Denver Area Market Update

By all current indications, the "storm" is receding. The residential real estate market, here in Denver, is beginning to show signs of recovery, finally. The salient statistics for our market are:

• Current active inventory is at a 6 year low.
• Homes under contract are up over this time last year.

Most of these positives, so far, are in the homes priced under $500,000. What this means is that we should start to see some price appreciation in that price range as the market shifts from a buyer's market to a seller's market. So what does this mean to buyers and sellers?

Buyers need to:

• Get pre-approved.
• Lock in these low interest rates.
• First-time home buyers need to act soon to take advantage of the tax credit that is available only until Dec. 1, 2009.
• Look in the upper price ranges because that is where the deals still are.

Sellers should:

• Price your home correctly and it will sell quicker.
• Have the best conditioned home in your area.
• Be open to offering creative financing.

Hopefully, soon, we'll see the rainbow at the end of this stormy time we've all been through in the real estate market.