It seems like every day there is a new article, blog or post about the continually improving national and local real estate markets. If the news is not about the real estate market, it is about the record-breaking low mortgage interest rates. It can sometimes be overwhelming and may seem almost surreal because of the sheer volume of the reports.
As a knowledgeable REALTOR I can tell you that the reports for the Denver metropolitan area are not exaggerated. In the past six months alone, we have experienced all-time inventory lows which have driven the market frenzy when coupled with the low interest rates. Does this mean we are currently experiencing a "seller's market?" Not necessarily. What it DOES mean is that there are fewer homes to choose from for the buyers that are actively looking and, homes that are priced right and in saleable condition are selling fast.
REALTOR® Magazine Daily News reported this week that Denver boasts a median age of inventory of only 38 days, second only to Oakland, California in which the median age of the inventory averages 21 days. As the median age of the inventory is falling, inventories of for-sale homes continue to hover at record lows too, dropping 18 percent last month compared to a year ago. CLICK HERE to read the full article.
On the other end of the market, NBC News also reported this week that the 30-year mortgage rate fell to new record lows dipping down to 3.37% last week. CLICK HERE to read the full article.
What does all of this mean? It is a good time to buy OR sell a home!
If you are interested in a no obligation market analysis of your home, or have questions about buying or selling, I would be happy to help. Please email me at firstname.lastname@example.org or call 303-880-2884.
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