For real estate agents, homeowners and buyers, it seems that we’re finally starting to see the light! It’s no secret that we’ve been slowly and steadily recovering from one of the most significant real estate hits this nation has ever seen. Millions of homeowners lost their homes, tarnished their credit and have been struggling to make ends meet for over five years now. We’d hear projections for 2012 and 2013 and it seemed like such a long road, but we’re finally making our way to the end and we couldn’t be happier.

Aurora, Colorado is seeing a 6% decrease in home resale inventories, with the median price also down, since October. The MLS shows 66 price increases and 201 price decreases, which is a less telling statistic, since homeowners are free to list their homes at any price they choose.

We have seen that single family home sales are up in all of Denver, Colorado, which is helping to nudge up the prices, making it a better, more level playing field for sellers, and becoming less of the “buyer’s market” we’ve gotten so accustomed to. In Aurora Real Estate we’ve seen multiple offers on homes that were listed only weeks earlier in the MLS. A multiple offer situation is always ideal for the seller, since they have more options and a better possibility of selling to a qualified buyer for a fair price.

While this is a shift for many buyers, who are used to being in control of the real estate market, it’s still nice that the market is turning around, which is getting them low interest rates and giving them confidence that we’ve finally hit the bottom of the housing market out in Colorado. The downside for buyers is the obvious competition and higher listing and sales prices. Appraisals are also coming back much closer to the offer prices, which can cause delays and even increases in sales prices.

Whether it’s an ideal climate for buyers or not, sellers are ecstatic to finally start seeing the turn in the market, some have been waiting years to be able to sell for a profit, or to just break even. If we continue to see the market shifting it will be even better news for the housing market, since real estate tends to pick up after the holidays. Prices will hopefully steadily increase and the demand for houses will start to level off with the overly abundant supply.

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