A couple of months ago I described how the inventory of homes on the market was at a 14-year low, much to the surprise of most of my clients. Ask around, everyone thinks it’s still a buyer’s market. But it’s not! As inventories continue to fall, homes in move-in condition, especially under $300k are selling at a premium. You know this already if you’re out looking to buy one of these properties. I’m seeing multiple offers and bidding wars on my listings, and most of my buyers are shocked that they often have to bid more than list price to get the home they want. While there were 17,000 houses and condos on the market in metro Denver in October, now we’re down to just 14,000.
As I said a few months ago, about half of them are distressed – either shortsales or bank-owned properties. Most distressed properties have problems – and most home buyers don’t want to buy a beat-up bank-owned property or go through the frustration of trying to get a shortsale under contract. Though the problems and hassles with distressed homes are usually fixable, most buyers aren’t looking to buy a project or wait forever to close on it. They’re just looking to buy and move into their next home. Consequently, of the 14,000 properties currently on the market, only about 7,000 are non-distressed sales. And, of these properties only a fraction are fixed up and move-in ready. There just aren’t enough of them out there so well-kept properties are moving fast.
So remember, if you’re thinking about selling give me a call and let’s discuss your options. It’s likely the market for your home is better than you think.