Real Estate in the year 2007 has gotten off to an unusual start. Denver residents who seldom see snow unless they drive to the mountains, got more than their fair share in December, January and February.
Margaret Jackson, Staff Writer of the Denver Post did a story on the real estate market, interviewing The Berkshire Group Realtors' Managing Broker, Larry McGee.
Larry was quoting not only the affect of the weather, but also about homeowners, here's what was said,
Another factor contributing to the declining market is the number of people taking the equity out of their homes to pay for vacations or expensive toys, said Larry McGee of The Berkshire Group.
"If you use your house like an ATM it may be hard to sell it," McGee said. "Unless prices go up, you're in trouble. It's irresponsibility of the public."
Bauer and McGee agree that cold, snowy weather in the first part of February contributed to the drop in sales.
"When you've got 60 days of snow on the ground and repetitive snowstorms, it dampens people's desire to go look at houses," McGee said.
The Bauer quoted is Gary Bauer. To read the entire article (you may have to pay a fee) follow this link, "Home Sales slide in February" (Sorry the news is gone!)