Low Inventory, Low Interest Rates, and a Pandemic

Low Inventory, Low Interest Rates, and a Pandemic

8z President Ryan Carter was quoted in a recent Denver Business Journal article titled “Low inventory, low-interest rates, and a pandemic: How the coronavirus has changed residential real estate in Denver.”

Supply and demand

“A lack of inventory has dogged the Denver market in recent years, but the issue has been magnified during the pandemic. Owners are wondering if they can sell their homes safely and if they’ll be able to find a new home once they’ve sold, said Ryan Carter, president of brokerage 8z RealEstate.”
“Even before the virus, sellers were like, ‘OK, this is a great market to sell in, but once I sell, I’m a buyer.'” carter said. “Depending on where we are in the tier of price points, that may not be a really appealing process.”
The Denver metro is firmly a seller’s market, based on its inventory shortage, and prices are rising, In July, the average price for a single-family home detached home reached $601863, up nearly 10% from a year ago.”
He then shares a recent listing story from one of the 8z agents in Englewood listed just under $400,000.
“There were 31 offers in that home,” Carter said. “It had almost 60 showings in a four-day span.”
Learn more by reading the full article.

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