Should we wait to buy?
I hear that time and time again. I don’t want to buy right now because the Denver Real Estate Market is inflated and I don’t want to overpay. In fact, that is one of the main worries among all the buyers I have talked to in the past couple of years. It is the one worry I do not have a crystal ball for. Buyers are also worried about buying a lemon of a house, but that is what inspections are for.
Everyone wants to know what the market will do in the upcoming years so they can begin to plan their housing strategy now. I know buyers are not getting as good of a deal than if they had bought last year or anytime in the last 10 years, but they are just going to have to bite that bullet if they want to move on.
Here is what we do know:
It will cost you more to wait!
- Historically, prices have been increasing on average since homes were first being bought and sold by our ancestors. There may be some downfalls in price and season slow-downs, but overall they will continue to increase.
- Denver continues to see more large companies moving their operations here. People are enjoying more of our parks, mountains and many other outdoor activities and finding they want to stay here.
- More people are moving to Denver than there are houses being built. We have an incredible shortage of homes for sale. As the law of supply and demand shows us, the constant high demand for housing creates more value in the houses that are available and in turn the prices go up.
- Interest rates on mortgages are going to increase. The government has warned us over and over that they are raising rates. While their rate increases do not directly affect mortgage rates (as seen by the recent reduction in interest rates), we do know that eventually they will balance out and increase.
If you have ever thought about buying a home, now is the time. Please let me help you or anyone else you know that is considering buying a home in Denver. You may not be the early bird catching the worm, but the longer you wait, the harder it will be to swallow the worm you get!
I have been contacted by the owners that have inherited this little house in Denver to possibly sell it in the near future. It is a very small 1-bedroom, 1-bathroom ranch house located on the edge of the College View Neighborhood just south west of downtown Denver. There is a ton of potential in this house for whoever fixes it up and then re-sells it. Please subscribe to this blog and send me a message if you want to be kept in the loop about this one!
I thought I would write a quick blog post about the lack of inventory out there for my buyers. If you have ever considered selling your home and either buying something bigger or moving out of state, now is definitely the time! I have five buyers actively looking for homes all round Denver down to Colorado Springs, and we are having quite a hard time! Properties are flying off the market and getting bid up way more than they are worth. This causes problems not only for buyers, but also for the sellers when they have to deal with being inundated by buyers and real estate agents and then figuring out what to do when their house does not appraise for the agreed purchase price. I just attended a great class about how to “help” the appraiser so that all parties to the transaction can move forward confidently.
When working with my buyers, I have several strategies to help them get their offer accepted over competing offers. Working with sellers, I help ease the stress that comes with the frenzy of buyers in this market by providing a simple breakdown of the competing offers and my professional opinion backed by 10 years of experience of what the advantages and disadvantages of each offer. I prefer to work in Jefferson County as I know that area best and that is where I spend most of my time, but I have clients all the way east out to the airport and south to Colorado Springs. Please call me if you or anyone you know has talked about selling their home – I would love to meet with them, and chances are I might already have a buyer for their home (which would save them money and time!).
We had the opportunity to go out to dinner in downtown Denver for my daughter’s birthday on New Year’s Day. My daughter wanted to go to a fondue restaurant, and since her first choice (The Melting Pot) was closed on New Year’s Day we easily made reservations at La Fondue. We had seven in our party and the place was not overly crowded because it had apparently been quite the party spot the night before. All of the staff seemed to be still recovering! The food was excellent and we had a plentiful amount of Lobster and Steak for our fondue. The only thing lacking was the clearing of the dirty dishes and glasses. Overall we had a great time and will go back in the future.
674 South Youngfield Court
Come and check out this remodeled town home! This home is move in ready! The great neighborhood is quiet with great views of the mountains! This home also has it’s own detached 2-car garage and maintenance-free living! The HOA covers the water/sewer, building and grounds maintenance and removal of trash and snow! With a smaller comp right around the corner at a similar price, this one has great value!
For more information or to set up a private showing, please fill out the form below: