CO Experts Discuss the Current Changes in the Real Estate Marketplace

The Barry and Larry Vestera Real Estate Program Radio show

8:00-9:00 AM | July 16, 2022

On the show:

Barry Miller (Host, and Real Estate Agent with Remax Masters Millenium, Denver, CO)
Larry Stanley (Consumer Guy, Co-host, Barry and Larry Consumer’s Real Estate)
Mike Rabon (Loan officer with Remax Masters Millenium who specializes in Reverse Mortgages & Home Equity Conversion Mortgages)

The current changes in the real estate marketplace

• As we start a new school year, home sellers can expect a slow down in the time it takes to sell their house
• Fewer buyers are going to look at more houses that are listed for sale
• Bidding wars are less likely to occur and home buyers are unlikely to offer a purchase price that exceeds the appraised value of the home
• In general, it will take more time to sell a house. Thus, requiring sellers to exercise patience and perhaps be more willing to negotiate on price.
• We are now seeing sales time an average of 40 days or more, as compared with under10 days a few weeks ago

• All homes are taking more days in the market before they go under contract.  However, the slowdown in Colorado is not dramatic.  See next week’s show summary for statistics on the front range.
• Normally people want to be in their house and settled before the school year starts
• People usually think that the best time to buy a house is at the end of June
• The time it takes to sell a house in front range Colorado is expected to take longer over the next few months
• Experts  see the time to sell could now go to 50 to 70 days before the end of this calendar year
• We may not see 7 to 10 days of inventory in some years
• Consumers should always be prepared for these changes in the real estate marketplace

The reality of reverse mortgage in residential real estate

• The five-year fever in Denver, CO, and Dallas, TX is broken
• Get the right information as there is so much misinformation including from real estate agents
• The statistics really helped to make clear why seniors should look into reverse mortgages now
• Many seniors (over 65% of people over 62 years old) usually have a mortgage that is going to outlive them
• The ability to reconvert the payment to optional payment is incredible easy right now
• This is a really great time for seniors to sell a home and buy a new one

Be knowledgeable about the changes in the real estate marketplace… talk to the best real estate agents!

The National Buyers Agents Association has a network of top-rate fiduciary buyers agents, as well as a resource of good listing agents. Good listing agents will be skilled in getting you top dollar for your home. Buyer agents mostly have well-established connections to other business professionals who can help make your move less stressful. Simply communicate your needs by filling out the online form where you can get immediate results.  Also, the association manager, Kathleen Chiras, and her staff will contact you back as soon as possible. For faster access to top buyer agents, fill out the form or call 800-383-7188, Mondays through Sundays. The service is continually adding new videos on the home buying and home selling process, so check out our YouTube channel today! See you there!