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When was the last time you rode a see-saw?? (some people call it a teeter-totter.) Our market right now reminds me of when my little sister and I would try to ride one. There she was stuck up in the air and there I was stuck on the ground (I was a big kid!)
Here’s the deal- a market is “balanced” when there is 6 months of inventory for sale. Meaning it would take 6 months to sell out everything on the market assuming nothing new came on the market.
Over 6 months = buyer’s market. Under 6 months = seller’s market.
Check it out: Today, in Northern Colorado, there is only a 1.5 month supply. Yep, a seller’s market. There’s my sister stuck up in the air.
But wait! There’s more to the story! Taking a closer look at specific price ranges reveals that under $250,000 there is a two-week supply! And over $700,000 there is a 6.5 month supply.
So, we have both buyer’s markets and seller’s markets right here in our Northern Colorado market.
The big takeaway is this – for some people. This is an ideal time to move up. Depending on your home’s price and location you could sell in a seller’s market and potentially buy in a buyer’s market.
If you want to see how to do this, give us a call!
