A note to consumers from the pages USA Today and NAR's Chief Economist:
Lawrence Yun: Consumers need to find out what is going on at the local level and not necessarily take national headline numbers as a point of reference. Sellers tend to be more stubborn in facing the reality of the market, so people who really need to sell need to come down on prices, given the high inventory and seller competition.
Denver real estate consumers need to ignore the National News and look to the statistics in the individual areas they are living or buying in. The real estate market is local.
Our prices never experienced the insane appreciation that happened in other markets. While others were shooting for the moon, we traipsed along at a slow and even pace. Now when other locals are experiencing a sharp decline (read price adjustment) we are not seeing the same in the market.
What we are seeing is a lack of consumer confidence (thank you media) and the inability of people relocating from other areas to be able to purchase a home here, until their home's sell.
This doesn't mean All of our Denver real estate is priced well. Much of it is NOT priced to sell, nor is it in show home condition.
What I continue to see are homes that are priced to sell and in great shape, selling. In fact 20% of our sales sell in the first 30 days.
The sky is not falling.
At least not today.