist at Zonda, confirms: “Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed.”
If you want your listing to rise above the rest, it’s important to put your house on the market sooner rather than later as more homeowners get ready to sell later this year.
Why not wait?
When you’re ready to sell your house, you’ll likely want it to sell as quickly as possible, for the best price, and with little to no hassle. You’ll find these selling conditions in today’s market. When demand is high and inventory is low, sellers get to choose the optimal terms and timelines for the sale. Today’s housing market is a big win for sellers, but these conditions won’t last forever. If you’re in a position to sell your house now, you may not want to wait for your neighbors to do the same.
If you have questions about the market, want to discuss your home’s value, or have any real estate needs, at CJV Real Estate, we are here to help you achieve your goals!
Sincerely,
CJV Real Estate Agent Chris Freeburg & the CJV Real Estate Team