How's the Market in Colorado?
Here are some observations we have about the market right now:
- Inventory is up, price reductions are up, the length of time to sell a home is up.
- The Buyer asking the Seller to pay concessions are more prevalent
- Sellers are more willing to accept contingent offers (especially in higher price ranges)
- If a home doesn't sell within a week, it often becomes stigmatized by the market and potential buyers assume there must be something wrong with it.
- Homes that likely would have sold within hours a year ago, are now sitting on the market
- Condition is super important as buyers become even more picky.
- Pricing a property correctly on day one is paramount
- Sellers who over-price their property are finding themselves chasing the market.
So how many Americans own their own home vs paying rent? The most recent Census showed 64.2%. This number is showing stability after many years of change. In 1996, home ownership started increasing. In 2005 it reached as high as 69.5%. In 2008, the rate started declining back to the pre-1996 levels of 64%.
So today it's back to what seems to be "normal" based on the long-term average.
If you are looking to Buy or Sell, call me at 970-631-7111.