We’ve officially moved into a FOMO market! There, I said it. Fear of Missing Out has become rampant in Denver. From Erie to Lone Tree, from Golden to Deer Trail, from RINO to SODO, sellers are smiling and buyers are FRUSTRATED. This frustration has lead to all kinds of consequences.
Buyers missing out have signed new leases, decided to stay put and removed themselves from the market. Other buyers have rallied family members, crowd funding and wedding registrations for down payment money and have jumped in with both feet.
But not so quickly! Sellers have their own set of rules. They are afraid of not being able to find a replacement in a reasonable time frame, moving twice and losing money. PCO’s have become standard operating procedure. (Post Closing Occupancy Agreements) Denver is a market rife with anxiety on both sides of the transaction.
And just when you thought sellers were going to rush to the market and participate, Not So Fast! Sellers are now looking at their current mortgage interest rate. With rates approaching 5%, sellers are now saying, “Why would I give up my 3.5% interest rate?”
WOW, it’s complicated out there! That’s why you need a professional by your side every step of the way.
New Listing (1615) This is a strong number, but completely erased by the UCs below.
Back On Market (233)
Price Increase (135)
Price Decrease (708)
Under Contract (1851) This is a very strong number exceeding new listings – absorbing recent supply upticks.
Sold (1266) This number is very close to the trend being set so far this spring.
As you start to wander through this craziness, let us lead the way for you. Let’s make sure you make well thought out decisions. We’d be honored to have the opportunity to assist with your real estate needs and wants.
#MondayMotivation: “The road that tells you the most about yourself is the one you’ve never been down.”
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