Is it time to move up or move on? We never dreamed that interest rates would reach 4.50% for qualified buyers with secure jobs and a good down payment. This is an historic opportunity for families to take advantage of a combination of low housing prices and low interest rates. In a few years, buyers who have had the foresight to take advantage of these current market conditions, will reflect their “brilliant” decision back in 2010 to invest in a Denver home!
TeamCox Realtors is happy to report that our sales activity this summer is outpacing that of the past two summers. We cannot say that the economy has improved, but Denver has never marched to the same ol’ tune as the rest of the country! In fact, our Denver housing market is so good that Denver was recently named the “most improved housing market” in the country by Businessweek. The report cited a 5.8 percent increase in Denver home prices from the first quarter 2009 to the first quarter 2010, and projects a 5 percent increase in Denver home prices over the next year. It also mentioned, and it is our observation as well, that distressed sales in the Denver area have decreased.
Although sales in the Denver real estate market remain uneven, we feel prices in most areas have stabilized, and are actually appreciating in some neighborhoods. This summer, our repeat buyers represent about 50% of our transactions. Three months ago, repeat buyers accounted for only 34% of home purchases. In a more normal market, the ratio is two-thirds repeat buyers. Improvement is also seen in the average time needed to sell a home as reported by our MLS. In 2009 through May of 2009, the days on the market averaged 102. For the same time period this year, we are averaging 83 days on the market. This is a significant improvement, particularly for the homeowner who has to live with having a home on the market!
Now, more than ever, it is essential that you work with a trusted real estate advisor. In those critical areas, not many agents can compete with TeamCox! For more information, please contact us at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
If you are looking for a home in Denver and the surrounding area then contact TeamCox for professional Real Estate Assistance