Does the market seem to be slowing in this part of town?

Asked by Michelle Baca, Denver, CO Fri Nov 15, 2013

…or does it seem more like agents started overpricing homes after the boom this summer and now those "overpriced" homes are still sitting on the market?

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10
The Dixon Gr…, Agent, Denver, CO
Fri Nov 15, 2013
I totally agree Michelle. Agents are listing new homes like they did back in June/July, and the market is certainly not the same now. Appraisals are coming in short and messing deals up because of these aggressive tactics. I am a buyers specialist, but listing agents need to start being more realistic and price their homes accordingly.
1 vote
Phil Rotondo, Agent, Melbourne, FL
Fri Nov 15, 2013
Welcome to December .
1 vote
Robert McGui…, Agent, Denver, CO
Sat Nov 16, 2013
Michelle,

The market is definitely picking up again in my experience. A lot of it depends on the specific area and price range. My last 3 listings this month were from $160,000 to $250,000. They all were 'flash sales' going under contract within 24 hours. 2 were not in the MLS yet when I got the offers. These were in Montbello, Lakewood, and in Aurora Hills. That is a pretty good cross section of homes and areas.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes
Randy Nelson, Agent, Loveland, CO
Fri Nov 15, 2013
What most of the agents have responded is typically true but I think there will be a little less homes available pretty soon as more and more of the buyers that were foreclosed on find out they can now do an FHA loan after a year of the short sale/foreclosure/bankruptcy if they returned to their previous income. No more waiting the 3+ years. With no advertising by FHA I think it will take until Mar, 2014 before the word gets out.

Definitely some overpriced homes out there though
0 votes
Wisdom Real…, Agent, Denver, CO
Fri Nov 15, 2013
The market peaked in July, then slowed down. In October there was a drastic slow down, and now it is picking back up again.
0 votes
Kathy Falbo, Agent, Lakewood, CO
Fri Nov 15, 2013
Hi Michelle,

As is typical across the US, we get so distracted with the holidays and our busy lives get even more complicated as we struggle to fit everything in. However, I don't notice my closings slowing in the winter months. Most buyers that are serious about purchasing a property will continue to look. Sellers might notice less showings but the showings they have are from buyers who really want or need to make a move. This is a great time for serious buyers as much of the competition decreases when people put house shopping aside during the holiday season.
We did have a unique sitiation in the Spring when there was not much inventory, so sellers were swarmed with buyers all trying to purchase the very few houses that were available for sale. As one would expect, that escalated the value of those homes and we did see prices rise. Thankfully we now have a more balanced market with more inventory and prices should start leveling off. It serves no one when homes are priced too high, everyone really loses.
Hope that answers your question Michelle.
0 votes
Cindy Robert…, Agent, Denver, CO
Fri Nov 15, 2013
Michelle,
I believe that the market is right where it should be. There should be enough houses on the market, that buyers have a choice and sellers have to price their houses right to sell. The market that we saw this spring was not a good market as there were too many buyers for the houses that were for sale. It created a demand that pushed houses to higher sale prices. It might have been good for the few sellers that were seeing multiple offers, but those buyers bought at the high end of what their homes are now worth. They will have to wait a while for the market to catch up with those sale prices. A steady market with competition is always the best market.
0 votes
Ethan Besser, Agent, Englewood, CO
Fri Nov 15, 2013
You need to join us at Keller Williams DTC where 4th quarter is traditionally our busiest quarter. We are the number one office in the state and we profit share with our employees. $35 million just a couple of years back. Call me if you would like more info.

303-856-8980

Ethan Besser

Keller Williams DTC
0 votes
Stefan Geyer, Agent, Aurora, CO
Fri Nov 15, 2013
There are multiple neighborhoods and micro-market areas in the 80236 zip code. It is common for the market to experience a slow down during the Fall and Winter months. However, market conditions are still very good. For example, let's look at Harvey Park. There were 31 sales in the past 90 days, and in the prior 7-12 month period, there were 29 sales. The median days on market, for comparable sales, in the past 90 days, was 17 days. That is down from 47 days in the prior 7-12 months. The median comparable sale price in the past 90 days was $224,900, which is up from $216,000 in the prior 7-12 months. Based upon this data, the market is doing very good. There are currently 7 homes on the market, so demand is good. In answer to your question, it does not seem like agents(or specifically their clients, who are the ones that are supposed to price for their home) are overpricing homes. The average list to sale price ratio is 99%, which indicates homes have been priced very well.
0 votes
Marina Bay, Agent, Greenwood Village, CO
Fri Nov 15, 2013
Hi Michelle,

Denver market in general is very seasonal and homes sales generally slow down during the holidays. This is your chance to get the best deals of the year, as most motivated sellers are more open to price reductions.

Best of luck!

Marina Bay/realtor
Cherry Creek Properties
303-880-6167
0 votes
You're absolutely right Marina! I couldn't agree more..
Flag Fri Nov 15, 2013
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