The price of any item (including residential real estate) is determined by ‘supply and demand’. If the supply of an item is larger than the amount of people looking to purchase that item, the price will decrease.
According to the National Association of Realtors (NAR), historically there is a natural decline in buyers looking to purchase a home (also known as foot traffic) as the winter months approach. Shown in the graph below:Foot
NAR goes a step further to say that there is a direct correlation between “foot traffic” and “pending contracts/closed sales one to two months later”.
The real estate market has done well to recover from the slow start we experienced due in part to the inclement weather at the beginning of 2014. But with those winter months right around the corner, now may be the best time to get the best price.
We are currently experiences a severe inventory shortage in the Denver metro area market, specifically the areas of Capitol Hill, , Arapahoe, and Baker. If you have been thinking about selling and would like to know what your home is worth. Give me a call for an in home consultation and find out what your home worth, or go to www.buydenverhomesnow.com
to get a free online home evaluation!