Cold hard reality sunk in this year for many home sellers in Parker CO, Castle Rock CO, Elizabeth CO and everywhere in the Denver metro area.. We saw listings expire every single month in 2011, and that's never happened to this degree. In the past, it would be a rarity to see any listings expire in June, July, or August. You'd only see them in the winter months.
It's a rock and a hard place kind of thing. This article reinforces the fact that some sellers should just rent their homes out and become landlords rather than trying to compete in this market. And face it, there are sellers that just CAN'T compete in todays market because they don't have the room to lower their prices.
If you are an investor, you should be buying all of the rental properties you can while the demand is still hot and interest rates are low.
If you are a seller, we believe there is light at the end of the tunnel. We see employment improving in Denver CO and that is huge. There are signs the economy is coming back to life. And the biggy is that all of the crap loans that were written in 2004, 2005, and 2006 that were resetting and coming due in 2007, 2008, 2009, 2010, and 2011 are done with. AND GUESS WHAT? NO MORE JUNK LOANS resetting anymore! So stability is at our doorstep! You'll see that in less foreclosures and short sales. Inventory is at an 8 year low too, so that can't hurt home sellers in Parker CO or Castle Rock CO or Elizabeth CO or anywhere in the Denver metro area.