09/15/2022
Quick story on this property just to show how crazy the market has been in Lakewood Ranch/ Sarasota over the last year or so.
Our clients purchased this condo in the middle of 2021 for 300k. Their situation had changed in 2022, and they decided to put the same condo back on the market about a month ago. Last week, the property sold for 490k….a 63% increase in a little over a year. And this wasn't an anomaly by any means, as there are many other examples in the area showing similar numbers.
Whenever there is some uncertainty surrounding home prices like there is now, it's always a good idea to put things in perspective. Even if things slow down more than they already have, and values drop 10% or even 20% over the next year or two, I don’t think we will ever see the prices go as low as they were just last year, due to how fast this area is growing and how many people are moving in from out of state.
As for the Denver market, the same idea applies. More and more people are moving from expensive cities in California, Washington, etc at a rapid pace. This is compounded with the fact that there has been a housing shortage in the city for the last decade, which is definitely a plus for property owners who are worried about values declining and their equity decreasing.
And if you're on the other side and looking to buy, this could be a great opportunity to take that leap as things are slowing down. We are actually starting to see buyers have a tiny bit of leverage that hasn't existed in the last 3 years.
