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Tuesday, July 3, 2012

Lack of Inventory Causing a Buying Frenzy?

Last week, the National Association of REALTORS® reported an increase in pending home sales in every region in the country. The number of contracts signed in May for existing homes jumped 13 percent from a year ago, according to NAR.
“Most houses below $250,000 priced realistically are attracting large numbers of offers in a short time, and many exceed the asking price,” says Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business

This seems to hold true for the Denver Metro area for homes in the mid-price range.  I recently worked with a buyer, and found that we needed to move quickly when a home in this price range hit the market.
Does this mean the housing crisis is settling down?  Time will tell, but if you are in the market for a home, my advise is not to wait, start the process now. 
I have been a Realtor® for over 30 years for both buyers and sellers and can answer questions you may have about today's market.

1 comment:

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