What price range are you in?
The answer to that question will determine the market for you.
$40,000 to $325,000: The market is fairly strong. Lots of buyers. Not many good listings. It is difficult to find a good deal, but not impossible. You will need to work with a knowledgeable broker and work hard to find a deal. They are out there. Look at 50 homes and look at 150 on the net. Look a lot. Do your homework. Be patient. Lots of short sales and foreclosures.
$325,000 to $550,000: The market is not as strong as the lower price range. There are a lot of properties, not many buyers, and a lot of short sales and foreclosures. You may be the only bidder on that special house. You may be the only showing they have had in a month. Prices are soft and the sellers should be flexible to the breaking point. These are very nice homes with lots of amenities and custom features.
Above $550,000: It is a buyers market. A true buyers market. There are listings that were $1,400,000 a few years ago that are selling for $700,000.
That is no exaggeration. Awesome homes... You are lucky to be buying in this price range. It is the worst price range for a seller. There is one home in Cherry Hills that is currently listed at half price. One half price.
Why is this?
The economy is slow, and the $8,000 tax credit is really pushing the low end market. The tough job situation and the economic troubles are making buyers in the higher price range cautious. There are also fewer buyers in that range.
That is the Denver market in a quick overview.
Randy Brown
303-888-1994
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