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Denver Real Estate Market Update August 2013

Denver Real Estate Market Update August 2013

Market Metrics:

By the numbers:

-          The inventory of available homes for sale is 10,025 homes at July month end

-          7,268 homes came onto the market

-          7,406 homes were placed under contract

-          6,104 homes closed for a closed dollar volume of $1.9 Billion 

July is the transition month of the summer season.  School has either started in early August or will start within days or weeks.  Where has the summer vacation gone?

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 8,286 homes at month end         

Sold homes is 4,857                                                   

Average Days on Market is 37                                  

Median Sold Price is $286,500                                  

Average Sold Price is $346,254                                   

Condos:

Active Inventory is 1,739 homes

Sold homes is 1,247

Average Days on Market is 37

Median Sold Price is $161,000

Median Sold Price is $161,000

 

July Year-to-Date Market Recap (2013 versus 2012):

Single Family:                                                           

Active Inventory 8,286 versus 9,087 (↓9%)              

Sold Units 25,827 versus 21,341 (↑21%)                  

Median Price $275,000 vs $249,000 (↑10%)             

Average Price $331,780 vs $300,658 (↑10%)

Sales Volume $8.5B versus $6.4B (↑34%)                

Days on Market 55 versus 84 (↓35%)                        

 

Condos:

Active Inventory 1,739 versus 1,740 (↔)

Sold Units 6,475 versus 5,137 (↑26%)

Median Price $158,500 vs $137,500 (↑15%)

Average Price $194,064 vs $174,299(↑11%)

Sales Volume $1.2B versus $895M (↑40%)

Days on Market 51 versus 86 (↓41%)

 

Market Facts:

The Denver home market continues to grow and remains strong.

Home ownership continues to be high on the lifestyle preference list of the consumers.

-          Overall, the Denver home market has a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 2.39 month supply and Condos have a 1.99 month supply.

 

Advice to Sellers:

The Real Estate market continues changing.  July is a transition month and the summer season is moving into a new phase.  School has started which removes some buyers from the market; but, strong buyer demand continues.  With that being said, homes available for sale remain on the market a shorter time period (days on market is decreasing).

The 7 steps in the home selling process are: plan and prepare, obtain the services of a Realtor®, determine the price, market the home, sell the home, complete the closing, and finally move out of the home.  In the plan and prepare step, the home owner should do everything to maximize the home’s appeal and the buyer demand.  The determine the price step will cause the home owner to become familiar with the competition and the market value of the home.

Will your home create that lasting impression?  Are you current on the preventative maintenance items needed for your home?  Have you de-cluttered your home?  To maximize the selling price, have you done recent upgrades?

While the Denver home market continues to be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home.   

 

Advice to Buyers:

Overall, more homes are available for sale today than at any time this year.  Strong buyer demand continues and interest rates are rising.  School is in session, which takes some buyers out of the market.  Once you have made your decision, start the process to home buying success.

Know what you want in a home, where you want to live, and what price range you can afford.  Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home.  Be prepared and manage your expectations.

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Denver Real Estate Market Update July 2013

Denver Real Estate Market Update July 2013

By the numbers, the inventory of available homes for sale is:

-          9,187 homes at June month end

-          7,645 homes came onto the market

-          7,420 homes were placed under contract

-          5,566 homes closed for a closed dollar volume of $1.77 Billion.

June traditionally starts slow and then proceeds to finish strong.  Home prices and mortgage interest rates are rising!

Monthly Market Recap:

Single Family:                                                           
- Active Inventory is 7,558 homes at month end         

- Sold homes is 4,433                                                   

- Average Days on Market is 43                                  

- Median Sold Price is $290,000                                  
- Average Sold Price is $349,339                                 

Condos:

- Active Inventory is 1,629 homes
- Sold homes is 1,133
- Average Days on Market is 43
- Median Sold Price is $164,950
- Average Sold Price is $198,040

June Year-to-Date Market Recap (2013 versus 2012):

Single Family:                                                           

- Active Inventory 7,558 versus 9,074 (↓17%)            

- Sold Units 20,970 versus 17,628 (↑19%)                  
- Median Price $275,000 vs $245,500 (↑12%)             

- Average Price $328,427 vs $298,075 (↑10%)

- Sales Volume $6.9B versus $5.3B (↑31%)                

- Days on Market 59 versus 89 (↓34%)                        

Condos:

- Active Inventory 1,629 versus 1,851 (↓12%)
- Sold Units 5,228 versus 4,232 (↑24%)
- Median Price $157,900 vs $134,957 (↑17%)
- Average Price $191,744 vs $170,799(↑12%)
- Sales Volume $1.0B versus $723M (↑39%)
- Days on Market 55 versus 89 (↓38%)

 Market Facts:

-        The inventory of homes available for sale continues to increase for the third consecutive month.

-          Buyer demand remains strong even though interest rates are increasing.

-          Overall, the Denver home market has a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 2.24 month supply and Condos have a 1.93 month supply.

Advice to Sellers:

The Real Estate market is healthier than it has been in years and it is continually changing.  Is now the right time for you to sell your home?

Two questions – First, if you decide to sell your home, is your home ready for the current market such that you will maximize top market value?  Second, if you decide to sell your home, what will you do once the home is sold?

A seller’s home is unique and each and every prospective home buyer is unique.  With that being said, as a seller, have you done everything needed to prepare your home for being on the market and selling during this prime season?

Will your home create that lasting impression?  Are you current on the preventative maintenance items needed for your home?  Have you de-cluttered your home?  To maximize the selling price, have you done recent upgrades?

While the Denver home market can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home.  Real Estate is local, contact your RE/MAX Professional to discuss the options available to you.

Advice to Buyers:

Home Buyer, what should you do?  That is the question of the day.  Should you participate and move forward to purchase a home or should you wait until a later date?  Is now the right time for you to become a homeowner?  What is and what will be the impact of rising interest rates?

Know what you want in a home, where you want to live, and what price range you can afford.

Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home.  Be prepared and manage your expectations.

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Denver Real Estate Market Update June 2013

Market Metrics:

By the numbers, the inventory of available homes for sale is:

- 8,214 homes at May month end
- 8,093 homes came onto the market
- 7,252 homes were placed under contract
- 5,665 homes closed for a closed dollar volume of $1.7 Billion. 

School is out and the traditional prime home selling and home buying season is in full swing.

Monthly Market Recap:
Single Family:    
Active Inventory is 6,738 homes at month end
Sold homes is 4,540    
Average Days on Market is 49  
Median Sold Price is $280,000  
Average Sold Price is $335,776  

Condos:
Active Inventory is 1,476 homes
Sold homes is 1,125
Average Days on Market is 46
Median Sold Price is $163,000
Average Sold Price is $198,612
May Year-to-Date Market Recap (2013 versus 2012):

Single Family:    
Active Inventory 6,738 versus 8,705 (↓23%) 
Sold Units 16,537 versus 13,647 (↑21%) 
Median Price $270,000 vs $240,000 (↑13%) 
Average Price $322,821 vs $290,368 (↑11%)
Sales Volume $5.3B versus $3.9B (↑35%) 
Days on Market 64 versus 94 (↓32%)  

Condos:
Active Inventory 1,476 versus 1,886 (↓22%)
Sold Units 4,095 versus 3,309 (↑24%)
Median Price $155,000 vs $131,500 (↑18%)
Average Price $190,002 vs $167,793(↑13%)
Sales Volume $778M versus $555M (↑40%)
Days on Market 58 versus 94 (↓38%)

Market Facts:
- The inventory of homes available for sale increased in May by 1,269 homes which is a benefit to the entire Denver resale home market.
- Buyer demand continues as well as multiple offers that are becoming more creative every day.
- Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate. 
- Single Family Residential homes have a 2.02 month supply and Condos have a 1.79 month supply.

Advice to Sellers:

School is out and the traditional prime home selling and home buying season is in full swing.  While there are more homes available for sale at May month end than previously throughout the year, a seller needs to be prepared for the Denver home market.

A seller’s home is unique and each and every prospective home buyer is unique.  With that being said, as a seller, have you done everything needed to prepare your home for being on the market and selling during this prime season?

Will your home create that lasting impression?  Are you current on the preventative maintenance items needed for your home?  Have you de-cluttered your home?  To maximize the selling price, have you done recent upgrades?  Since selling a home is not an everyday activity, a seller needs to look to a professional for assistance for these and other questions.

Advice to Buyers:

School is out and the traditional prime home selling and home buying season is in full swing.  While there are more homes available for sale at May month end, other factors have an impact on the market.  Interest rates are rising and new mortgage guidelines have been implemented.

Know what you want in a home, where you want to live, and what price range you can afford.
Complete the pre-qualification process so you know the price range that you qualify for when you are purchasing a home.  Be prepared for the speed of the market and manage your expectations in order to timely participate in the Denver home buying market.

Top-selling RE/MAX agent has rooftop view of South I-25's

luxury-home market recovery

If anybody can speak with authority on how fast Colorado’s market for luxury homes is recovering, it’s Michael Kozlowski, the top-selling agent of powerhouse brokerage RE/MAX Professionals, not only this year but for each year since 2010, when the market hit its recession low.

"Absolutely everything in the luxury market from Greenwood Village south to Castle Pines has become strong this spring," says Kozlowski, who specializes in neighborhoods flanking I-25 in Greenwood Village, Highlands Ranch, Lone Tree and Douglas County.

That wasn’t true even last year, Kozlowski adds. In 2012, as the Mile High market was showing signs of coming back from the 2007–2009 downturn, the strength was limited to homes priced below $400,000. Now Kozlowski looks out from the deck of a home he has on the market in Lone Tree’s gated Heritage Estates at an entirely different scene. "Even some homes above a million dollars are seeing multiple offers now," he adds, noting that the South market has seen those on properties even into the $2 million range the past few months.

The Lone Tree home at 8651 Sawgrass Drive, residence of venerable Colorado Avalanche forward Milan Hejduk, has a view across Lone Tree — epicenter of the recovering luxury market along south I-25 and is priced at $2.29 million.

"Lone Tree has become super-hot this year," Kozlowski says. "This is an area that was set to take off in 2008; but now it’s five years later, and you’re seeing all of those same expectations being fulfilled." In areas east of Heritage Estates and its pristine Lone Tree Golf Club, Kozlowski adds, builders are suddenly seeing rapid sellout of enclaves that had been priced in the $300s to $500s range, now hitting the $600s and $700s. Nearby, financial services giant Charles Schwab is building a $230 million campus expected to bring 2,200 jobs.

Homes in the million-dollar-and-up range, even in Lone Tree, spent long periods on the market as late as last year. Kozlowski has already seen a listing up the street from Hejduk’s home sell for a reported $2.45 million. In his own stable of listings, he notes, almost every home listed below $800,000 is under contract and his average days-on-market has fallen to around four.

That’s good news for Castle Pines Village, the gated community wrapping exclusive Castle Pines Golf Club a few miles down the freeway. "This is an area where you could find loads of greatly underpriced homes last year," Kozlowski adds. "Now those are disappearing fast." He has a walkout ranch at $2.195 million — around 6,700 finished square feet, plus four-car carriage-styled garage and pool, with a view of the back ranges. Up the street, another home has gone under contract at $2 million.

"Both Castle Pines and Heritage Estates are very protected areas with superb security and terrific amenities, where you really can’t build any more homes," Kozlowski says. "Homes at these prices are becoming a thing of the past."

Kozlowski, who serves from RE/MAX Professionals’ DTC office near I-25 at Dry Creek Road, can show either home by appointment. Call 303-949-2755 or see his team website at Team-Koz.com. RE/MAX Professionals, with other offices in Highlands Ranch, Cherry Creek, downtown/Highlands, Lakewood, south Jefferson County and Castle Pines, is at HomeByThePros.com.

 

 

 

Denver Real Estate Market Update May 2013

Market Metrics:

By the numbers, the inventory of available homes for sale is:

-          6,945 homes at April month end

-          6,892 homes came onto the market

-          6,855 homes were placed under contract

-          4,714 homes closed for a closed dollar volume of $1.4 Billion. 

Prices are up 5% in the Denver Metro area from last month, 12% from this time last year, putting the average home prices at levels not seen since their 2006 peak.

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 5,662 homes at month end         

Sold homes is 3,798                                                   

Average Days on Market is 56                                  

Median Sold Price is $280,000                                  

Average Sold Price is $336,123                                 

 

Condos:

Active Inventory is 1,283 homes

Sold homes is 916

Average Days on Market is 52

Median Sold Price is $163,500

Average Sold Price is $196,966

 

April Year-to-Date Market Recap (2013 versus 2012):

Single Family:                                                           

Active Inventory 5,662 versus 8,353 (↓32%)                       

Sold Units 11,997 versus 9,879 (↑21%)                   

Median Price $266,000 vs $233,000 (↑14%)            

Average Price $317,919 vs $283,682 (↑12%)           

Sales Volume $3.8B versus $2.8B (↑36%)               

Days on Market 69 versus 100 (↓31%)                     

Condos:

Active Inventory 1,283 versus 1,901 (↓33%)

Sold Units 2,970 versus 2,452 (↑21%)

Median Price $152,000 vs $128,000 (↑19%)

Average Price $186,740 vs $163,787(↑14%)

Sales Volume $554M versus $402M (↑38%)

Days on Market 62 versus 98 (↓37%)

March Market Facts:

Over 50% of the homes available for sale were on the market less than seven (7) days.

After nine months of inventory decline, the inventory of homes available for sale increased 4%.

Multiple offers are now the norm in some price ranges and on occasion lead to bidding wars.

Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 1.73 month supply and Condos have a 1.59 month supply.

Advice to Sellers:

Current media headlines proclaim “Denver Home Prices Soar As Buyers Battle It Out In Bidding Wars”.  What does this mean to you as a seller?

The Denver home market is experiencing a speed in the market that has never been experienced.  Homes are coming onto the market and within days are under contract.  In the short period of time while the home is available for sale, it is not uncommon for the property to have multiple showings resulting in multiple offers.

In today’s market, here are some questions that a seller should be prepared to answer

-          What is my home worth?

-          What is the impact of multiple offers?

-          What are creative offers?

-          How do I evaluate multiple offers?

 Each and every one of the above questions needs to be answered.  Since selling a home is not an everyday activity, a seller needs to look to a professional for assistance.

The overall advice to sellers is the same as to buyers.  Research your priorities, know your objectives, be prepared, and manage your expectations in this market.

While the Denver home market can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home.   

Advice to Buyers:

Know what you want in a home, where you want to live, and what price range you can afford.

Be prepared for the speed of the market with low inventory and multiple offers.

Manage your expectations in order to timely participate in the home buying market.

 

 

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Denver Real Estate Market Update April 2013

 

GREATER METROPOLITAN DENVER MARKET UPDATE

APRIL, 2013

 

Market Metrics:

By the numbers:

-          The inventory of available homes for sale is 6,682 homes at March month end

-          5,836 homes came onto the market

-          5,976 homes were placed under contract

-          4,333 homes closed for a closed dollar volume of $1.28 Billion.   

The prime home selling and home buying season is here and the most recent market metrics shows the results.

Monthly Market Recap:

Single Family:                                                           
Active Inventory is 5,445 homes at month end         

Sold homes is 3,493                                                   

Average Days on Market is 68                                  

Median Sold Price is $268,200                                  

Average Sold Price is $319,366                                 

 

Condos:

Active Inventory is 1,237 homes

Sold homes is 840

Average Days on Market is 61

Median Sold Price is $154,000

Average Sold Price is $195,377

 

March Year-to-Date Market Recap (2013 versus 2012):

Single Family:                                                           

Active Inventory 5,445 versus 8,303 (↓34%)            

Sold Units 8,199 versus 6,746 (↑22%)                      

Median Price $260,000 vs $225,000 (↑16%)             

Average Price $309,486 vs $276,702 (↑12%)

Sales Volume $2.5B versus $1.9B (↑36%)                

Days on Market 75 versus 105 (↓29%)                      

 

Condos:

Active Inventory 1,237 versus 2,022 (↓39%)

Sold Units 2,054 versus 1,694 (↑21%)

Median Price $148,050 vs $120,000 (↑23%)

Average Price $182,180 vs $157,324(↑16%)

Sales Volume $374M versus $267M (↑37%)

Days on Market 67 versus 101 (↓34%)

March Market Facts:

March was a great month for the Greater Denver Metro area resale home market. For the ninth month, the inventory of homes available for sale declined. Buyer demand continues and multiple offers are now the norm.

Overall, the Denver home market has less than a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 1.69 month supply and Condos have a 1.56 month supply.

Advice to Sellers:

The prime home selling season is here and overall Denver is experiencing a “sellers market” due to the low levels of homes available for sale, limited availability of new home construction, low interest rates, and high home buyer demand.

Let’s take a look at the question - Is now the right time to sell my home?

This is a very personal question that needs to be researched, reviewed, and thought through.

The Denver home market is experiencing historic low levels of homes available for sale.  Some of the reasons can be identified as seller hesitancy, some can be identified as a lack of understanding as to the homeowner’s equity, and some can be noted as the future looks brighter than today.  Additionally, let’s consider the fact that prospective home seller’s know that more than likely they will sell their home quickly and they may not have someplace else to live.  Alternative living arrangements is an item that needs to be thought about prior to selling the home.

The overall advice to sellers is the same as to buyers.  Research your priorities, know your objectives, be prepared, and manage your expectations in this market.

While the Denver home market can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home.  

Advice to Buyers:

Know what you want in a home, where you want to live, and what price range you can afford.

Be prepared for the speed of the market with low inventory and multiple offers.

Manage your expectations in order to timely participate in the home buying market.

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Denver Real Estate Market Update March 2013

GREATER METROPOLITAN DENVER MARKET UPDATE

MARCH, 2013

 

 

Market Metrics:

 

By the numbers, the inventory of available homes for sale is:

-          6,786 homes at February month end

-          4,675 homes came onto the market

-          5,033 homes were placed under contract

-          2,967 homes closed for a closed dollar volume of $820 Million. 

 

The spring home selling market started early this year with the lowest month end inventory recorded this February month end.

 

Monthly Market Recap:

 

Single Family:                                                           
Active Inventory is 5,541 homes at month end         

Sold homes is 2,363                                                   

Average Days on Market is 81                                  

Median Sold Price is $255,000                                  

Average Sold Price is $302,475                                 

 

Condos:

Active Inventory is 1,245 homes

Sold homes is 604

Average Days on Market is 73

Median Sold Price is $143,750

Average Sold Price is $175,351

 

February Year-to-Date Market Recap (2013 versus 2012):

 

Single Family:                                                           

Active Inventory 5,541 versus 8,082 (↓31%)            

Sold Units 4,706 versus 3,971 (↑19%)                      

Median Price $252,500 vs $219,900 (↑15%)             

Average Price $302,152 vs $271,577 (↑11%)

Sales Volume $1.4B versus $1.1B (↑32%)                

Days on Market 81 versus 105 (↓23%)                      

 

 

Condos:

Active Inventory 1,245 versus 2,004 (↓38%)

Sold Units 1,214 versus 994 (↑22%)

Median Price $141,750 vs $118,000 (↑20%)

Average Price $173,049 vs $154,137(↑12%)

Sales Volume $210M versus $143M (↑37%)

Sales Volume $210M versus $143M (↑37%)

Days on Market 72 versus 104 (↓31%)

 

February Market Facts:

 

At February month end, the inventory of homes available on the market @ 6,786 homes reached yet another new low since January, 1985.  With this in mind, the Month’s Supply of Inventory is 1.75 months for Single Family and 1.60 months for Condos.  Month’s Supply of Inventory is calculated by taking the last twelve months homes sold numbers and calculating an average.  This number is then divided into the month end inventory to produce the Month’s Supply of Inventory.

 

Advice to Sellers:

 

The Denver market is in the midst of the spring home selling market and overall, Denver is experiencing a seller’s market.

 

Looking to sell your home now?  What do you need to know?  Well, let’s begin with the basics.

 

Below are some questions that you need to ask yourself:

 

-          What is my home worth?

-          How does my home compare to the competition?

-          Do I have enough equity in my home to sell it today?

-          Is now the right time to sell my home?

-          What are Buyers looking for?

-          What does first impression mean?

-          What do I need to do to make my home marketable?

-          Should I invest in remodeling?

-          Will my home sell?

-          If my home sells, what are my next steps?

 

Buyer demand continues and the inventory of homes available for sale is at an all time low.  While this can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home

 

Advice to Buyers:

 

Be an informed buyer.  Know what you want.  In this sellers market, each and every home is unique which suggests professional assistance in buying a home.

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Denver Real Estate Market Update February 2013

GREATER METROPOLITAN DENVER MARKET UPDATE

FEBRUARY, 2013

 

Market Metrics:

 

By the numbers, the inventory of available homes for sale is:

 

-          7,094 homes at January month end

-          4,383 homes came onto the market

-          4,431 homes were placed under contract

-          2,953 homes closed for a closed dollar volume of $811 Million. 

 

For all appearance purposes, the Denver home market continues to show its strength as new records were set this month.

 

Monthly Market Recap:

 

Single Family:                                                           
Active Inventory is 5,834 homes at month end         

Sold homes is 2,343                                                   

Average Days on Market is 80                                  

Median Sold Price is $250,000                                  

Average Sold Price is $301,827                                 

 

Condos:

Active Inventory is 1,260 homes

Sold homes is 610

Average Days on Market is 70

Median Sold Price is $140,050

Average Sold Price is $170,769

 

January Year-to-Date Market Recap (2013 versus 2012):

 

Single Family:                                                           

Active Inventory 5,834 versus 8,356 (↓30%)                       

Sold Units 2,343 versus 1,993 (↑18%)                     

Median Price $250,000 vs $218,855 (↑14%)            

Average Price $301,827 vs $272,328 (↑11%)           

Sales Volume $707M versus $543M (↑30%)            

Days on Market 80 versus 103 (↓22%)                     

 

 

Active Inventory 1,260 versus 2,087 (↓40%)

Sold Units 610 versus 477 (↑28%)

Median Price $140,050 vs $113,000 (↑24%)

Average Price $170,769 vs $146,544(↑17%)

Sales Volume $104M versus $70M (↑49%)

Days on Market 70 versus 108 (↓35%)

 

January Market Facts:

 

At January month end, the inventory of homes available on the market @ 7,094 homes reached a new low since January, 1990.  With this in mind, the Month’s Supply of Inventory is 1.87 months for Single Family and 1.63 months for Condos.  Month’s Supply of Inventory is calculated by taking the last twelve months homes sold numbers and calculating an average.  This number is then divided into the month end inventory to produce the Month’s Supply of Inventory.

 

Advice to Sellers:

 

The first impression counts.  With that being said, curb appeal is important in order to attract buyers.  Consider exterior improvement projects that will win the buyer’s eye and provide you the seller with a greater return on your investment.

 

When looking at home improvement projects that will help you the seller sale your home, following is a list of the top projects that provide a greater return on the investment:  replacement steel entry door, garage door replacement, kitchen remodel (either minor or major), basement remodel, and roofing replacement.  Home improvements can increase the home’s value.

 

Women are a big part of the housing market and a recent survey indicates that women want big closets, a great kitchen, a great location, a comfortable place in the home for socializing, low maintenance, and a two car garage.

 

Buyer demand continues and the inventory of homes available for sale is at an all time low.  While this can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home.

 

Advice to Buyers:

 

It has been said before and it needs to be said again, be prepared.  The inventory of available homes is the lowest it has been since 1990 and buyer demand remains strong and constant.

 

Determine what you want and your priorities.  Run the numbers and put together a financial plan.  Mortgage interest rates remain low; but, loan qualification requirements have not changed.  Talk to a mortgage loan originator to learn what you can qualify for.  Determine where you want to live, your lifestyle preferences, and your home preferences.  Be an informed buyer.

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