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Mar 09, 2012

March 2012 Denver Housing Report

After a 20% drop in home sales in January, Denver's housing market has already stopped its brief tumble. We saw fewer home sales than hoped for since the beginning of the New Year, but that was not because of a lack of demand. There has actually been a lot of showing activity and robust interest coming from home shoppers, despite the numbers. Closed transactions year-to-date appears to be attributable to nothing other than 'slim pickings' within the market.

As I write this however, both the level of new inventory and sales transactions is changing rapidly. Already during the month of March we've seen both new listings and sales increase by a large margin, even though the official figures are not yet published. This years' home shoppers are expected to be out in droves with the low prevailing interest rates keeping them engaged. If you're planning to buy a home soon, it’s now more important than ever to "get there first."

Although competition is keen for the best homes, many buyers who aren't overly picky will find some good choices that just need fixing-up. Financing is available that allows many to finance the cost of repairs into their mortgages. Let me show you those options.

Sellers in the upper price ranges are also seeing the return of previous homeowners, now buyers, who've gotten their financial houses in order after losing their homes to foreclosure. This move-up trend is expected to continue, with more of these buyers being able to re-enter the marketplace to take advantage of current prices and rates. I predict that over the short term, the abundance of choices that home shoppers in the upper prices ranges have had, will soon begin to dwindle.

Denver's economy and housing market is faIring better than most. Stay tuned as another update will be posted in the next few weeks. Come back and visit soon!

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