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Denver Real Estate Market - Market Conditions As of December 2, 2007 (Current Month)This will be the last update in 2007. December's update will occur January 10, 2008.As this year wraps up, I continue to find increasing agreement from the top producing REALTORS® that the Denver market is improving. You will note that - even though we are in the slower part of the year (holidays and winter) - that the market dynamics are improving. Of the communities sampled below, last month there were 8 Seller's Markets, 4 Buyer's Markets and 5 Neutral Markets. THIS MONTH, the composition is: 10 Seller's Markets, 4 Buyer's Markets and 3 Neutral Markets. HOWEVER, the composite of the selected areas did soften by about 0.3 months of inventory (inventory went up). What does this mean? Well, given that a meaningful amount of buyer's drop out of the market during the Thanksgiving week, one would expect about a 0.25 months (or 1 week of 4 weeks in a month, or 0.25 months) of inventory increase -- just from the natural holiday inactivity. The overall context means that transaction levels stayed largely the same, adjusted for the holiday. Given the shocks related to the "subprime implosion", uncertainty about interest rates, rising oil, food and consumer prices, and the grossly misrepresented foreclosure rate in Colorado, the market is doing pretty well. So, I hear the "So, what does that mean for me? How do price to sell in a market like this?" Well, listen to your REALTOR® and price your home based on their professional opinion. Overpricing will actually cause you to lose out in the end. For more information, check out my main website: http://www.milehighhomehunter.com after Monday, December 10, 2007, for two articles: 1) A study about how overpricing actually led to a LOWER price when sold (not to mention the additional carrying cost) and 2) A study from the National Association of Realtors® about what your home improvements cost and what they earn you in the market place. To receive these and other updates via email, join my subscriber list at the "Join My Email List" box at http://www.MileHighHomeHunter.com or my blog at http://www.MileHighMLS.com . Happy Chanukah, Merry Christmas and a joyous Holiday Season to all! And remember, I am never too busy for any of YOUR referrals! Michael Clarkson RE/MAX Alliance - Westminster
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Michael Clarkson RE/MAX Alliance Erie, CO Office Phone: (303) 403-2641 Cell Phone: (303) 332-6393 More information... Contact Michael Clarkson |
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