Real Estate Blog - Who is under stress in your market? (for the first time in a long time maybe Both!)

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Who is under stress in your market? (for the first time in a long time maybe Both!)

It has been an interesting real estate market as of late. Although i have been investing and working in Real Estate for 12 years. (my whole adult life if you call me an adult) I have never been through a period of time like this. Many times in the deals i have been working there have been reasons for the Buyers to feel stressed. Rates are going up. Prices are too high based on affordability. There have also been times for sellers to feel stress. The builders are over supplying the market. Rates are going up making homes less affordable. Whatever the reason was there was a lot of situations where one side had a pretty good reason to be stressed. However i think this might be the first time i can say both sides have good reasons in most deals. In our market of Fort Collins Colorado we have the tale of two markets. if you are a first time home buyer looking for the 8k tax credit and want to buy under 220k be ready for a wild ride. 42% of those homes are currently under contract. With the average amount of supply in the 3 month range and the days on market under 45 days. What does this gobbledygook mean to you? It means if you are this buyer expect to compete with a few offers and pay over full price. (what if it doesn't appraise?) However if your a buyer in the over 300 range be ready to feel the dream. You can write and offer on a huge supply of wonderful homes where the sellers might offer to give you a back rub just for stopping by! Real Estate is dynamic! It is fun and a great way to make a living. I feel very lucky to have great markets to work in and great issues to solve. After all they aren't going to pay much for you to solve easy issues! Don't forget your value!