The three most important parts of real estate may be location, location, location; but I would argue right now they are inventory, inventory, inventory! In Fort Collins we were still at only 215 homes active and on the market this month. In a town of over 150,000 people that definitely is NOT enough. We have 1.27 months of inventory available, which is WELL below the 6 months that the National Association of REALTORS describes as a balanced market.
There is good news for both buyers and sellers though. On the seller side, even with a slowdown in the higher end of the market, we have seen really great results in our Windermere Certified Listing process as well as our high end Premier Program. Many sellers are deciding to capitalize on their increase equity in their homes and sell in a seller’s market (below $400,000) and buy in a buyer’s market (over $500,000).
The good news for buyers is that even with the small bump in interest rates we have seen in the last couple months, the rates are still so low that buyers can afford more than they have before! Call me if you want to talk about the ways we can definitely still find you a home in this low inventory market.
If you have any questions about buying or selling a home in Northern Colorado, please give me a call and I’d be happy to take you to coffee to show you more stats and help you with your decision. Also, if you would like detailed information about what is going to be happening in the 2017 real estate market, come to our Windermere Market Forecast next Thursday the 19th at 5:30pm at the Fort Collins Marriott. We will have our chief economist fly out from Seattle to give us a rundown on the National, State, and Local markets. I hope you can make it!