The decision to buy or sell a home is never an easy one to make. After all, most Colorado residents will want to sell their homes at the highest value and buy their homes at the lowest value. Aside from finding an eager seller in a buyer's market, or an eager buyer in a seller's market, the price a home is sold at will largely depend on current market indicators. With this in mind, home prices in the Denver area have skyrocketed, making it feel like a seller's market in Denver.
According to a recent report from the Denver Metro Association of Realtors (DMAR), the average price of a home is just over $500,000 for the first time in the history of the region. According to a broker from The Peak Property Group, the biggest reason for the increase relates to a lack of inventory.
DMAR claims that the residential market has increased by 5.56 percent compared to last month and it is currently 5.31 percent higher than last year at this time. The chairman of DMAR said that this is a good sign because normally at this time of the year, the market shows a decline in available properties.
As for more detailed numbers, February saw 4,638 more listings on the market. This was a 10.88 percent rise compared to January. Nevertheless, competition among buyers remains fierce and many are hard-pressed to find homes at bargain prices. Sellers, on the other hand, are finding it easier than ever to unload their real estate at favorable prices.
If you and your family are considering selling a home or buying a home in Denver, it's important to understand real estate law as it applies to your particular real estate transaction. Following and understanding the law in this regard will assist homebuyers greatly in protecting their legal rights during and after their transactions.
Source: CBS Denver, "Average Price For A Home In Denver Surpasses $500,000," Jamie Leary, March 06, 2018