Every real estate agent gets asked this ten times a week—how is the market?
Are you a buyer under $300,000? Then it’s competitive and crazy and the more down payment you have, the better. Also, a good story helps.
Are you a seller in prime locations with a house that’s been well-maintained? And you are priced under $300,000? Then be prepared for multiple bids. And the highest price isn’t always the best offer. Discuss with your agent.
But even if you’re a seller with a higher-priced house, no worries. The median price of a single family detached home in Fort Collins is $317,000, Loveland’s is a little lower and Greeley’s prices are skyrocketing. Or, at least, moving in a very positive direction.
And there has been a 78% increase in the sale of homes over $1M.
The northern Colorado real estate market is alive and kicking and, according to various pundits holding forecast sessions in the New Year, it’s going to stay this way for quite a while. Sale price to List price is at 99.2% in Fort Collins and slightly lower in Loveland. That means that many of the homes have closed at a sale price that is over the asking price. This has also been fueled by interest rates lower than 4%.
Windemere Real Estate, Colorado’s newest real estate player, predicts that we will have 18,000 new households in Larimer County by 2020 and 24,000 in Weld County.
Do you sell now or wait? That depends on whether you are leaving the area and if you are upsizing or downsizing. If you wait too long, you won’t be able to find that smaller ranch you are hoping to retire to. If you are buying bigger, expected higher interest rates may lower your price cap.
Are you buying? Opportunity still abounds whether you are looking at resale or new construction. Ask any expert, (and yes, experts can be wrong), prices will only go higher along with the expected increase for interest rates.
With apologies to Home Depot, Let’s Do This!