Know the current market trend report in the Denver Metro Area housing market. This summary also provides an updated inventory on the market that will help consumers plan their transactions.
A Colorado KHOW Real Estate Consumer Radio Show by Denver host Barry Miller and Consumer advocate Larry Stanley reports a slow down of Denver Metro Area's housing market. The host added that the holiday season and the increase in mortgage interest rates are the two main reasons why there's a slow down.
The whole summary of the October 27, 2018, Barry and Larry Radio Show may be found here: http://buyeragentsearch.com/metro-denvers-housing-market-cooling-down/
Despite the slow down, the hosts of the show still encourage buyers to continue with the buying process and the sellers to continue making plans on selling their homes. Waiting for the mortgage interest rates to drop down is not a good idea because rates may never go down. The consumers should work with mortgages lenders who will help them adjust their plans to these higher mortgages rate and hire best real estate agents that can stir them through these changing times.
The summary also includes an inventory update on the Denver Metro area housing market. Based on the report, the active listings of a detached home in the market last week held the same this week with 5,542 active listings. However, for the number of active buyers who have put properties under contract had a big drop off from 800-900 in the last two years, to 600-650 this year. With this drop off in the number of buyers, the days of inventory of the houses is now taking longer with 60-65 days compared to the past two years where it only took 40-45 days before a house can be sold once placed in the market.
As per Zillow, Denver home values have gone up 7.6% over the past year and it is predicted that they will rise 5.7% within the next year. From $375,000 two years ago; to approximately $410,000 last year; to $440,000 this year.
In this time of the year, where the slowdown complicates the home buying and selling process, it is extremely important for the consumers to hire agents that will help them cope up with these changes. Consumers can always get recommendations from the "SmartHomeSearch" program, headed by Kathleen Chiras. Chiras maintains a network of highly trained and experienced real estate agents that cater consumer's needs. The agents from the SmartHomeSearch network are always updated on the market trends as well, and they've been helping consumers fulfill their "American Dream" for over 20 years now.
The host of the show also mentioned the qualities that best agents should possess to handle these kinds of complicated situations. Top agents will show care for the consumer's interests above their own and will know the know the law of agency and fiduciary responsibilities. Colorado exclusive buyer agents who have 100% loyalty to buyers and never have a conflict of interest with in-company listings are also provided free of charge at Colorado association website that is managed by Skyfor: HomeBuyersColorado.org.
The comforts of the home inspection for both buyers and sellers are also discussed in the summary.
