A July market update from the Fort Collins Board of Realtors shows the supply of homes on the market is dwindling, even as the median sales price through June hit $415,000, up 4% from the first six months of 2017. The shrinking inventory will continue to send prices higher, but the rapid escalation price is beginning to slow, according to Realtors. Only so many people can afford these high prices. We are now seeing that overpriced and poorly staged homes are sitting on the market because there aren't enough people to buy. However, if you put in the work on any listing and take time to put the property in market-ready condition, you will find multiple buyers.
Although these prices are historically high, the shift back to equilibrium in the market is a relief for soon-to-be buyers and a call to action for potential sellers who want to get the most resale value as possible. However, although there are signs of a slowing market, beware that timing the market is always extremely difficult and often, impossible. If you are thinking of buying a home, buy now, and if you are thinking of selling, sell now. Now is always the best time to participate in real estate transactions, simply due to the risk of trying to time the market. Sure, if you buy your dream home now, maybe you could've waited a month and paid $5,000 less, but you also could've waited, and the price could continue to rise, or even worse, the home could sell to someone else, and you are left searching again.
Source: The Coloradoan
Shelbee Wallace was born & raised in Colorado and graduated from Colorado State University in 2018 with a BS in Finance with concentrations in Real Estate Finance and Investment Analysis.