What is going on here?
In real estate, you get to meet a lot of people, and you hear a few funny stories -- some of which are timely and real estate related. For example, I heard a joke about the Broncos that went:
Q: Did you hear that someone vandalized the Broncos Offensive Team's homes?
A: Yeah, someone put an end-zone in front of their homes and they couldn't get in!
Jokes aside, which
of these three opportunities do you think is the best for someone interested in Denver real estate in 2008? -
Being the listing real estate agent for all the Broncos who will get whacked this year in training camp?
-
Being the buyer's agent for all the new players moving to Denver to play for the Broncos in 2008.
-
Buying or selling a new home in Denver in 2008?
In my opinion, it's #3. Though, either #1 or #2 would certainly generate a lot of business, things in our market appear to be looking favorably.
As those of you who have been long-standing clients of me know, I have been sharing data that tends to indicate that there are favorable factors pointing to a stronger market in Denver in 2008. This is a trend I have been seeing and sharing in my blog at http://www.MileHighMLS.com for quite some time now. As of this writing, the trends are moving favorably.
So, is NOW the time to buy or sell? Well, that's a personal decision that is based on your particular goals -- goals I can help define in the context of the current market.
What I CAN tell you is that the following are data points that have been publicized in leading real estate resources in the past 60 days:
- Denver was in the TOP 10 of HIGHEST Year-Over-Year Job Growth (as identified by Monster.com in November 2007)
- Colorado is in the TOP 8 of the FASTEST GROWING STATES (in terms of population)
- The National Association of REALTORS� identified DENVER as one of the TOP 5 HIGHEST POTENTIAL MARKETS in 2008.
- Click here to see the presentation (This is a PowerPoint presentation that you will need to open or save to your hard drive. To ensure the data is not changed, you will need to open it as "Read Only" as it is password protected.)
Additionally, national stories on my Real Estate Video Channel, published in my monthly eNewsletter, are telling the story of a stronger market -- despite the media reporting (click here to see the report)
- Or click here to check out my weekly real estate video channel provided to my clients
AND, I can tell you as a practicing REALTOR� working in the field everyday, that I am seeing multiple offers coming in concurrently on foreclosure/bank owned listings.
- Though this is more of an analogy rather than a piece of raw data, I am seeing it in every offer I have written this year for foreclosure/bank owned listings. So, competition with other buyers is heating up.
So, is this 1999 ~ 2000 all over again? Not by a long shot! (That is a GOOD thing!) However, there are compelling reasons to buy right now:
- Demand and supply of homes is moving into more of an equilibrium
- The debt-forgiveness plan passed by Congress and signed by the President (click here to see the Act) are intended to normalize the market
- Interest rates are at HISTORIC LOWS STILL!!! (click here to see the latest rates) AND, qualified buyers are ALWAYS desirable to lenders.
All together, this should slow down ARM pops and, thus, slow the pace of foreclosures -- meaning less supply of foreclosed homes and, by extension, total homes up for sale.
In fact, I have had several clients taking advantage of the current market by investing. They have bought or are in the process of buying a new home and renting out their current home, in some instances to recently displaced homeowners.
- These investors were encouraged due to the very high occupancy rates and upward pressure on rents in the Denver metro area.
- In fact, one client had their home contracted for rent within 4 days of advertising it!
Afraid of being a landlord? I have access to lots of resources to help make you through the process.
So, if historically lower interest rates, a currently favorable supply of homes and the data presented from the resources above have you thinking now is the time for you, then I am here to be of help.
Also, if you know of anyone buying or selling - either as a homeowner or an investor - and would appreciate the level of professionalism and service I offer, please provide me their name and number and I will be happy to follow up with them and take great care of them. I am always complimented most highly when I am referred by you.
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