,
, THE
, THE REAL ESTATE MARKET MIGHT GO DOWN AS ONE OF THE FEW SUCCESS STORIES OF 20
20 HISTORIC LOW MORTGAGE RATES
AND RECORD LOW INVENTORY IN
THE METRO AREA HAVE BUYERS
REALLY BATTLING IT OUT RIGHT
NOW.
TELL ME ABOUT IT.
A NEW REPORT FROM REDFIN SHOWS
ALMOST SIXTY SEVEN PERCENT
OF HOME BUYERS IN DENVER FOUND
THEMSELVES IN A BIDDING WAR
THAT'S THE SECOND HIGHEST IN
THE COUNTRY HERE WITH SOME
INSIDE AND A LOOK INTO TWENTY
TWENTY ONE IS LAME LINE A
COLORADO REALTOR AND MANAGING
BROKER AT COLDWELL BANKER IN
DENVER.
GOOD MORNING, WAYNE CURRY.
GOOD MORNING.
IT'S GOOD TO SEE YOU.
THANK YOU SO MUCH.
IT'S GOOD TO BE BACK.
SO DESPITE THE DEMAND IT SOUNDS
LIKE IT'S SLIM PICKINGS FOR
HOME BUYERS OUT THERE WE ARE.
THAT'S A GOOD WAY TO PUT IT.
WE ARE SEEING SOME OF THE
LOWEST HOUSING INVENTORY ON
RECORD IN DENVER.
JUST ASK ANYONE LOOKING TO BUY
A HOUSE RIGHT NOW AND IT'S NOT
NECESSARILY BECAUSE PEOPLE ARE
PUTTING THEIR HOMES ON
THE MARKET.
I KNOW IT'S WINTER BUT WE ALSO
SAW SOME RECORD HIGH SALES FOR
DENVER IN NOVEMBER ACCORDING TO
THE DENVER METRO ASSOCIATION
OF REALTORS.
AND WHAT THAT MEANS IS IN MANY
CASES HOMES ARE GOING ON
THE MARKET.
THEY'RE GETTING SNAPPED UP
RIGHT AWAY OFTENTIMES WITH
MULTIPLE OFFERS AND SELLING FOR
THOUSANDS OVER ASKING PRICE
BUYERS BY WRITING VERY
COMPETITIVE OFFERS.
IT'S TOUGH OUT THERE AND LOW
MORTGAGE RATES CONTINUE TO FUEL
THE FRENZY AND POOR.
YESTERDAY THE FEDERAL RESERVE
CAME OUT AND SAID WE'RE HOLDING
THE STATUS QUO.
IT'S GOING TO STAY LIKE THIS.
WE'RE NOT GOING TO RAISE RATES
SIGNIFICANTLY UNTIL TWENTY
TWENTY THREE.
SO THAT'S VERY POSITIVE NEWS.
IT IS LAND YOU'RE LITERALLY
TELLING OUR FAMILY STORY RIGHT
NOW BECAUSE IT HAS BEEN JUST
SUCH A BATTLE WE'VE BEEN
LOOKING IN THE LAST FEW MONTHS.
SO WHAT DO YOU SEE NOW GOING
FORWARD AS WE MOVE INTO THE NEW
YEAR?
WELL, ALL INDICATIONS THAT
WE'RE SEEING IS THAT IT'S STILL
GOING TO BE TOUGH.
WE'RE ANTICIPATING A VERY
STRONG HOUSING MARKET GOING
INTO TWENTY TWENTY ONE JOB
CONDITIONS EXPECTED TO IMPROVE
WHICH IS GOOD NEWS WITH
THE VACCINE ROLLOUT.
MORTGAGE RATES STAYING LOW
AROUND THREE PERCENT.
ECONOMISTS EXPECT NEW HOME
BUILDERS TO BE VERY BUSY AS
CONSUMERS RETHINK SPACES MOVING
OUT A LITTLE BIT FURTHER,
SOMETIMES GETTING A LITTLE BIT
MORE FOR THOSE MEETINGS AND
ZOOME ROOMS AND WORKING FROM
HOME BUILDING PERMITS
NATIONALLY ROSE TWENTY ONE
PERCENT GOING INTO FOURTH
QUARTER OF THIS YEAR.
HORRIE THAT'S SOMETHING WE'RE
ACTUALLY SEEING HERE IN A
DENVER MARKET A LOT WITH PEOPLE
WHO CONTINUE TO GET BEAT OUT
WITH EXISTING HOME SALES ARE
STARTING TO LOOK AT MAYBE
BUILDING A NEW HOME JUST TO TO
GET SOMETHING SECURE.
ISN'T THAT INSANE?
SO WHAT ABOUT FORECLOSURES THIS
YEAR HAS BEEN REALLY HARD ON
MANY PEOPLE THAT HAVE MORTGAGES
AND FORBEARANCE.
ANY CONCERNS ABOUT THAT?
WELL, IT'S SOMETHING THAT WE'RE
WATCHING VERY CLOSELY.
THERE'S NOT A LOT OF CHATTER
ABOUT POTENTIAL FORECLOSURES
AND SHORT SALES RIGHT NOW.
WE KNOW THERE ARE SOME THERE
ARE SOME HOMEOWNERS WHO ARE
STRUGGLING OUT THERE.
BUT THE BIG DIFFERENCE, CORY,
BETWEEN TWENTY TWENTY TWENTY
ONE AS WE GO INTO THIS NEW YEAR
COMPARED TO SAY 2008 AND 2009
IS THE AMOUNT OF EQUITY THAT
HOMEOWNERS HAVE IN THEIR HOMES
RIGHT NOW.
SO CONCEIVABLY THEY WOULD BE
ABLE TO SELL MANY OF THEM AND
JUST GET OUT AND POTENTIALLY ON
THE UPSIDE CREATE SOME MORE
INVENTORY.
SO WATCH THAT IN REAL QUICK
BEFORE I GO, I WANTED TO
MENTION THAT CORELOGIC PUT OUT
A STUDY THIS WEEK THAT SAID
US HOMEOWNERS SAW THEIR EQUITY
INCREASE ACROSS THE COUNTRY ON
AVERAGE TEN POINT EIGHT PERCENT
THIS YEAR AND COLLECTIVELY THAT
CREATES A VERY BIG NUMBER ABOUT
ONE TRILLION DOLLARS JUST AN
INCREASED EQUITY THIS YEAR.
SO REAL ESTATE CONTINUE TO BE A
VERY GOOD INVESTMENT THIS YEAR
EVEN DESPITE ALL THE CRAZINESS
WE HAD LAYING REAL QUICK
BECAUSE WE HAVE A LITTLE BIT
MORE TIME OF QUESTION FOR YOU.
YOU KNOW, A LOT OF PEOPLE ARE
GOING INTO THIS WITH LIKE NON
CONTINGENCIES.
YOU KNOW, LIKE THEY DON'T NEED
TO SELL THEIR HOUSE.
AND SO ARE YOU SEEING MORE
PEOPLE SELLING THEIR HOME
BEFORE EVEN FINDING SOMETHING
RIGHT.
THE KEY HERE IS TO LEVERAGE ON
THE SELL SIDE SO THAT BUYER
THAT'S FIGHTING FOR YOUR HOME,
MANY SELLERS WHO KNOW WHAT'S
GOING TO BE DIFFICULT TO BUY IF
THEY'RE CONTINGENT UPON A HOME
SALE ARE ASKING THEIR BUYERS TO
BASICALLY COME IN AND RENT
BACK, ALLOW THEM TO RENT BACK
THEIR HOME FOR 30 60 SO THAT
THEY CAN CLOSE BUT THEIR MONEY
IN THE BANK GO OUT, CONTINUE TO
RIGHT NOW NON CONTINGENT OFFERS
AND HAVE A BETTER LOT COMPETING
IN THE MARKETPLACE.
IT IS TOUGH.
IT'S WHERE A REALTOR REALLY
COMES IN HANDY.
YEAH, IT'S SO COMPETITIVE RIGHT
NOW IT'S JUST INSANE TO SEE.
WELL LANE ALWAYS APPRECIATE YOU
JOINING US