Castle Pines | Low Inventory Causes Home Prices to Maintain Quick Growth
The city of Castle Pines offers natural beauty, upscale neighborhoods, desirable Douglas County schools and a convenient location to Denver or the mountains, making it a highly sought after place to live and explore.
Today, I would like to talk to you about how Low Inventory Causes Home Prices to Maintain Quick Growth.
The National Association of Realtors (NAR) released their latest Quarterly Metro Home Price Report last week. The report shows severely lacking inventory across the country drained sales growth and kept home prices rising at a steady clip in most metro areas. Home prices rose 5.3% over the last quarter across all metros.
Lawrence Yun, Chief Economist at NAR, talks about how low inventory impacts buyers:
“Unfortunately, the pace of new listings were unable to replace what was quickly sold. Home shoppers had little to choose from, and many had to outbid others in order to close on a home. The end result was a slowdown in sales from earlier in the year, steadfast price growth and weakening affordability conditions.”
What Does This Mean for Sellers?
Rising prices are a homeowner’s best friend! One would think with rising home values, more people would be willing to sell to take advantage of increased equity. However, the number of sellers willing to sell has not kept up with buyer demand – thus driving home prices up.
What Does This Mean to Buyers?
In a market where prices are rising, buyers should take into account the cost of waiting. Obviously, you will pay more for the same house later this year or next year. Higher prices will also mean more money for a downpayment as the downpayment is a percentage of the purchase price. And…the big unknown is where interest rates will be for those buyers who wait to purchase.
Real Estate Bottom Line
If you’re thinking of selling and moving to a less expensive home, waiting to sell may make sense. If you are a first-time homebuyer or a seller thinking of moving up, waiting probably doesn’t make sense.
To protect your interests and ensure you make the best possible decisions, let me put my expertise to work for you. It’s important you have a knowledgeable agent on your side who is an expert in the local real estate market. I know buying and selling is about more than the transaction. – It’s about your life and your dreams!
I am happy to provide you with the most updated strategic information for your home purchase or sale in Castle Pines, Colorado.
To reach me, please call 303-638-6536 or email email@example.com
Thinking of Selling Your Home? Let Marcy sell your home with her 10 Proven Strategies. Call or text 303-638-6536 for more information.