Quick Look: Denver Home Inventory

Denver home inventory continues to be at record low numbers in comparison to the last several years.  See the chart below.  This graphic visualizes number of homes sold vs available homes for sale in the Denver metro area.    

What does this mean for you?

For buyers:  The number of homes for sale is very low.  Therefore, the number of competing buyers per home is much higher than the "norm".   That means you'll most likely find yourself in a multiple offer situation competing with several other buyers for the same house - this situation is compounded in highly desirable neighborhoods.  As a buyer, you'll have to be very prepared mentally and financially to compete to win the house you love.  I'll post another article about being prepared as a buyer soon.

For sellers:  A low home inventory situation can create desirable conditions for selling a home.  Having more buyers competing for your home gives you the greatest opportunity to achieve the price and terms that are most favorable to you.  However, each specific area/neighborhood's market conditions must be individually evaluated to properly prepare for a sale.  Also, you must still adhere to the fundamentals of evaluating marketing, home condition, and price - these are essential to the home selling process and can never be ignored, regardless of market conditions.  I'll post another article about preparing a home for sale in the near future.