Wednesday, February 10, 2010

Spring home sales likely to surge

Spring home sales likely to surge from January levels - The Denver-area home market in January, while it did not book shoot-the-lights-out activity, appears to have set the stage for a much stronger spring season, as consumers are expected to take advantage of tax credit that are expiring, and lock in low mortgage rates, widely expected to shoot up in the coming months. “The market has opened up; it is huge,” said John Lucero, principal of the Denver-based Lucero Financial Group. “The market seems to be night and day from where it was even 60 days ago. I am seeing multiple offers on properties again; the phone is ringing off the hook. Investors are as hungry as heck right now.” Consumers were surprisingly quiet in the first three weeks of the year, but activity increased a lot the last week in January, and has continued at a rapid pace ever since, said Chris Mygatt, president of Coldwell Banker Residential Colorado. Showings are way up, he said.