Where did all the home buyers go? This problem may be true in many real estate markets, but my experience in Denver is specifically true and it’s a question which I found while working in Denver. Stats from the MLS in Denver support this, showing that the inventory of houses is up 6% and that domestic sales in Denver are down 6% from May. What is this phenomenon leading to? And then, when will demand return, so that Denver sellers can sell their homes before school begins?
That’s our take on it. The housing tax credit has created much higher demand by Denver home buyers, who finally had cause to leave their comfort zones and buy a house. After three years of a slow immobilisation market, Denver was eventually encouraged by the tax credits to buy a home enough, and this free cash had a time limit. This frenzy has brought home buyers to Denver realise that investing in property is not a bad idea. With the historically low mortgage rates, you can only be prepared to buy your home for a cheaper payment than your rent. The “free money” created a major boom in transactions. In just a few weeks, listed agents sold properties. For around 2 or 3 weeks, the industry was a little wild.
What’s the obvious impact of this massive buying speed? On the other extreme, you are lagging. Think of it as a water ski rope with an immense acceleration pull, but again, you must be careful not to fall apart when holding your boat up again. The consumers are still on hand but the industry is lagging behind the enormous purchasing rise in April.
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For Denver home buyers, the best news is that after the tax credit the biggest interest and dealing rates happened. This is all the more important at this moment, as the prices have fallen further. Due to the lower mortgage interest rates, Denver home buyers now have about US$ 50, thousand in additional buying energy before tax credit expiry. This ensures that Denver’s prices stay stable and that the industry returns to demand.
Just how can new home buyers believe that buying Denver property is a great investment, is the greatest challenge left. There are so many young people with secure employment. What is the reason? Since they have read the horrible titles and believe in the lives of their tenants. They have very few friends in the last five years who have bought a residence and how large an investment they have made. They answer, “I don’t want to have responsibility for ownership of the property. I just enjoy my life.” I can hardly argue for them, but, I see improvement on the horizon. If you ask them about why they don’t have a property.
Don’t worry, Denver sellers. You will soon find your buyer when your home is priced competitively and in good condition. The big investments will return and the psyche of the brand-new Denver home buyer has already changed, as the burst of tax credit demand shows.