The Denver Business Journal had a great story last week titled "Low inventory, low interest rates and a pandemic: How the coronavirus has changed residential real estate in Denver." I encourage you to save this story and send it to your clients as it's a great summary of what's happened since March. But, I will highlight a few great quotes or facts for you here-
Ryan Carter president of 8z Real Estate who reported that one of his agents recently listed a home in Englewood for just under $400k and the seller received 31 OFFERS!
Further, Ryan said, "For entry-level price points-under $500k-that buyer should absolutely expect to be in a multiple-offer situation."
Tony Carnesi, CEO of Keller Williams DTC said, "The challenge with that is going to be affordability."
Mike Hills VP at Atlas RE Group said, "If inventory remains so freakin' low, how is the average price going to drop 10%?" Well said!
Further, Mike reiterated the danger in waiting for home prices to drop, what if mortgage rates rise? For example, if prices did drop 10%, but mortgage rates rose 1% your monthly payment still increased a little bit as a 1% rate increase is equal to a 11% price increase.
Here is a link to the story-