The Denver Metro Association of Realtors (DMAR) published their Denver Metro Real Estate Market Trends Report for February of 2017 and based on this report, things are going to get harder for home buyers.
LET’S LOOK AT SOME HIGHLIGHTS FROM MARKET INSIGHTS;
- Inventory is at historic lows, so expect to see an increase in contract contingencies for sellers finding replacement properties
- Many brokerages are building private online social groups for their brokers to share info. About listings coming on the market
- Denver was named one of the top three cities where gentrification Is happening fast
- Metro Denver population is projected to increase by 56,000 in 2017
- 2017 represents a new record-low for January with 3,989 listings beating 2015’s 4,171
“LOW HOUSING INVENTORY HAS BEEN A KEY DRIVER FOR OVER TWO YEARS,
AND I DON’T SEE THAT CHANGING ANYTIME SOON.”
STEVE DANYLIW, CHAIRMAN OF THE DMAR MARKET TRENDS COMMITTEE
Okay – now you have some facts and a market report to read. What does this mean to you? If you are a home buyer looking in one of the more desirable neighborhoods like Stapleton, Bluff Lake, or Beeler Park in the Metro Denver area; well, it is going to be hard to find a home. So, you need to be prepared.
With this market a real estate agent won’t even show you a home without your pre-approved mortgage letter. So, step #1, get yourself pre-approved – TODAY! Next find a great realtor to help you navigate this market. If you need help finding a great realtor, I can help, just email me for a recommendation.
If you are a seller, luck you! Contract with a great local realtor and they will walk you through it.
ARE YOU A REALTOR? I CAN HELP. LENDERS ARE GOING TO BE UNDER IMMENSE PRESSURE TO GET CLOSINGS DONE ON TIME, AND GET YOUR CLIENTS PRE-APPROVED. YOU NEED A MORTGAGE BROKER WITH LOCAL EXPERIENCE, WHO KNOWS THE MARKET.
Owner, Lending Maven Mortgage
Colorado native and Stapleton resident