Picky buyers, stubborn sellers keep Colorado home prices high

Although new listings dropped in June developing listings statewide increased over a year ago pushing available homes to a months supply the highest level since But so far that s not leading to a true buyers area Cooper Thayer a broker associate with the Thayer Group in Castle Rock revealed homes staying on the area longer are causing a pile-up effect Even as negotiating leverage continues to lean in the favor of homebuyers a large number of sellers have yet to adjust their strategy to current realm conditions he stated New listings however haven t been the primary driver behind the spike in inventory Rather it s the slower pace of those listings finding buyers that has caused the pile-up effect in the territory Despite high inventory home prices still increased about from May to a median price of statewide according to the Colorado Association of Realtors monthly arena trends housing statement That s leading to conflict between sellers who are unwilling to lower prices and demanding buyers Various current sellers are homeowners who may want to move but don t necessarily need to With substantial equity low interest rates locked in and little financial pressure these sellers are holding onto price expectations that may be unrealistic stated Kelly Moye of Compass Buyers on the other hand are seeing more inventory than they ve had in over a decade and they re being ultra picky With hopes for lower interest rates and new more appealing listings popping up each day plenty of are choosing to wait creating a slow cautious context on both sides of the transaction The Routt County real estate field has shifted but ideal properties still sell fast In it was a more normal domain with more inventory average days on realm was longer and there were price and inspection negotiations The major difference now is that prices are higher mentioned Marci Valicenti with The Group There are still properties that go quick and buyers that know a cream puff when they see one are moving fast Multiple offers happen but they are fewer in number as well as fewer over asking price Related ArticlesJuly Sponsored Time to buy Denver housing realm hits highest inventory in years July Sponsored Denver ranks as third most of desirable city for homebuyers despite high costs June Sponsored Why Denver homeowners are investing more in renovation projects June Sponsored Why Colorado s massive home inventory failed to spark buyer interest in May June Sponsored Denver s officially a buyer s arena When will homebuyers show up While the territory may feel intimidating expected buyers and sellers shouldn t be fearful Thayer declared If buying or selling a home makes sense for you personally in there are still absolutely plentiful opportunities available he commented With months supply of inventory on the field buyers have the gift of options and the ability to negotiate a deal that works best for them For sellers there will consistently be a great demand for homes in the Denver-metro area and the perfect buyer for your home is out there The news and editorial staffs of The Denver Post had no role in this post s preparation