April’s real estate market trends in Fort Collins continued to show continuing signs of improvement for sellers in the area. For detached residential homes available inventory was down 19.8% over last year, median sales price was up 6.5% and the monthly volume of real estate sold was up 38.4%. The Coloradoan even wrote an article titled Is it a Seller’s Market.
What this means for buyers
If you’re a home buyer in the current market, competition is stiff right now. Especially if you’re looking in a highly desirable area or you’re in a price range under approximately $300,000. It pays to be ready to move when you find the right home. This means talking to your lender ahead of time, getting pre-qualified, and having a budget worked out as well as a timing plan in place. Basically, all the things you’re supposed to be doing anyways become all the more important when there’s a possibility of increased competition.
What this means for sellers
If you’re a seller this is better news for you. But with good news, things can also get blown out of proportion. Don’t get carried away with the word on the street. Instead, do your homework, evaluate your market conditions, and then price your home accordingly.