Dear Friends and Neighbors,
It’s election time! Fear not, we are not going to talk about politics – we are just thinking it’s time for some election humor.
A survey conducted by Trulia shows that 39 percent of Americans believe that the prices of homes will go up if Donald Trump wins, and 29 percent think homes prices will do the same if Hillary Clinton wins. Do you know if this has any significance? We can’t figure out how it’s important. But if you are a seller, perhaps you can’t go wrong no matter who wins?
An internet article from “Inman News” goes on to say that the swing states (eight of them- Nevada, Florida, Arizona, Georgia, New Hampshire, North Carolina, Ohio and Pennsylvania) “have seen home prices go up 30% collectively from 2012 to 2016” (since the last election). The article goes on to say the red and blue states have not had as much appreciation. I’m not sure now this is important or relevant. But we are passing this along as the latest in (real estate) election news!
In Denver the inventory has increased somewhat but we are still experiencing a sellers market. According to the latest Case-Shiller report, Denver is in the top five cities for home price increases from July, 2015 to July 2016. Portland is up 12.4 percent, Seattle 11.2 and Denver is in third place with 9.4 percent. Homes prices, according to this report were up 5.1 percent during the same period nationwide.
This summer an article in the “Buffalo News” (from Buffalo, NY) detailed their lack of inventory given they have been experiencing multiple offers and lightening fast sales. Buffalo is a great city but it has been a long time since they had a fast-paced real estate market. Their heads must be reeling. Denver has been inventory low since 2013 but many of the less active markets in the country are now seeing the same issues we have known for 3 years!
It’s still a great market to sell a home, condo or town home. No need to wait until 2017. If you are a buyer, contact us about how to succeed in a house purchase in this seller’s market.