When We Are Upside Down The Market Is Going Up…
We all remember the downturn in 2009 when we heard about homeowners being upside down in their homes. It meant that they owed more on their home than it was worth at the time. Well, those who had patience and continued to pay their mortgage and those who saw the large inventory of over 20,000 homes for sale in Denver as an opportunity have been richly rewarded.
If you look at the chart, you can see that this market is also upside down. However, it is upside down in a new way. We pull the number of homes available for sale on the first day of the month and compare it to the number we have sold during the prior month. As you can see over the years, a few months we have sold a few more homes than what was listed but it has been rare and mostly in the Spring months. This year, every month we have sold significantly more than we had listed. With only 15 homes for sale and 46 sales over the last month, that is upside down. Needless to say, it is a great time to sell a home in Wash Park.
We have had many conversations with our neighbors wondering where they would go if they did decide to sell. We have several good ideas and in most cases we help our clients find that place before they sell their current home. That way, they no longer have to wonder where to go. If we can help, please don’t hesitate to be in touch.