Overestimating the value of a home can come back to bite sellers, which is what Denver sellers looking to make extra bucks are learning the hard way. Usually, dramatic price reductions occur when the economy is changing. But in Denver, that’s not the case.
Home sellers in metro Denver appear to be trying to squeeze every last drop out of a historic run-up in prices. But in doing so, they risk getting squeezed themselves.
In the past seven days, through Thursday, 1,433 new homes and condos came on metro Denver’s multiple-listing service. But in that same stretch, 1,539 listings underwent a price decrease, notes Anthony Carnesi, CEO and manger at Keller Williams Realty DTC.
“The number of price reductions in the six-county area is greater than the number of new listings,” he said.