It is easy to become misinformed by national real estate market reports. However, it is important to remember real estate is a market that varies significantly on the local level. If you are considering the Denver real estate market, you need to focus on the factors that influence it specifically. Here are five items that impact local markets:
When looking to sell your house faster Denver area crime rates, unemployment rates, school district statistics, and similar factors affect market values. Local websites are an excellent way to find area specific demographics. Demographics can help you determine if an area is up and coming or headed downhill. The information you find valuable will depend on what you plan to do.
If you are searching out high traffic high-value markets, or an area with signs of growth and improvement, factors such as housing permits, tax statistics, etc. will be useful. If you are looking for owners likely to jump at the chance to sell home fast and cheap, like lower or middle-income areas, you will want to focus on other factors.
Denver real estate inventory availability determines if the market will favor buyers or sellers. In a market where inventory is high buyers will have the advantage, you may get a better deal if you are planning to purchase. Also, sellers may be more flexible as the pool of buyers is smaller. If inventory is low, you likely will sell home fast if you are an owner. With that said, if you are buying you might have to bid against other buyers, or pay more for a property than you would have.
If you are looking to sell your house, fast Denver short sales and foreclosures can be your worst enemy. One foreclosure can affect the value of surrounding homes. One foreclosure or short sale can cause surrounding homes values to plummet.
On the flip side, if you’re buying short sales and foreclosures are a sign you may snag deals. For buyers and sellers alike, going to the town hall and checking out the foreclosure stats for the past six months can be useful.
When looking to sell your house fast Denver trends and flat sales volume are only valuable as a snapshot of the past. The more important data is how many days homes are averaging on the market until sale. You can roughly see if buyers have been coming into or fading out of the market depending on how quickly homes are moving. Nevertheless, it is not a reliable predictor of the future.
Price is an excellent indicator of a rising market or distressed market. Do not take the data at face value, investigate. Statistics can be thrown off by one or two properties selling high. It is for that reason honing in on the median sales numbers is so important.
If you are looking to sell your house, fast Denver market familiarity is a must. We are a premier real estate solutions company that has extensive experience in cash purchases and sales in the Denver area. Call us today at (720) 600-4669 and see how we can help you make the most out of your next real estate transaction.