"The Denver Metro real estate market remains
strong as it continues to march towards a record setting year in total
sales volume. More and more sellers are contemplating whether to list
their property now or wait for a more balanced market, with promising
prospects of finding a replacement home. At this point, it’s critical, for
sellers to honestly ask themselves: "what am I actually waiting for?”
Simply hoping for prices to increase can be a double-edge sword. When they
sell at the peak of the market they'll likely end up buying at the peak as
well, so it becomes a relative point.
Both sellers and buyers are influenced by
the incessant media buzz about Denver's "hot" real estate market,
including stories of multiple offers, lack of inventory, lack of move-up
possibility, etc. In my opinion,
the Denver market is still strong and sellers need to note that homes that
are priced right and show well, sell quickly (sometimes even within days).
Also, buyers should be reminded that they should be patient with, quite
possibly, the biggest transaction of their life. It’s high time to feel
inspired by the potential that Denver holds, as one of the fastest growing
cities and economies in the country.
A big challenge for REALTORS® is to manage
seller’s expectations by providing creative and effective ways to
list/sell their property, while simultaneously putting the seller in a
good position to become a strong contingent buyer. In order to facilitate
a smooth transition into a replacement home, it's ideal for sellers to
have backup offers in place on their current home, in case the first buyer
drops out. Open communication between the listing agent, selling agent,
and mortgage lender is vital to holding these types of "domino"
transactions together. There's a feeling among the DMAR membership
that prices will begin to stabilize as a result of gradual increase in
inventory returns to the market. We hope to see a healthier and more
balanced market for the rest of the year and in 2015."
- Anthony Rael, Chairman - Denver Metro
Association of REALTORS Market Trends Committee