Hot Spring Real Estate Market
I have always reported that the spring real estate market is a hot time to sell and this year is the most incredible seller's market I have ever seen. Even with stock market uncertainty, interest rate increases and concerns about inflation, buyers in the current market are extremely active and have a high sense of urgency. The local real estate market not only continues to see multiple offer situations and sales above full price in many instances, but the trend is accelerating. In every area of Boulder County right now-average prices are going over 100% of list price. Check out the PDF link below to see the latest Boulder county housing stats.
The number of available homes on the market is down 40% from this time last year and inventory last year was historically low. The inventory of available homes is traditionally building this time of year towards a peak in June/July, but as Spring is upon us, the inventory remains at or below mid winter levels. My theory as to why there is such a lack of available homes is that many home owners are hesitant to put their property on the market because they are not confident that they will be able to find a replacement property to purchase. Also, the longer they wait, the more the value of their property increases. Whatever the reason, it is a great time to be a seller. Buying your replacement home before selling your present home is a good move in the current market. I can help you plan a strategy for how to finance such a purchase or how to become a cash buyer through creative financing. If buying before selling simply doesn't work for you, I've got another strategy. Listing now does not mean you have to move right away. Buyers are flexible with terms and are generally willing to offer the sellers a rent back. They simply want to lock in a purchase. Please contact me to discuss how to make the current market work for you. I can help you plan a strategy for how to buy, sell or both. Best, Rich