Market Update February 2021

By Hope Stafford - February 15, 2021

Denver Metro Market Update!

You have been hearing that our market is CRAZY, right? Well, it is, but this is good news if you are planning on selling and buying.

Our average percent of List Price to Close price is 100%.

This is a very strong seller's market because we have such low inventory and so many buyers who are able to buy. This is because interest rates are at record lows. This is good news for buyers! It is more affordable than ever to buy a home, even with prices being high because the rates counter that.

This market snapshot shows you that there are only 615 new listings for sale, while 1445 have gone under contract, and 999 have sold. We are selling much faster than the inventory can keep up with.

A few key takeaways though:
The close price to list price ratio is 100% which means that though a lot of houses sell for the asking price or above, not all houses do. It is important to know that the majority of desirable houses are 3-4 bedrooms and 2-4 bathrooms, and the price point that is most desirable is the 300-500 range. If your house does not fall into those categories, it may not have the same likelihood of multiple offers and going under contract quickly. It still could, it is just more likely within those criteria.

If you are a buyer, make sure you chose a Realtor (ME) who has strong negotiation tactics, a good ability to build relationships with other agents, and a superb ability to write clean offers. Also, have patience. You may not get your first or second or even third home you put an offer on, but once you do, because you took advantage of the low rates, you will be so happy over the 30 years of your loan.

If you are a seller, make sure your Realtor (ME) goes over the comparable so you know you are pricing your house either low, or just right, and not high. This increases your likelihood of getting multiple offers. Also make sure if you do get multiple offers, that you review all the terms. People are waiving inspections and appraisals, only to pull out of the offer when the loan falls through. Make sure your agent (ME) contacts the lender to verify they are reputable and the buyer has good fiancing.

Please reach out to me with more questions or if you are considering buying or selling!

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