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Denver panorama – Looking northwest from the Hyatt Regency Denver – 20121210 (Photo credit: MomentsForZen)
According to Todd Hauer; Wealth Advisor, Global Wealth Management Division of Morgan Stanley- Denver Tech
Real estate is being viewed as generally positive by his wealth management team as they advise their clients about what investments to make.
In addition to the 64% of Denver investors who sense improvement in their local housing market (higher than 41% nationally), three in ten or more believe real estate will be the best performing asset class over the next three years.
In an important step for the battered Denver housing market, 64% of Denver investors sense improvement in their local housing market (price appreciation of 10% or more)—versus 41% nationally.
However, 63% say the timing is good to buy a primary residence (lower than 74% nationally), and 21% say commercial real estate prospects are good (lower than 28% nationally).
Also, 47% have seen foreclosure problems close to home, similar to 43% nationally.
Sellers Market, But Are They Scared?
The Denver housing market is also seeing a balance problem with the supply and demand. There were only 7000 pre-owned homes on the market last month, which is a 3rd fewer than a year earlier.
So why aren’t people selling? The median home sales of gone up again from $268,000 to $280,000 from April to May. This is the 14th consecutive increase.
There could be several reasons such as 18% of homeowners in the Denver Metro are still upside down on their home. Another reason could be the uncertainty with the inventory, if someone was to list and sell their home and cant find another one, that would hinder someone from being motivated to sell.
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