Denver, CO (PRWEB) August 01, 2017
According to a July 17, 2017, Denver Business Journal article, the Mile High City ranked third in the country for having the lowest home inventory for sale. Furthermore, sellers are greatly benefitting from the limited inventory, receiving top-dollar for their homes, and sales are at a record high.
“But for buyers, is waiting for prices to come down a good idea or not?” asked Bobbi Boldon, broker associate at RE/MAX Southeast. “Many people have seen buy and bust cycles before and are inclined to think that this boom is likely to bust any day now. The fear of losing money leads many people to just not make a decision at all. The question is, is doing nothing a good decision or a costly one?”
People are inclined to think of markets as though they have a predictable lifecycle, but they don’t. Experts in the field are not worried about a housing bubble, and other economic indicators, such as distressed home sales and job growth, indicate the market is strong and that homeowners are financially stable. Additionally, leading up to the housing market crash in 2008, it was a buyer’s market, not a seller’s.
“I entered the real estate market in 1978, when the average price of a home was about $40,000,” noted Boldon. “People back then said prices couldn’t get any higher as nobody could afford a house. I observed that in California, houses were selling for upwards of $100,000. I predicted those prices could get to Colorado. People thought I was out of my mind.”
Boldon suggests that home buyers of today look at higher-priced homes, if they can afford it, as there is an abundance of supply in the upper-end market. “With the equity you could gain from the sale of your existing home, combined with the benefits of low interest rates, chances are strong that you can make the move up to your dream home,” added Boldon. “These conditions make it the best move-up market we’ve seen in many years.”
With Colorado experiencing one of the best economies and lowest unemployment rates in the United States, all indications point to continuing demand, as well as a continuing increase in home prices. “As we weigh these factors -- tight supply and high demand -- it’s plain to see that any talk of a real estate ‘bubble’ in the Denver Metro area is misguided,” concluded Boldon. “Bubbles are usually caused by oversupply, which is the opposite of what’s occurring in this area right now. And keeping the home you are in while waiting for a softer market means that you potentially lose the advantages of the lower interest rates you can get now.”
Bobbi Boldon is the creator of Power Series Selling, and is a professional speaker and real estate trainer. Contact her at (303) 618-2000, or bobbi4homes(at)gmail(dot)com.
About Bobbi Boldon, RE/MAX Southeast
Bobbi Boldon specializes in single family homes in the Denver metro area, including Aurora, Parker, Centennial, Highlands Ranch and Castle Rock. She works with all prices of homes and has sold homes in all budget ranges. For more information, please call (303) 618-2000, or visit http://www.recolorado.com/bobbi-boldon.
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