February 2013 Denver Real Estate quick Stats
by Lorena Tankersley - Your Castle Real Estate
The absorption rate for Denver Metro area over current 3 months was 2.7 whereas, in prior
months it was 4.4 which indicates that we are now in a Seller’s Market for the upcoming season.
Absorption Rate is used to determine how many months it will take to existing inventory of homes to sell. If it takes 0-5 months to sell, it is a Seller’s Market, 5-6 months is a Balanced Market, 6+ months is a Buyer’s Market.
The theme of this Blog is the remarkable seller’s market we’re currently experiencing. So where does that leave your buyer client? Actually, it leaves you in a pretty good position if you understand what you need to do as an agent. If react to the market appropriately and follow a few simple rules you’ll be able to find a property for your client at the low interest rata that still exist today. And the great news is that since the seller’s market is driving prices higher, once you buy the home for your client, they stand a great chance of building equity with home appreciation.
Here’s how to be a great Buyers agent in today’s environment:
- ·Understand the real estate market. We can help you understand where the market is and how you should respond to it. It is critical that you understand the data in order to make appropriate offers.
- · Write clean offers. There are infinite nuances in the Colorado Contract to Buy. The better you understand what to put into a contract and what to leave out the more likely you are to get your offer accepted.
- · Get a great pre-qualification letter from the lender. When a seller gets a number of offers, one of the differentiators will be who looks most qualified to purchase the property. Working with a reputable lender and having a rock solid prequal letter will help your chances a lot.
These are just a few of the ways I work with my buyers to help them get their offers accepted. Give me a call and I’ll be happy to teach you more about how to be a great Buyer Agent.