Bob Gordon Realtor Boulder Colorado is an active blogger and licensed Boulder real estate agent since 1995. In addition to contributing articles here such as the Boulder Longmont News Now post today, this site, Boulder Real Estate News is frequently featured in other national online periodicals.
Lack Of Affordable Boulder Housing
It’s not just a Boulder Longmont news story. The state of Colorado commissioned a panel for recommendations on how to improve the stock of Colorado affordable housing. The panel focused on these key elements in their most recent briefing.
- Provide on-call consultants to assist in navigating options.
- Supportive housing services for those battling mental illness and recovering from addiction/s.
- Protect existing affordable housing through financial incentives.
- Cash Assistance programs for tenants.
- Modify the current income limits to meet Federal guidelines.
Boulder Affordable Housing Program
At the local level, there is a robust program in place. One with lofty goals to have a significant portion of the entire cities’ housing stock affordable.
Think you might qualify for a permanently affordable home? I’ve blogged extensively on the subjection. It’s a great way to own a home in town even if your income might otherwise have you living out in Erie.
Do I need a Boulder Realtor if buying or selling a Boulder permanently affordable home?
Yes, you do. A good local agent can explain the unique process, help you bid competitively on your purchase or maximize your return within the limits of selling restrictions.
Evolving Colorado Sellers Market
This year has been more like a decade when it comes to housing. We started the year of with low inventory. Seemed like it might be a good year to sell a home. Then inventories plummeted, home buying demand skyrocketed. For a bit, we were seeing five, ten even twenty offers. Inspections, loan and appraisal objections were tossed to the wayside.
But all good things must end. Now while we still are in a Seller’s Market, inventory has gained and we are seeing Longmont and Boulder homes take price reductions. My own experience?
Brought on a new listing, first weekend got a better than full price offer. But, the buyers bailed out at the home inspection. Once back on the market, the home sellers decided a price adjustment was the best course of action. This created more showings and multiple offers once more.
The house is under contract for more than list price and scheduled to close shortly.
Boulder Longmont News: Median List Price Dips
In April we saw median home prices at around $2,347,500. That’s trailed off to about one and three quarters million today. Still real solid, but not quite as exciting. What’s different? More inventory and less urgency likely created by the success of the Covid-19 vaccines.
Everyone doesn’t feel quite the urgency to move today. There was a moment where it felt like everyone really wanted to get more house for home schooling, work from home, etc. This week my neighbor’s kids are back in school. That’s a big change!
Less Expensive To Buy Boulder Home Today
Back in April, newly listed homes were around $1.7 million. By June that number was up to $1.8 million. But today, newly listed Boulder homes for sale have a median value of $1,125,000 according to the most recent statistics provided by Fidelity National Title.
Price Reductions 3x As Likely
Looking back over the last ninety days or so, we see Boulder Longmont home price reductions increase threefold. Why? It’s not interest rates. Home mortgage interest rates are as good or better than any time this year. And the Seller’s Market remains intact.
Home price changes making Boulder Longmont news reflect more inventory running into less demand. Home Sellers: be aware. It’s more important than ever to set realistic goals when initially listing homes for sale. Boulder home buyers: this is the moment you have been waiting for. Inventory and lower price points!
20 Multiple Offers Replaced By Relisted Homes For Sale
Really telling statistic. Then (as in back in May of this year), not uncommon to hear of well positioned entry level homes receiving as many as twenty offers and selling for a hundred grand over list price. That’s yesterday’s news.
Today, we are seeing real momentum for homes to be relisted. That is, properties that made Boulder Longmont news hitting the market, but then didn’t sell. Were withdrawn from the market. And then relisted, sometimes by a new Boulder real estate company.
This might very well be the most telling statistic to keep an eye on over the next several months. Thank you for checking out this Boulder real estate news article. Leave a comment below or share on your social media. Thanks! ~ Bob Gordon