The house didn’t do much for my client. It was okay but had very little character. It met all the other checkpoints: room for guests, half bath on the main, basement ceiling was higher than normal, good-sized garage, great location near the bike path.
“I guess we should make an offer.”
As real estate agents, it’s not what we like to hear from our clients. We like them to be excited about a possible new home and smile a lot at the Closing Table. But with a resigned shrug of the shoulders, some of our clients are accepting the reality that they better get in on the market because this craziness is here to stay. For a while, anyway.
Sure, it makes sense that the frenzy MIGHT slow down when interest rates inch over 5%, but nothing makes sense right now, especially a 70’s ranch with 80’s updates and the odor of cat pee in the basement priced at more than the $300,000. I know that the market is dictated by what buyers will pay but the only people happy about it are sellers moving to Oklahoma.
Nearly 9,000 people moved to the Fort Collins metro area (Estes Park, Loveland and greater Larimer County) from July 2014 to July 2015, second highest rate of population growth in the state and 10th overall in the country. Weld County topped the list in the state and came in 6th overall in the country.
It’s our own fault. Fort Collins and surrounding area has made the Top Ten lists on everything good for the last past 10 years. What did we expect?
High-tech businesses, health care, breweries and manufacturing companies are giving the nod to this area as are individual creative entrepreneurs. They have to live somewhere.
The clients who have lived here forever and are ready to downsize have nowhere to go. Others have been here just a few years and put off buying a home and now can’t comprehend how a little crackerbox staged in Pottery Barn tchotchkes can get 15 offers, most of them at least 5% over list price.
So here’s the game plan.
GET IN ON THE MARKET
I bought my home in 2005 for $250,000, the top of the market. It didn’t appreciate at all the next couple of years; I even paid less property taxes because my house value went down. It stayed that way for a while until it didn’t. And that’s the game. We don’t know if this is the top of the market but it doesn’t matter. Northern Colorado will stay desirable and vibrant for a long time. Some of us who crave more solitude or a warm beach will leave, especially when it takes an hour to go from Old Town to Trilby but the majority of us will stay to grow old with our friends and families and enjoy the great health care and recreational opportunities for all ages.
So, if you think you can make some changes to that kitchen, or pull up that stinky carpet and maybe knock down a wall or two, consider that house. Or look at town homes or a duplex.
Unless you are in the market for houses over half a million dollars, you’re going to have to make concessions. It’s either that or continue to contribute to your landlord’s growing wealth.