.
. IF
. IF YOU
. IF YOU KNOW ANYONE TRYING TO TAKE ADVANTAGE OF THE LOW
MORTGAGE RATES AND BUY A HOUSE
RIGHT NOW.
YOU'VE PROBABLY HEARD IT IS SO
ROUGH OUT THERE.
ACCORDING TO THE DENVER METRO
ASSOCIATION OF REALTORS,
THE SUPPLY AVAILABLE HOMES TO
BUY WAS DOWN 50 PERCENT AT YEAR
END THAT DEMAND HELPED PUSH UP
HOME PRICES ALMOST 14 PERCENT
COMPARED TO THE YEAR BEFORE.
SO WHAT DOES THIS MEAN FOR
THE YEAR AHEAD?
FOR SOME INSIGHT WE'RE JOINED
BY LEYLINE.
HE'S A REALTOR AND MANAGING
BROKER FOR COLDWELL BANKER.
GOOD MORNING.
LAME O KEEP UP THE FIGHT.
IT'S WORTH IT OUT THERE.
GOOD MORNING TO YOU.
GOOD MORNING.
SO TOUGH.
SO CONSIDERING IT'S JANUARY
WE'RE COMING OUT OF THE
HOLIDAYS, HOW MUCH OF THIS
TIGHT MARKET IS CONSIDERED
SEASONAL?
WELL YOU KNOW IT'S PROBABLY NOT
A SURPRISE TO HEAR THAT
THE SEASON'S GOT A LITTLE BIT
MIXED UP IN TWENTY TWENTY FOR
THE SECOND HALF OF TWENTY
TWENTY WE FELT LIKE WE WERE
ABOUT FOUR MONTHS BEHIND
BECAUSE OF COVID VERY ACTIVE AT
TIMES WE USUALLY WERE SLOWING
DOWN FOR THE HOLIDAY.
SO ARE WE SEE A TIGHT INVENTORY
BECAUSE OF THE SEASON.
IT'S HARD TO SAY BUT ONE THING
IS FOR SURE WITH MORTGAGE RATES
IN THE MID TO PERCENT RANGE
WHICH IS WHAT WE SAW THE LAST
COUPLE OF WEEKS HOMEBUYERS IN
DENVER SAID YOU KNOW WHAT, IT'S
WORTH IT TO PUT UP THE FIGHT
AND REALLY DO THEIR BEST THAT
BUYERS ARE WRITING MULTIPLE
OFFERS SOMETIMES TENS
OF THOUSANDS OVER THE ASKING
PRICE.
THEY'RE PROMISING THE SELLERS
THAT THEY WILL BRING EXTRA
MONEY TO CLOSING IF THAT HOUSE
THEN DOESN'T APPRAISE.
SO IT'S DIFFICULT OUT THERE AND
RIGHT NOW THAT IS THE STORY
OF DENVER REAL ESTATE.
HOW MAN SO LET'S TALK ABOUT
TWENTY TWENTY ONE.
IS THERE SOME RELIEF IN SIGHT
WHAT A REALTORS EXPECTING WILL
HAPPEN WITH ALL OF THIS DEMAND
GOING ON?
WELL, I DO THINK WE'RE GOING TO
SEE MORE AVAILABLE HOMES, MORE
INVENTORY COMING ON THE MARKET
THAT'S GOING TO HELP WITH SOME
OF THOSE HEADACHES NOW I DON'T
HAVE MY CRYSTAL BALL, COREY.
I WAS LOOKING AROUND FOR IT
THIS MORNING BUT THERE ARE SOME
COMMON THEMES.
BUT HOUSING EXPERTS AND
ECONOMISTS OUT THERE ARE THREE
THINGS THAT I THINK YOU SHOULD
KNOW.
ALL INDICATORS ARE WE'RE GOING
TO HAVE ANOTHER ACTIVE STRONG
HOUSING MARKET THIS YEAR.
HOUSING HAS BEEN THE HERO FOR
OUR ECONOMY.
LET'S JUST FACE IT THAT WILL
CONTINUE.
HOME PRICES WILL CONTINUE TO
RISE BUT LIKELY NOT QUITE AT A
SHARP RATE.
WE SAW THIS LAST YEAR MORE
HOMES EXPECTED TO COME ON
THE MARKET THAT'S AN EASE.
DEMAND TAKES SOME PRESSURE OFF
AND THE VACCINE COULD ACTUALLY
HELP PEOPLE FEEL MORE
COMFORTABLE SELLING THEIR HOME.
SO NOTHING SUDDEN, NOTHING
OVERNIGHT.
THIS WILL BE GRADUAL.
WE ARE STAYING VERY FOCUSED ON
ANOTHER VARIABLE AND THAT IS
HOMEOWNERS WHO HAVE MORTGAGES
IN FORBEARANCE THAT COULD LEAD
MAYBE TO SOME FORECLOSURES IF
THOSE HOMEOWNERS AREN'T ARE
STILL STRUGGLING.
WE'RE NOT EXACTLY SURE WHAT
THAT KIND OF ANXIETY MIGHT HAVE
ON THE MARKET BUT MAKE NO
MISTAKE THERE ARE A LOT
OF PEOPLE STILL MOVING HERE
BECAUSE THEY CAN WORK REMOTE.
THEY'VE ALWAYS WANTED TO LIVE
IN COLORADO.
PEOPLE ARE DECIDING THEY NEED
MORE ROOM BECAUSE THEY WILL
WORKING FROM HOME MORE NOW SO
DEMAND IS EXPECTED TO STAY UP
WHICH MEANS OWNING A HOME IN
TWENTY TWENTY ONE WILL CONTINUE
TO BE A VERY SOLID INVESTMENT
EVEN AS OTHER PARTS OF THE
ECONOMY CONTINUE TO RECOVER.
I DEFINITELY HAVE SEEN
INVENTORY AS YOU WERE TALKING
ABOUT GO UP JUST IN THE RECENT
WEEKS.
SO LET'S SWITCH OVER TO
THE RENTAL SIDE REAL QUICK.
SO WHEN PRICES ARE ACTUALLY
DOWN, TELL US ABOUT THAT.
WELL, IT'S A TALE KIND OF TWO
MARKETS WITH RENTAL PRICES
CHORY IN MY CONVERSATION WITH
SOMEONE WHO WORKS VERY CLOSELY
WITH ONE OF THE LARGEST
PROPERTY MANAGEMENT COMPANIES
IN DENVER.
HE'S SAYING YOU KNOW WHAT
DOWNTOWN AREA IS SEEING RENT
PRICES DROP ABOUT FIVE PERCENT.
IT HAS TO DO WITH THE FACT THAT
YOU KNOW WHAT?
PEOPLE LIKE TO LIVE CLOSE TO
RESTAURANTS AND BARS AND THEY
WANT TO BE CLOSE TO BUSINESSES
AND ALL THAT IS ON PAUSE RIGHT
NOW WE HOPE ALL OF THAT COMES
BACK.
SO FOR NOW RENTERS ARE SEEING
SOME STEEP DISCOUNTS IN
THE DOWNTOWN AREA OUTSIDE THOSE
TOWNHOUSES SINGLE FAMILY HOMES,
A LITTLE FURTHER OUT.
RENT PRICES ARE UP.
HORIE INTERESTINGLY WE'RE
SEEING AN INFLUX OF PEOPLE
MOVING HERE FROM SMALLER AND
MIDSIZE CITIES BECAUSE THEY
LIKE THE JOB OPPORTUNITY HERE
IN COLORADO.
SO I EXPECT A LOT OF PEOPLE
WILL CONTINUE TO WANT TO LIVE
HERE IN COLORADO WHICH IS VERY
GOOD NEWS FOR TWENTY TWENTY ONE
AND THANKS FOR PUTTING UP WITH
THE ANIMALS WALKING AROUND
BEHIND ME HERE.
I WAS GOING TO SAY YOU'VE GOT
PHOTOBOMB FOR SURE SPOKE TO
SUCH AS THE COVID LIKE LIKE
LIVE TV.
YEAH COVID LIVE ZOOM STUFF
THE WHOLE DEAL BUT AS