How's the Market in CO?

By
Real Estate Broker/Owner with West Realty@Metro Brokers ER40027814

How's the Market in Colorado?

Here are some observations we have about the market right now:

Hows the market in Colorado

  • 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.  

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