The housing crises in the Denver Metro Area is but a mere memory to most of us. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) are almost non-existent now. 2017 promises to be a very big year..... if we can help in one way.
There is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.
Here are the thoughts of a few industry experts on the subject:
“Total housing inventory at the end of December dropped 10.8%...which is the lowest level since NAR began tracking the supply of all housing types in 1999. Inventory has fallen year-over-year for 19 straight months and is at a 3.6-month supply at the current sales pace.”
In Colorado, we are at a very dangerous 1 month of inventory. A normalized market is 5-6 months of inventory.
“More than two-thirds of the markets are seeing less inventory now compared to a year ago.”
“The dismal number of listings in the affordable price range is squeezing prospective first-time buyers the most. As a result, young households are missing out on the wealth gains most homeowners have accrued from the 41% cumulative rise in existing home prices since 2011.”
“The lack of affordable supply is really driving up home prices.”
“Tight housing inventory remains a constraining factor limiting stronger sales growth…
We expect further price growth to entice more homeowners to list their homes, particularly as existing homeowners have greater equity.”
If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.
The AdenBell Group is here to walk you through the sale process and to help you, in this time, to find your perfect home. Michael and David are experts and selling your home and have a proven process that brings their clients top dollar. Take a look at a preliminary market value for your home here and then give David and Michael a call to schedule a tour of your home and they can work with you to plan out a calendar that is comfortable to you for selling your home!