The Boulder Housing Market
….In a Nutshell
It’s old news that the Colorado housing market has been tough the last several years but the great news, the new news, is that the housing market, especially our Boulder housing market is making a comeback. Just like the ironic 70’s mustaches that can be seen on urban 20 somethings these days, it looks like the American dream of home ownership has seen its darkest hours and is on its way back into popularity.
So what does it look like when you hit the bricks out there these days? Which neighborhoods are hoppin’? Which are just chuggin’ along? And why?
Ok, so here’s what we know- historically low interest rates coupled with a pent up buyer demand from the last couple of years has sent demand for homes in the Boulder area through the roof. In certain areas and in certain price ranges, there just simply are not enough homes to buy. Buyers are putting in multiple offers, homes are selling for over listing price, buyers are fighting tooth and nail – putting in offers within 24 hours of the home being on the market, and sellers are having a hey-day! Specific areas where we are seeing this happen- downtown Louisville, pockets of Longmont, Boulder under 400k.
Any neighborhood where the pent up demand for first time home buyers can be unleashed! Watch out!
So what does this mean for buyers and sellers? For buyers, it is still certain- now is the time to buy. Take advantage of those interest rates. With home prices where they’re at and with mortgage rates being historically low, you can get a lot more home for your dollar right now than you could at just about any time in history. Did you know a 1% rate change for a 30 yr fixed mortgage on a $200,000 house is a difference of over $42,000 when all is said and done!
For sellers, if you have thought about selling anytime in the last 4 years, now is the time to boogie! Especially if you have a home in the 180,000 to 350,000 range, you are in business!
Have I peaked your interest? If so check out these links to stats and other articles for further reading.