note: the following is the introduction to our most recent newsletter, which includes a review of the most interesting new listings to hit the market. Sign up here.
How's The Market?
You've read the news. The market has hit the brakes, hard. Showings have slowed to a trickle and inventory is showing year-over-year growth for the first time in many years. Preliminary sales volume data for this month looks shocking, so shocking that I can't quite believe it. I'm going to wait a full week into July before doing my data analysis, to make sure you have accurate information.
For now, let's dig a little deeper: In Boulder County, 490 new single family houses hit the market since June 1st. As of this writing (about 3 weeks later), 68% are not under contract and remain available. This is astounding for June. In Denver, 939 single family houses hit the market and 48% remain available - not quite as cool as Boulder, but clearly cooling.
In response to a more "normal" market, we're advising our buyers to be patient and disciplined. It's more important than ever to be willing to walk away from deals where the seller is being unreasonable about serious inspection issues, or in a recent Louisville situation, deceptive about problems with the home. It just wasn't worth the risk when better options are coming down the line. We're also advising our sellers to correct both cosmetic and functional issues prior to listing, stage their homes, and price aggressively. It's no longer a seller's market.
Yes, you will see some headlines and hear anecdotal stories that prices remain high. Rare sellers are still getting bidding wars, but only for the most attractive and well priced properties. Some agents are also now pricing well below the comps and even offering to pay points or "buy down the rate" to lure prospective buyers.
Osman Parvez is the Founder and Employing Broker of House Einstein. Originally from the Finger Lakes region of New York, he lives in Boulder with his wife and their Labrador Retriever. He has been a Realtor since 2005.Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. For more information, click HERE.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. House Einstein strongly recommends conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
