Jay Epperson’s Pick Your Neighbor Campaign: 10% appreciation in six months

My buddy Jay Epperson with Re/Max Cherry Creek in Denver is working a “Pick Your Neighbor” Campaign with his database and farm, which means the good folks of Stapleton and east Denver are being enlisted to help find homes for sale.

Think back two years ago, and would you have thought the market would come to this? In an era of 12-year low inventory and even national pending sales that are approaching what they were in the peak of the First-Time Buyer Tax Stimulus, the market is seeing a major-league squeeze. These are just my metrics, but the last five contracts I’ve written, either listing or buy side, have all involved properties on the market less than 48 hours.

Less than 48 hours.

Jay sent me a referral and I did a market analysis for this seller last August. Now they’re ready to go.

Take a look in the Buying Pattern difference between 2011 and 2012. I could tell last August the market was flipping upward, but I didn’t anticipate that prices would rise 10%… in just six months.

A lot sold in 2011, but note the gravity for sales around $170,000

A lot sold in 2011, but note the gravity for sales around $170,000

Fewer homes sold in 2012, and the squeeze drove prices up: look how many around $200,000

Fewer homes sold in 2012, and the squeeze drove prices up: look how many around $200,000

Oh yeah, average market time was cut in half year over year and within that market time, five of the 8 sales last year sold in less than 51 days, or 1/3rd of the average homes were taking to sell-thru in 2011.

Six months, $20K in appreciation.

This will be fun to explain to the appraiser.

 

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