Prepping for a client visit this coming week. Buyer relocating from out of state to live in the Front Range area. She is looking at wide variety of attached homes, from Thornton to Lafayette and even north to Longmont.
As part of the search process, I’m narrowing down what to show her. Five years ago, there might have been a handful of places in each city, but this year inventory is up. Way up. So, doing some research.
And one of the searches I ran on the 11th I just re-ran so I could go more in depth — look at photos, map locations, etc. Here’s the thing, that search had 33 results. And today, each and every one of those properties is still Active. Not one when under contract.
That’s kind of a Big Deal.
I understand this is not an accurate sampling of the entire multiple listing service, but it is a larger group of homes. I was just as shocked two or three years ago when I ran these sort of identical back to back home searches and everything was under contract. That happened too.
Why this matters to you. If you are a home buyer, you are going to have more selection (and interest rates are super low) right now. This can be a really good thing. Ideally, don’t look forever; doing so the homes blend into one another. If you can keep your emotions in check, this is a market to make calculated offers seeking value.
For a home seller, you want to understand it is no longer 2015. That was the year we had Buyer Demand exceed Seller Supply. It was a crazy year. I helped one ecstatic client pay eleven and a half percent over list price for their dream home. That’s a Big Deal. And it is no longer realistic for home owners to expect that sort of result.
Today’s home owner needs to be much more responsive to the market conditions. Be ready to pivot and re position quickly. I’m going to jump back to work for my inbound home buying client, but wanted to share my thoughts quickly and concisely. Hope you find these updates helpful.