Wednesday, February 27, 2013

Denver: Largest Annual Increase in Home Prices Since 2001

Best market in 12 years? Well, home prices in the Denver metro area rose 8.5% in December 2012 over December 2011, marking the 12th straight month of year-over-year gains, according to the S&P/Case-Shiller Home Prices Index released Tuesday.

The report said it was Denver's largest annual increase since 2001!

Have I mentioned to you that it is a competitive market? The Denver Post interviewed an agent who had this to say: "I've sold real estate that long, and I can tell you this is the hottest market of my career," said Michelle Ackerman, Redfin's managing broker for the metro area. "Prices are up — that's a proven fact. Inventory is loosening up a bit, and we're seeing multiple bid offers all over the metro area. It's a seller's market, and it's extremely competitive. I've been doing things I've never done before to capture a home."

I have the same exact experience. As soon as a house is put on the market, I have to take my buyers there that same day, and they know they have to decide that same day whether to write an offer or not, because chances are it will be gone very soon. A few years ago, buyers had a few days or weeks to decide whether they want to put an offer in on a house. I've had to do many things in order to get under contract, including begging listing agents to take our over asking-price offer and not waiting for any others. It's hot right now. Let me know if I can help you compete!