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Tuesday, October 28, 2008

The Denver Real Estate Market - Ahead of the Curve

With all the doom and gloom news about the real estate market around the country, it's important to realize that buyers are still buying homes! For the Denver CO real estate market, out of every nine listings in October, one sold. This is just slightly better than the rate of sold homes in September. With the glut of homes on the market, Denver represents a great opportunity for investors and those with good credit along with a hefty down payment.

The tightening mortgage market is starting to affect the market in Denver, though. Prices have dropped as sellers realize fewer qualified buyers are looking for homes. Some sellers are pulling their homes off the market, hoping to hold out for a turn around in the market. Will this turn around happen anytime soon? It's too hard to tell.

Fewer homes were on the market in Denver for October. The number of homes sold did increase a bit in October, but these sellers had to lower their prices by nearly four percent. Homes are staying on the market for anywhere from three months to nearly a year, depending on the neighborhood and the property.

So where do you look in Denver for your new home? Get with a qualified realtor to find which neighborhoods still represent a good investment. Homes on the upper end of the price spectrum are still improving slightly while homes below the median price are dropping in price every month. Are you looking for a bargain or for a home that will continue to appreciate? If you look, you'll find homes that are selling for less than the appraised price. Is now the time to strike while the iron is...cold?

Ask your agent. He or she will have a strong idea of the specific on each neighborhood in the Denver CO real estate market. Make sure you are clear on your desires and needs with your new home. Is this going to be an investment property? Are you looking for your dream home? Your realtor will be able to choose from the multitude of properties out there to find the home for you at the right price.

Jim Lux is just one member of the LUX Team of realtors, based in Denver, Colorado. While Jim carries the designations of GRI, (Graduate of the Real Estate Institute), and CRS, (Certified Residential Specialist) and only 4% of real estate agents nationally hold the CRS designation, everyone on TheLUXTeam provides the same level of professionalism and commitment to each of their clients.

Jim and the LUX Team continually focus on real estate education to ensure that they are operating within the ever-changing guidelines and standards of the industry. In addition to being a full time Realtor, Jim is responsible for the Internet marketing and web site development for The LUX Team and holds the designation of e-PRO (Internet Professional).

Jim's interest outside of real estate includes his grandchildren, travel and music (Jim was a professional musician in addition to his career for years).

Visit their website at market segments to learn more tools to help you buy and sell your home in the Denver real estate market without losing money.

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