With one quarter in the books for 2016, Northern Colorado real estate continues its unprecedented and historic pace. Year-to-date sales increased regionally in large part due to the nearly 25 percent gain in the Greeley/Evans area. A total of 2150 home sales represented about a 12% increase over 2015 YTD sales. As expected, home prices region-wide broke the $300,000 mark, with nearly double digit gains in our 3 major markets. The Northern Colorado real estate market is on fire heading into the warmer months, and with competition at its fiercest, expect higher prices – the new reality of an accelerated market.
The Reality of an Accelerated Market
If you’ve been following our market updates, regular blogs, facebook posts and newsletters, you’ll recognize that this market is moving faster than ever before. Our professionals work at your pace and can move as fast as possible, but consider taking some time for thoughtful planning and strategic counseling with us before you dip your toe in the raging river that is the current real estate market. We don’t want you to get swept away.
We understand the excitement you feel when you decide making a home purchase is right for you. We know that you spend hours looking at the perfect homes online, imagining where you’ll put your furniture, or which projects you’d like to take on once you move in. It’s an emotional roller-coaster ride, so be sure to be prepared. Our agents can provide a buyer’s consultation to walk you through the entire process from beginning to end so that you know what to expect in this market. You should know what kind of effort is required to see homes on short notice, make decisions on the fly and understand what sellers are looking for when making an offer. Let your agent educate and counsel you so that you know exactly what to expect. Otherwise, the journey may feel very overwhelming.
One might think sellers have it made in this market, but they have an interesting set of issues to deal with as well. Now, more than ever, it is crucial to leverage the knowledge and experience of an agent to help you properly price your home for this market. On top of that, sellers need to utilize proper presentation strategies to make the most of their consistent showings. You’ve got to be prepared, rather than rushed, when you have 10-30 showings over a weekend – don’t wing it – trust your Realtor. Lastly, with multiple offers coming in, you need to lean on your Realtor to help you find the best offer – compare loan scenarios, closing timeframes, inclusions, terms and overall qualifications before you go under contract.
We are likely to see double digit increases for the next 12 months and beyond if current circumstances remain the same. Increases in interest rates could help to balance out the market a bit, but demand is so strong at this point, it would take a big event to even begin thinking about a market cool down. Hang on for a wild ride as we ride this wave, and stay locked into our market reports – we’ll be the first to let you know about any impending wipeouts.
About the Author: Jared Reimer is a native Coloradoan and an Associate Broker at Elevations Real Estate in Old Town Fort Collins. He’s a community advocate, business champion, blogger, leader, tireless volunteer, innovator, thinker and expert on all things real estate in Fort Collins and surrounding Northern Colorado. You’re likely to find Jared spending quality time outside with his wife, Kacie, and young son, Hudson, or sharing a beer or two with a friend throughout Fort Collins. Call or text Jared at 970.222.1049 or email him at Jared@TheCraftBroker.com