We suppose we could call this “No Listings November: with confidence because the historical average decrease in active listings from October to November has been 11.41%. However, this October to November we saw a decrease of 33.41%. This is the largest percentage decrease on record ever. Sizable percentage decreases have occurred in the last 10 years primarily due to our prolonged low inventory trends. We were left with just under 2,400 listings (both detached and attached homes) at the end of this November. Far less than November’s historical average for active listings, which is 14,000.
In other really good news, the 2022 conventional loan limit for Denver is now $647,200 and Denver Metro counties will see a new high balance loan limit of $684,250. If you are looking in Vail, Colorado for example, you can look forward to conventional loan limits of up to $862,500!
**If you would like to know more about what all this means please visit our Contact Us page and reach out to one of our agents, we would love to speak with you!**
Zillow recently cancelled 400 Zillow Offers contracts! Hundreds of sellers awaiting new builds will have to sell their homes another way after Zillow canceled contracts for closings set for late 2022. We want to let any homeowner stuck in a situation like this know that we are here for you and we are happy to help Sell Your Home immediately! We can almost guarantee a very quick sale with little to no hassle.
Our crystal ball says that the hot seller’s market will continue into 2022. If you are looking to buy, now is the time for several reasons. You should have less to compete with, interest rates remain low and conventional loan limits will be raised substantially at the beginning of next year. If you are thinking of selling, expect top dollar, especially if you price your property well. If you don’t, this market is still making sellers endure longer days on the market and significant price reductions.
In our opinion, when 2021 is over it will have seen the highest level of home sales in 15 years. The real estate market continues to change month over month. We saw increasing inventory in September and now by the end of November we are back to historical lows. Is it travel? The holidays? Could it be new Covid strains? We really don’t know, but we tell our clients that you really must consider home buying and selling a sport these days. You will have to suit up, go to practice every day and be ready for game time anytime. The exit of home buying giant, Zillow, does confirm that the market is too competitive and too volatile for the inexperienced. Zillow did their part to artificially inflate home prices and crash deals for unsuspecting consumers. Our hope, is that this exit will help to calm the waters so that we can get back to a true consumer supply and demand driven real estate market. Let us be the first to help you get back on your feet!