|Dear <<First Name>>,
Slowed by frustrating low inventory levels many potential purchasers had to bite the bullet and resort to renting even with the high rental rates.
Others on the market for several months have experienced the frustration of bidding a much higher price than what really a home was worth,
and then being continuously outbid by cash buyers, simply gave up and either moved to more favorable locations or decided against home ownership.
Because of these factors existing home sales started losing momentum in July and now continue at lower levels than in the Spring.
Lawrence Yun, National Association of Realtors chief economist, says that "existing sales fell off track in July after steadily climbing the previous four months", and although home sales are expected to finish the year at their strongest pace since the downturn, thanks to a very strong spring, the housing market is undershooting its full potential because of inadequate existing inventory combined with new home construction failing to catch up with underlying demand.
NAR President, Tom Salomone, says that in addition to affordability concerns, the issue seeing earlier in the housing recovery may be reemerging as appraisal complications are appearing more frequently and are the cause of delays in closing and even in cancelled contracts.
Despite these somewhat disturbing comments the total figures are out and we can report that existing home sales rose 2.5% to an annual rate of 1.23 million in July, but are still 0.8% below a year ago.
Certainly the upcoming elections will play a more important than ever in the future of Real Estate.
If you are considering a move or even if you just have a real estate question, do not hesitate to give us a call.
As always we are never too busy to help you or your friends with any Real Estate needs and we hope you all enjoy the beginning of Fall.
Anne & Jessica Cucchi
710 Kipling St, Ste 110
Lakewood, CO 80215
303-202-2282 & 303-884-6545
As always, we appreciate your referrals!