Do you remember the iconic commercial for the Energizer Bunny? That little rabbit was going, going, going. Here at the Berkshire Hathaway HomeServices Boulder CO office we are seeing a strong Sellers’ market that has legs and is still moving homes.
Boulder Home Buyers Need To Understand This One Thing
For a home buyer looking into buying a Boulder home, you need to keep one concept front and center. Compelling properties still fly off the shelf.
There are indications we have more inventory than a year ago, sure. But nowhere near the inventory levels of the early Aughts. And of course, there is some variation in the national market. Which can be difficult for a client relocating to Boulder Colo.
Nationally Housing Markets Are Changing Too
For instance, Tana Rhodes, Broker at Park Tower Realty in Atlanta tells me the current conditions are, “definitely not the market from three to four years ago.” She’s not a fan of the changes impacting her community. Homes in Atlanta priced at or below market sell, but owners are encountering longer days on the market and price reductions.
Fix and Flippers have discovered it can take significantly longer in Atlanta, chewing into profits with extended holding costs. That market is far different than the Berkshire Hathaway HomeServices Boulder Co marketplace.
Back in Boulder Colorado Housing Market
It’s definitely still a sellers market, but yes, maybe not as crazy. If it’s a good property and priced well, it will sell quickly. I’ve seen this with my own listings. Receiving strong offers. But not necessarily the five, seven, ten competing offers we were getting a few years back.
This is a silver lining for home buyers to be sure. You might only be competing with one, maybe three other home buyers. And owners appear to be taking offers more rapidly.
A few years back, the best strategy was to wait it out through the weekend. No more. A strong offer on one of my Berkshire Hathaway HomeServices Boulder Colorado listings will get immediate attention from an astute home owner.
The Colorado Housing Market Is A Fickle Thing
I asked a few agents I respect around town for their insights. And I’m hearing its a mixed bag. Homes will still go under contract quite quickly. But getting to the closing table can be challenging with some homes coming back up for sale rapidly.
And it might not merely be slower for the Sellers. Buyers appear to be taking a little more time to lean into the Spring marketplace.
Looking at the ReColorado (MLS provider) statistics for January, its a mixed bag. Sales declined. Even as housing inventory increased. There were more homes on the market than the month prior. More homes on the market for the month than a year prior.
What a surprise to consider, that the one thing everyone has clamored for – more inventory – is not really conducive to the Sellers Market extending.
Bob Gordon Berkshire Hathaway HomeServices Boulder CO
You can quote me on this. Now is a good time for both Boulder home sellers and home buyers in the marketplace. There are more homes to select from. That’s a good thing. There is more inventory – you needn’t make a rapid decision. Home mortgage rates are lower than expected.
That’s right, the cost to borrow is not as terribly high as it was just six months ago. Mortgage lenders I work are offering fantastic thirty year rates.
So you have inventory, low rates and still a Sellers Market. For home owners, be smart, price at the market to avoid price reductions and still guarantee a strong offer. For home buyers, know you can run into a multiple offer or fast moving property for a well priced home.
This Sellers’ market has legs and is still running.
Boulder Real Estate News Recommends
Recent blog posts – in case you missed it – include a discussion about home appraisals and alternative financing such as a bridge loan. Be sure to check back for the latest blog update from Boulder Realtor Bob Gordon Berkshire Hathaway Realty. Or, give me a call today at 303-931-9901 to discuss your real estate needs.