It has been an interesting experience selling real estate in this market! Homes are barely listed on the MLS and Sellers are seeing 21 showings within 7 hours and 5 offers by the end of the day. Many over list price!
Some Buyers tend to think the media and their Real Estate Agent are over-exaggerating the speed in which properties are under contract. It is no joke. In today's market the Buyer must know what they want-neighborhood, price point, style of home and be Pre-Approved with a lender letter. (Not just Pre-Qualified). Buyers also must be ready to act fast and make a decision. The old saying "If you want to sleep on it you may not sleep in it" is ringing true.
The days of getting a good deal are over. Foreclosures and Short Sales while still available, are not as plentiful as a few years ago. It is definitely a Sellers Market! Sure you may get lucky. I have heard Buyers say that they will wait until the buying frenzy settles. While we don't have a crystal ball one thing seems certain- home values are rising with each recorded sale. What that means is list prices are rising right along with it. Wait until Fall and you may not get what you want.
Homes are more than just an investment. It is where memories are made. Corny? YES! But so very true. Depend on your agent to assist you in finding the right home with the right market value. Full time agents have a finger on the pulse of the market and the resources to research- so trust their guidance.
Fear not...Buyers are winning bids and moving into their new homes ready to create memories!
Below is an article from the Northern Colorado Business Report from May 7, 2014 by Joshua Lindenstein that gives factual reasons why we are in such a competitive market.
Tight residential market drove home prices up in April
The region's home buyers continue to have fewer choices and are paying more than they were a year ago, according to the latest figures released by the IRES Multiple Listing Service.
The Boulder, Fort Collins, Greeley/Evans, Longmont and Loveland/Berthoud areas experienced a universal seasonal rise in the number of active residential listings from March to April. But in almost every case there were fewer single-family detached and attached dwellings for sale than during April of last year, in some cases by 10 percent to 20 percent.
Median prices, meanwhile, have also increased in nearly every locale.
Loveland/Berthoud was the only area where neither single-family detached nor attached dwellings increased in price compared with the same period last year. The median price for single-family detached homes there in April was $266,250, compared with $267,515 a year ago, while the median price for attached dwellings was $175,000, down $1,450 from last year.
Despite a decrease in the median price of attached dwellings, Greeley experienced a 14.1-percent increase in median price for detached homes to $190,000. Fort Collins (5.3 percent) and Longmont(9.3 percent) have also had significant increases in median detached home price compared with last year, while Boulder's median was steady, ticking up slightly from $657,500 a year ago to $661,000 in April.
Greeley is the only local area where the year-to-date number of residential sales has increased compared with last year, a lot of which has to do with the decreases in inventory for most areas.
In Boulder, the number of active single-family detached listings climbed from 195 to 214 from March to April. But that number was still 19.2 percent below the April 2013 mark of 265 in what was already a tight housing market.
Longmont's single-family detached listings were 11.1 percent lower than last year's in April, andLoveland Berthoud's number was down 20.9 percent. Even Greeley's detached number of listings was down 14.2 percent, while Fort Collins saw a decrease of only 1.9 percent from last year.
Author:J Steven Opp Phone: 720-556-1717 Dated: May 29th 2014 Views: 552 About J Steven: J Steven is a proud native Coloradoan born and raised here in Denver. His love for this city is refl...
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