We are officially in a new market. Our old market was crazy, but we’re leaving it behind, so what has changed? Today I’ll explain a few key differences:
1. The old market was nothing but hot bidding wars. Everyone had to look at multiple homes and compete against cash offers. In our new market, those bidding wars have calmed down drastically. You might see two or three offers on a good home, but gone are the days of 15 offers for thousands of dollars over the list price.
2. There was historically low inventory. This is what made it so crazy. There still aren’t too many homes for sale in Northern Colorado, but more are coming on the market steadily, which means buyers have more options.
3. Sellers got whatever they wanted. If they needed a 90-day rent-back agreement, they still had leeway to pick the best buyer and the highest offer. Now sellers can’t just list their homes at any price and condition.
“The old market is gone.”
4. Contingencies were rare. Sellers could always choose a buyer who didn’t have a home-sale contingency. That’s not the case now. If you know anyone who has been waiting so they could buy and sell at the same time, it has finally become possible.
5. We had historically low rates. Lots of people are locked into rates under 3%. They’ve almost doubled now, which has certainly changed our market, but we have plenty of strategies to help you manage higher rates.
6. Realtors could sell homes without doing anything. They could just put a sign in the yard, list the house, and call it a day. In today’s market, you need a skilled agent who knows how to market and present your home so that you attract the most buyers possible.
Spread the word that we are in a new market—the old one is gone. If you’re looking to take advantage of the opportunities this new market provides, call or email us. We’d love to hear from you.
Chris Mullenberg Market Update Tags: Downtown Fort Collins, market update, real estate, real estate market