Periodically we track a stat which we find to be quite interesting.
It answers this question – how many properties are selling for at least list price (asking price or higher)?
This stat tells us how active the market is and helps our buyers to realize that, in some cases, they will be in a competitive situation.
When we look at single-family home sales so far this month, this is what we find:
- 57% of properties in Larimer County sell for at least list price
- 62% of properties in Weld County sell for at least list price
So, in well over half of the transactions, buyers need to offer list price or higher to acquire the property.
The data gets even more interesting when this information is broken out by price range.
To no one’s surprise, the percentage increases for properties priced under $400,000:
- 81% in Larimer County
- 70% in Weld County
We find that for properties over $400,000 the percentages still tell a story of a very active market:
- 47% in Larimer County
- 56% in Weld County
Bottom line, in most locations and price ranges we see a strong sellers’ market where buyers need to be prepared to make a strong offer and to also compete.
Have you wondered how much 💰equity💰 you have in your home? If so, perhaps you’ve thought about selling. It can be daunting to think about the process and all it takes to get a home ready to sell, but we have you covered ☂️!
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Here’s a stat that may shock you.
Even in this hot market, all up and down the Front Range, one out of five homes for sale have been sitting on the market for more than 100 days.
When other homes are under contract within days or even hours, 20% sit on the market waiting for a buyer.
Why are these houses not selling? What’s wrong with them?
Perhaps the answer is obvious: the roof is in disrepair, the paint is peeling, weeds have overtaken the yard, a railroad track runs behind the home, the neighbor’s property looks like a junkyard – the list goes on as to the possibilities.
The important lesson for sellers is this- it is the dynamic of price relative to condition which generates offers.
If a buyer visits a home and they are (unpleasantly) surprised by the condition, they will not write an offer. Buyers conjure up a certain expectation of the home based on the marketing and the photography they see online. When the home does not live up to that expectation, the buyer will pass and move on to other options.
Sellers only have a small number of items within their control. Oftentimes the conditions which a buyer may not like cannot be changed by a seller (road noise for instance.)
The one condition a seller can control is price. The price of a home must be aligned with its condition, or the seller risks being one of the unlucky 20% of homes languishing on the market.
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Waiting for spring to think about selling your house?
You might want to think twice… Check out this video to discover 10 reasons to sell your house this holiday season!
With fall right around the corner many of us will be trekking up to Estes Park to see the Aspen leaves turning.
As you drive through Estes you may wonder “how’s the mountain market?”
Here are some fun facts about real estate in Estes Park.
- The average price today is $394,046 – not that different than Fort Collins.
- Average prices have gone up $60,000 in the last three years.
- Their market has about 300 sales per year- roughly a tenth of the amount in Fort Collins.
- If you were looking for a home in Estes between $300,000 and $500,000, you would have 15 to choose from.
Now you know about the Mountain Market!
After a very active (to say the least) spring and summer, the door has now opened for buyers in our market.
Buyers who were frustrated during the first half of the year with low inventory and bidding wars now realize a better environment. It’s time to step off the sidelines and take a fresh look at what the market has to offer.
The first piece of good news is that rates have dropped to near all-time lows. Rates today are 0.6% lower than they were on January 1st. What this means on a $400,000 home with a conventional loan is a monthly savings of $110!
The second piece of good news is that inventory levels are coming up. There are more homes on the market to pick from and lower demand because of seasonal slowing. Months of inventory in Larimer County markets have bounced up 20% to 33%.
August marks the end of the busy real estate selling season and the beginning of the traditional seasonal slowdown in our market.
The four months of April, May, June and July tend to produce 45% of the year's total sales. This is based on looking back at 5 years of data.
If 2016 holds true to form, the next five months from now until the end of the year will be progressively slower.
No surprise that December tends to be the slowest month with a third of the number of sales compared to a typical July.
Here's what we will be watching closely over the next few months – is this year's seasonal slowdown "normal", or, because the market has been so hot this year, is it breaking traditional trends.
We will be sure to keep you informed!
Our market is under-supplied. Plain and simple. There is a 1 to 2-month supply of homes across Northern Colorado. A balanced market would have 6 months.
Builders are faced with high land costs, high materials cost, high labor costs, high permitting costs and high water costs. It’s pretty much impossible, in most parts of our market, to deliver a new home under $400,000.
So, condominiums to the rescue right? Not so fast. Because of onerous construction defect laws, developers do not want to build multi-family, for sale product. It’s too risky. They’d rather build apartments.
Our market is under-supplied. Plain and simple.
This is really good news if you are a seller who wants to move up. This is especially good news if you are a seller of a condominium.
Contact us to find out what our under-supplied market has done to the value of your home. We’ll put together an Equity Snapshot which will show you, in detail, what your home is worth in today’s market. It’s valuable information to have whether you are thinking of selling or not. Just call 970-460-3033 or e-mail us at email@example.com.