Statistics recently released show the median or middle price of a single family home sold in the six-county Denver area during the month of January 2012 was $218,855, compared with $225,000 in January, 2011, down 2.8% from a year ago. Currently the Denver Real Estate metro area average sold price of a single family home is $272,328, compared to $277,922 in January of 2011, which is down 2.1%. active residential listings as of January 31, 2012 were 8,356, which is a 39% decrease from a year ago. interest rates are still at the lowest they have been in over 50 years and the choices for prospective buyers have decreased. Buyers put 2,838 single family homes under contract in January, which is a 13% increase from a year ago.*
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The average listing goes under contract within 103 days and sells at 95% of the current list price.* once you find a home that meets your needs it is still important to make your offer as soon as possible and at the highest price you feel comfortable offering. the inventory of homes has decreased significantly and there can be multiple offers on well-priced homes in popular areas.
Because this is still an active market, you may be competing against other buyers for a property. You will want to let Sellers know you are the strongest buyers for their home. this means you will need to do the following:
Be pre-approved for a given loan amount and receive a “lender letter” from your lender which verifies your pre-approval. Your Fuller Sotheby’s international Realty broker can refer you to a reputable financial institution.
If you need to have your current home sold before you can buy a new home, it should be under contract to a good buyer, already sold or have bridge loan financing in place. Most Sellers will not accept a contract contingent upon the sale of the Buyer’s home. if your old home is under contract, it is a good idea to have a copy of the contract with you and proof that you have strong buyers.
You may need to meet the Seller’s possession date, which means you may need to consider temporary living arrangements. if you need temporary living arrangements, your Fuller Sotheby’s international Realty broker can provide the information.
At the time you write your offer, you will need to write a check for the earnest money deposit that is approximately 5% of the purchase price. if the offer is accepted, the check will be immediately deposited.
* Source: Metrolist inc., Denver Board of Realtors, Denvernewspaperagency.
To view more market data contact our knowledgeable Colorado Real Estate Brokers at 303-893-3200, or to see more online visit ColoradoMicroReports.com
