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Old 12-05-2020, 06:25 PM
 
2,763 posts, read 2,626,280 times
Reputation: 5327

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Inventory is now at levels so low, I never thought it was possible.

No way there is a housing crash in the Denver area unless inventory changes upwards in some type of catastrophic way.

IMO, prices will go up in 2021.
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Old 03-03-2021, 07:57 PM
 
Location: Evanston, Lake Forest, and Wrigleyville, Illinois
2,543 posts, read 1,629,145 times
Reputation: 3091
Quote:
Originally Posted by High Altitude View Post
Inventory is now at levels so low, I never thought it was possible.

No way there is a housing crash in the Denver area unless inventory changes upwards in some type of catastrophic way.

IMO, prices will go up in 2021.
Inventory is extremely low nationwide. Baby Boomers, who comprise a majority of homeowners, have been among the most likely to keep their homes from the market amidst the pandemic.
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Old 03-04-2021, 09:29 AM
 
Location: Colorado Springs
6,128 posts, read 6,478,221 times
Reputation: 21218
Denver real estate agent says offers $90K and $100K over asking price lost

https://www.9news.com/article/money/...8-1c202c7956f8

"DENVER — Homes in the Denver metro housing market continue to fly off the market as March begins, according to the latest report from the Denver Metro Association of Realtors (DMAR).

Speed continues to be an important factor for potential buyers facing heavy competition, with homes lasting 23 days on average, and just five median days, on Multiple List Service (MLS) listings.

Some listings are seeing over 100 showings in one weekend and are receiving more than 20 offers. DMAR recommends buyers should be prepared to go up to 20% over the list price if they want a home.

Overall, the residential real estate market has experienced a massive drop in active listings at months end at 2,024, a 58.14% decrease compared to February 2020. Over the same period, the average closing price increased 19.44% to $553,774, as the median price increased nearly 18.75% to $475,000.

There were 3,641 closed properties in February, a 3.7% increase that was fueled by a 16.29% increase in attached property closings, compared to the same time period in 2020.

The increased demand for attached properties pushed the averaging closing price up to $401,522, the first time the attached market has topped $400,000.

Meanwhile, closings for detached properties decreased 1.8% from February 2020.

Properties are frequently going over asking price and DMAR says the use of appraisal gap coverage waivers, where a buyer agrees to cover any difference between the appraisal value and the offer price, continues to rise.

The demand is so great, DMAR Market Trends Committee Director and local Realtor Andrew Abrams recalls submitting two separate offers that were $90,000 and $101,000 above the asking price that ultimately did not win.


“Seasonality, vaccines and interest rates will be a few of the best indicators," Abrams said when asked what it would take to get to a more normalized market. "As more of the population gets vaccinated, we may see increased listings throughout the summertime. Most importantly, if interest rates start to increase, that may decrease buyer demand changing the quantity of multi-offer situations."
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Old 03-04-2021, 12:13 PM
 
Location: Denver CO
23,384 posts, read 14,645,498 times
Reputation: 36157
It's tempting to want to sell, but then that means I'd have to become a buyer myself. So I guess I'll stay put for now
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Old 03-04-2021, 08:42 PM
 
Location: Berkeley, Denver, CO USA
15,757 posts, read 23,696,395 times
Reputation: 27038
Quote:
Originally Posted by emm74 View Post
It's tempting to want to sell, but then that means I'd have to become a buyer myself. So I guess I'll stay put for now
Sicily beckons. 1€ houses.
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Old 03-09-2021, 09:21 AM
 
1,582 posts, read 1,138,273 times
Reputation: 1904
Homes near me in Arvada in Arvada over $1mm are going fast. Multiple offers over asking.
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Old 03-09-2021, 09:58 AM
 
Location: Chicago 'burbs
200 posts, read 103,799 times
Reputation: 293
Few years from now you will see all this people that overpaid complaining they don't have money for food and government should provide additional monthly payments.

This show will never end.
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Old 03-09-2021, 12:39 PM
 
5,639 posts, read 9,941,838 times
Reputation: 5004
Quote:
Originally Posted by Di3s3l_Pow3r View Post
Few years from now you will see all this people that overpaid complaining they don't have money for food and government should provide additional monthly payments.

This show will never end.
What a ridiculous comment, homebuyers don't beg for assistance, renters do.

Any "overpayment" will be on paper. Recent buyers got a loan at around 3% rates. In some years, rates will be back up around 4.5-5%. At that point you might see a softening in prices as demand wanes from new buyers. However they buyer's $500k home could be at $450k, but if they bought the same house at the lowered price their payments would still be higher. So its just a paper loss and you'll see a stalemate with few buyers or sellers. But one thing is for sure, they won't be complaining about needing more money because they locked in a lower payment than a rising rent payment.
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Old Today, 11:12 AM
 
Location: Way up high
17,677 posts, read 23,302,025 times
Reputation: 21171
Quote:
Originally Posted by emm74 View Post
It's tempting to want to sell, but then that means I'd have to become a buyer myself. So I guess I'll stay put for now
We have seriously thought about it as well. But we'd move out of state so it would probably be easier as buyers..
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Old Today, 12:47 PM
 
Location: Berkeley, Denver, CO USA
15,757 posts, read 23,696,395 times
Reputation: 27038
Quote:
Originally Posted by himain View Post
We have seriously thought about it as well. But we'd move out of state so it would probably be easier as buyers.
Probably not. Unless you are planning to move to Cleveland or Buffalo.

There are a whole series of posts similar to this
https://www.calculatedriskblog.com/2...ary-sales.html
at Calculated Risk Blog.

Atlanta Real Estate in February: Sales Up 5% YoY, Inventory Down 57% YoY
Houston Real Estate in February: Sales Up 2% YoY, Inventory Down 38% YoY
North Texas Real Estate in February: Sales Down 6% YoY, Inventory Down 65% YoY
Northwest Real Estate in February: Sales up 10% YoY, Inventory down 44% YoY
Las Vegas Real Estate in February: Sales up 13% YoY, Inventory down 57% YoY
South Carolina Real Estate in February: Sales Up 13% YoY, Inventory Down 46% YoY
Housing Inventory March 8th Update: At Record Lows

Last edited by davebarnes; Today at 02:09 PM..
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