Picky buyers, stubborn sellers keep Colorado home prices high

Although new listings dropped in June current 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 realm Cooper Thayer a broker associate with the Thayer Group in Castle Rock stated homes staying on the sphere longer are causing a pile-up effect Even as negotiating leverage continues to lean in the favor of homebuyers countless sellers have yet to adjust their strategy to current area conditions he announced 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 industry Despite high inventory home prices still increased about from May to a median price of statewide according to the Colorado Association of Realtors monthly industry trends housing summary That s leading to conflict between sellers who are unwilling to lower prices and demanding buyers Numerous 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 announced 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 various are choosing to wait creating a slow cautious ecosystem on both sides of the transaction The Routt County real estate sphere has shifted but ideal properties still sell fleetly In it was a more normal sector with more inventory average days on industry 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 area hits highest inventory in years July Sponsored Denver ranks as third majority 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 region When will homebuyers show up While the industry may feel intimidating feasible buyers and sellers shouldn t be fearful Thayer stated 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 arena buyers have the gift of options and the ability to negotiate a deal that works best for them For sellers there will invariably 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