Signs that the Real Estate Market is Turning Around!
Reasons You May See
Greener Pastures Ahead!
As I have been working with several home buyers this Spring, showing homes and writing offers continuously, the reality of today’s market becomes more apparent. Many people only hear the negative news reports about the economy from the newspaper or the television. Although there is a large picture of the economy forecast, each town or city’s market can vary. People ought to have a clear vision of their own market, and to keep you informed, I have recently seen quite a frenzy of buyer showings and offers in our big city!
Spring is usually a busy time for Realtors, and it continues to hold true this year! Every day I enjoy being busy and hard at work (but never too busy to put together this newsletter every month for my special clients! I’m also never too busy for your business or your referrals).
The last few months, I have noticed something interesting when showing homes to clients. It seems as though many clients are choosing to visit homes that have just barely gone under contract or have already been given offers! Often I will be showing a home, when we run into another showing of the same home at the exact same time! You see these home shoppers everywhere lately.
There are actually lot buyers out there. They may be looking for that low, good deal, but isn’t that always true, in any case? Most buyers today aren’t just out there to look; they are out there to buy.
To prove this point most of the time when we finally found the home they wanted to write a contract on invariably there were already multiple offers on the property. It was exciting and frustrating at the same time. It has even got to the point were we would write two or three offers on different properties till we finally landed one!
If this positive pace can continue, we will begin to see inventories decline, and then, in varying areas, we will see property values increase. It will not happen overnight, but it will happen. The Denver Metro area has recently seen the bottom of a declining market in my estimation. Most of this “frenzy” of activity is still under $280,000.
The property markets above $300,000 continue to see longer periods of time on the market. But eventually, when sellers are ready to move into larger homes, the higher-priced homes will start to sell at a more rapid pace. And like a domino effect, the even highest-priced homes will eventually see better times too.
You might be thinking, OK Jim, when exactly do you honestly think this will happen? No one knows for sure, but I personally predict that we will see some comfortable home value improvements by Spring 2010. In reality, those two years can go by very quickly.
With all of that said, what I am highly suggesting to you this, if you have been considering moving or purchasing an investment home, now is the time to do it. If you are happy where you are, then you ought to stay. But if you or someone you know has been on the verge of making a move, I want to emphasize my suggestion that now is the right time to make your move!
In fact, by the time the market actually does turn around, you or your friends and family will not want to pay more for a home you plan on purchasing. If you are ready, I am here for you or them to help determine the best way to immediately start the process.
Let me remind you to ignore the negative media. Denver and much of the state of Colorado are starting to see some improvement relative to the rest of the country. In fact, Grand Junction ’s real estate market is on fire! The Arvada zip code 80007 has also seen a substantial increase in value over the last 12 months. In this Arvada area, they have a beautiful new development of homes being built on the side of a mountain, and people are snatching them up! I believe many people are tired of holding out and are ready to move on with their plans and buy in nice areas like this.
What kind of real estate market have you seen in your neighborhood? Do you know someone who is ready to make the move? Are you ready to make yours? Where do you stand?
I would be more than willing to do some market research for you if you are at all interested in seeing what is out there. Over the phone I can tell you how many sales have recently succeeded in your area and for what price. I can also give you a ball park price quote for your own home over the phone. And if you want an even more accurate representation, I would be more than happy to visit your home and present my 30/60/90-day home pricing strategy. My initial consultations are free.
The same advice applies to you or anyone you know who will soon be purchasing their very first home! Perhaps your children or grandchildren are almost ready to purchase their first home. Hopefully you will share this information and advice with them! In fact, I have been working closely with a fantastic loan originator who might be of assistance to them as well. Please contact me and we can get the ball rolling.
I look forward to hearing from you!
