The inventory of single family homes in Metro Denver is dropping! The number of homes under contract for last month is up 6.75% over last year, Solds are up 3.08% over last year’s. Last year was rough. We were coming off of the tax credit high, that was a hangover we all didn’t need. So, to see numbers like these is encouraging in an otherwise discouraging market. This is evidence of investors snapping up deals and taking advantage of these historic rates.
The rental market remains hot due to the fact that many people are still a bit scared of getting back into the market. But, Fannie Mae’s August National Housing Survey polled 1,001 Americans to assess their attitudes toward owning and renting, mortgage rates, the economy, and their personal finances. The survey found 69 percent of respondents said now was a good time to buy a home, up three percentage points from the previous month. The number of people who expect home prices to increase over the next year fell three percent from the month before but, among those expecting a decline, the average expected price drop was just 0.5 percent. Also, 62 percent of Americans said they would prefer to buy, rather than rent, their next home, up one percent from July. This number is expected to go up because most Americans believe that homeownership is still the key part of the American Dream. White picket fences are still on the minds of the folks that have jaded by a down market.
My Trulia real estate page is a good starting place with many avenues for researching your local market, check it out!