Real Estate News: Investing in Colorado Properties
I have been asked where the real estate market is headed but in truth it’s extremely difficult to accurately predict the future. However, what I have observed in the last few months is we are experiencing one of the strongest seller’s markets and we’re a full six and a half years into this market recovery.
The main reason is there are a lot more buyers than we have supply of homes which in turn drives up home prices. Basically, buyers make offers on homes but continue to lose out to higher offers so they become frustrated and begin to get more aggressive with their offers. Meanwhile, sellers continue to receive multiple offers on their property. The multiple offer dynamic almost always bids prices higher than the original asking price and buyers that lose the bid learn from the experience and continue to be aggressive on their next offer. Then we are back to square one, until the buyer bids high enough on a property to finally get an offer accepted.
The result of course is the tremendously strong seller’s market we have experienced for the past several years. And this seller’s market is probably not going to change any time soon, at least not until we get back to some kind of balance in the market between buyers and sellers.
In the meantime, if you’ve thought about selling your home, now might be a great time to find out what the market is like in your neighborhood and see what your home is worth. It’s almost certainly worth more than it was just a few years ago. Drop me a line and I’ll put together a professional Competitive Market Analysis on your home so you have the data to make the right decision.