If you currently own a home in the Denver area and have been considering selling, now may be the time! According to the Denver Business Journal the market is not only growing, but it shows no signs of slowing down.
CoreLogic Inc. is the company that financial services and real estate professionals turn to for comprehensive data, analytics and services. Earlier this month they published a blog post and home price index for metro Denver which shows prices increased by 10.2 percent year over year in February. Not only is this the biggest increase in nearly seven years, but it marks the 12th month in a row for year-over-year price increases. Excluding distressed sales, homes increased by 1.5% from January 2013 to February 2013.
Their data indicates that we are going to see continued growth in our market. The underlying message here is, of course, it may be time to sell if you’ve been waiting for your home value to increase. It’s also a great time to buy because interest rates are still very low.
There is a lot of data available to support the information in this post. I have talked to many real estate agents who confirm the market is very competitive right now. The inventory is low which means there are multiple offers on every good home and those homes are not staying on the market for long. According to the Denver Business Journal blog post previously mentioned, the days on market decreased by 16 percent from February to March. This is a 35% decrease from a year ago.
If you need a Comparative Market Analysis (CMR) from a trusted real estate professional to help you determine whether now is a good time to sell, give us a call. We are happy to connect you with someone.