Denver Home Buyer Squeeze Over?
If you have tried to purchase a home in the Denver area over the past few months, you realize what a train wreck the market had become for buyers. Even if you weren’t on the buying track, you most likely know someone who was. It was frustrating, even infuriating. Sellers taking advantage of their leverage and beating buyers up on a daily basis. It was ugly. 50+ offers on homes. Personally, I worked with a buyer that lost out on 4 different homes, each selling for 10-15% over asking price.
Based on recent statistics it may be over. Our bellcow statistic Showings/Listing fell dramatically to a 2 year low in May. The squeeze of multiple offers over listing price, which has frustrated Denver area homebuyers over the past 1-1/2 years may be over.
Or, it may be buyers are tired of getting the crap kicked out of them, and are taking some time off… Stay tuned for the June statistics to see where it may be headed.
Feel free to contact me to discuss the severe May 2016 drop.