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The Denver housing market today is afflicted by two interrelated factors:
 A credit crunch resulting from the bust of the subprime lending boom
- Falling home prices from foreclosures and less buyers
Home sales in the Denver, Arvada, Aurora North, Erie, Greenwood Village, Highlands Ranch, Lafayette, Lone Tree, Parker and Thronton real estate markets have remained resilient with sales increases or break-even sales; which is good! Even in other areas through out the Denver Colorado real estate market, home values are still rising in some neighborhoods and subdivisions! Please refer back to our home page for more information on other Denver Metro cities.
Average numbers don't quite tell the whole story, with Denver Colorado real estate SOLD volume down -2.49% in 2007 compared to 2006. That's only 996 less homes SOLD...not a big drop! Don't forget, the subprime mess caused about 25% of all home buyers in Denver to be shut out from buying once they couldn't get loans to buy last year - and still can't now! Factor that back in and a SMARTER person would likely conclude that the Denver Colorado real market is just fine! No need to jump off of the upper deck at Coors Field because of our real estate sales!!!
Not every Denver suburban city or subdivision has seen prices decline, of course. and now is the time for Buyers to scoop up a bargain! The overall Denver Real Estate market has NOT been drastically affected by the bad national real estate sales - where national sales were down 24.3%.. Although Denver bank owned homes and foreclosures remain high, record low interest rates are letting savvy buyers snatch-up awesome homes far below market price on 5% to 6.5% on $0 Down loans that are still available at Mortgage Specialists LLC. Many of us believe we've hit the bottom now!
The Denver real estate market has "survived the storm," says Jeff Boyce, as Denver did not have the massive overbuilding by the new home builders that wiped out many markets like Las Vegas, California, Florida and Phoenix. Currently, Denver Colorado single family homes for sale are only at a 6.8 month inventory, which is far less than other times in the past 2 years. Compare that to national new home builders who are down 27% in sales in 2007.
Just compare the 2 year period from January 2006 to December 2007 in the Denver real estate market and you'll see Sellers median home prices remaining relatively flat - at about $246,500. This actually makes it easier for renters to buy their first home. There are still many $0 Down loans from 5% to 6.5% available - for renters wanting to be first-time home buyers in Denver! You can get a 30-Year Fixed rate mortgage loans at 6% and below right now - so why wouldn't you be out house shopping?
Choose very good Denver Colorado real estate agents and brokers to represent your legal and financial needs, and my Jeff Boyce Gold Team will help you get an excellent home deal where you want to buy!!
Call me at (303) 588-4665 or email me your home buying scenario or tough loan situation.
Thanks,
Jeff Boyce
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