DENVER — The challenges facing homebuyers in the Denver metro area are getting worse, according to a new report from the Colorado Association of Realtors.
“Just the offers [keep] getting slapped left and right,” first-time homebuyer Nolan Baker said Thursday after attending the first showing of a property in southeast Denver.
“That was probably one of our favorites,” he said of the house.
But as Baker has learned, placing the first bid in this housing market doesn’t guarantee anything at all.
“It definitely makes it a little bit more stressful when you’re buying a home for the first time,” he said.
As his real estate agent Joy Dysart pointed out, bidding above asking price was at an all-time high.
“We look to charge up to $100,000, $160,000 and waive all inspections, waive reports, things like that,” Dysart said.
Deals like this are no longer a surprise given a new report released Thursday by the Colorado Association of Realtors (CAR). The report shows that the entire Denver metro area had just 1,400 homes listed in January, a nearly 60 percent drop in inventory from the same time last year.
“We hit an all-time low inventory level last month,” said Matt Leprino, spokesman for CAR.
On the other hand, demand has skyrocketed.
“According to our latest statistics, median ownership has increased by 19 percent in just one year,” Leprino said.
According to the National Realtors Association, the Denver Metro ranks in the top 10 least available homes for sale that a family earning between $75,000 and $100,000 a year can afford. That means a family earning $100,000 a year can only afford about one in every 350 houses on the market here.
“It takes some finesse now to get a property,” Dysart said.
Gone is the luxury of taking the time to decide if a home is right for you. you have to move
“The decisions are a quick decision,” Baker said.