Inventory is very low, and demand has stayed the same. There are lots of buyers in the market that are having trouble finding homes to purchase and multiple offer situations are not uncommon right now if your home is well priced and well marketed. We’ve been seeing this trend develop all fall and if our local Fort Collins real estate market conditions continue, we’re going to actually enter a seller’s market.
What I’m not going to do is make long term predictions…I’ll leave that to Ben Bernanke(recently saying interest rates will be low into 2014).
Why Colorado is the best place to buy real estate right now
Fox Business did do a piece declaring that right now Denver, CO is the best large city in the country to buy real estate. Fort Collins has very similar factors and the 4 min. clip is well worth the watch.
What this means for sellers
If you’re thinking about selling your home this could be a good time to do it. Contact a real estate professional and get an idea of what your home is worth in today’s market. You may be surprised since we’ve all become accustomed to hearing doom and gloom on the news but our market is healthy for sellers right now. Another significant point is our 2.2% rise in median sales price over 2o10. This reflects the fact that buyers are entering the market.
What this means for buyers
Expect to be a little bit frustrated. If you go back and read any of my recent market reports, I’m going to sound like a broken record. Interest rates are low, prices are low, and now is a great time to buy. The caveat is, that since the number of homes for sale is so low right now, there is limited selection. If you’re a buyer right now, expect to be a little bit frustrated. Expect to have competition in the real estate market. And be ready. Have your financing in order and know what you can afford so that you can act when you do find the right home.