Are you thinking that 2013 might be the time for you to make a move? Whether you are downsizing, upsizing, or relocating, it’s good to know the market you are going to be selling in. Check out the 4 things home sellers gotta know before they sell in Boulder County this year.
1 Market Conditions
We sure are lucky to live in the Front Range. This area was much less affected by the housing and economic troubles of 2008 than other areas of the country. That’s not to say there were no issues here. We did see a dip in home prices, we reached the bottom, and we are now on the upswing. Many parts of the country haven’t reached this point yet and there are still depressed housing markets in pockets all over the country. We have now turned the corner and are technically in a seller’s market here in Boulder County. Check out the stats below for details:
– We now have less than 3 months of housing inventory and that means we are in a strong seller’s market. Less than 6 months of inventory is considered a seller’s market while more than 6 months of inventory is considered a buyers market. There are currently 647 single family homes and condos on the market in Longmont, Boulder, Louisville and Lafayette. 808 homes sold in the same area in November, December, and January.
–Home prices have rebounded to early 2008 levels. The median home price in January of 2013 for Longmont, Lafayette, Louisville and Boulder was 286K. This includes single family homes and condos. These are very similar to the prices we saw in this area in December of 2007 and January of 2008.
-The average days on market in January of 2013 was 88. In January of 2007, that number was 109 and in January of 2008, that number was 130.
2 Pricing It Right
Ok, so we have established it is a very strong seller’s market in this area. So, what does that mean for you the seller? It means that if you price your home competitively in the market and stage it to sell, you have a really good chance of selling quickly, getting your asking price, and maybe even having multiple offers. Seller beware though- Some seller’s in this position will be tempted to price their home over the market value to try to get a high offer. Buyers and Buyer’s Agents in the area are pretty savvy and they can spot an overpriced house quickly. If your home is overpriced they may not even go to see it. Also, homes that are originally overpriced eventually end up selling for less money. The moral to the story- price it right, make it competitive, make it look pretty, and sell that baby.
3 The Luxury Market – A Different Story
True, it’s a Seller’s Market overall. But not in all price ranges. The luxury market is still sluggish. With over 10 months of supply in homes priced over 800K it’s a buyers market. So what does that mean if you want to sell in this price range? You are going to have to pull out all of the stops. Stage it, try to never deny a showing, make sure your agent has aggressive marketing campaigns and experience with luxury homes, and of course, price it competitively.
4 The Same Old Tricks Still Get The Job Done
Get the most for your home by staging it right and leaving the home for showings. These things aren’t just important for 2013- they’ve always been important and for every price range. NAR stats tell us that staged homes sell 8 to 10 percent higher than non-staged homes and you are going to spend way less than that on staging. Also, make sure to leave the home for showings. If you stay in the home, potential buyers feel awkward and are less likely to spend the time in your home imagining it being theirs.