Denver Real Estate Market Has Buyers But Not Enough Sellers
DENVER (CBS4) – The real estate market continues to struggle, but one positive note is that people are looking to buy. The problem real estate agents are facing is there isn’t enough inventory to satisfy the buyers.
“It’s been difficult finding a home that fits our needs,” said Dave Robertson, a father of two and a motivated home buyer.
Robertson and his children have been living in a two bedroom apartment now for 3 years and the kids will tell you they’re ready for their own rooms.
“I’ve probably put a bid on 3 or 4 different homes and as quickly as the homes hit the market, they’re gone … in about 5 days, it seems, or less.” Robertson explained.
“Under the $250,000 price range, it’s a really hot market. We’re seeing multiple offers, paying over asking price,” said Andrew Nagel, broker and co-owner of Re/Max Cherry Creek.
The latest real estate numbers show for homes priced under $500,000, inventory is down 36-percent compared to what it was this time last year. The condominium market is even more competitive, inventory is down 50 percent compared with last year.
“January, February, and the beginning of March are typically very slow real estate months, however with the interest rates so low, we have great demand,” Nagel told CBS4.
Also factor in the latest Census Bureau reports that indicate Colorado had a net gain of more than 31,000 people moving in from elsewhere in the United States last year.
“There is so little competition right now in the market place that if you’re a seller and you’d like to sell … it’s an incredible time to sell,” Nagel added.
Nagel’s advice for people who want to sell their homes: get in front of the inventory that’s coming this spring, by getting listed on the market right now.
– Written for the Web by CBS4 Special Projects Producer Libby Smith