Real Estate News with Terri Taydus, GRI, CNA

What Are You Waiting For? Now Is the Time!

February 2nd, 2014 4:57 PM by Taydus Taydus



2014 has started off with its share of challenges in the Real Estate market here in Boulder.

The biggest hurdle is the scarcity of new inventory.  This is breeding frustration for buyers, sellers, and Realtors alike.  This is also causing fear within the local market; Sellers don’t want to list their home because they are afraid that they will not find a replacement home.  Buyers feel pressured to make a quick decision when a good property comes along but are afraid to move quickly (and typically lose out to another buyer because they did not submit their pre-qualified offer in time).  Realtors are frustrated because they cannot seem to get the message out that if more sellers would take the leap and list their homes it could turn the market in the right direction for everyone, and buyers need to get off the fence when a good property comes along and move quickly to submit a strong, pre-qualified offer.  

THE MARKET IS CHANGING – NOW IS THE TIME TO SELL AND BUY!

 Don’t let fear stand in your way.  Here are some valid reasons to get off the fence and decide to list your home, or purchase a new one!
  • Inventory is low – now is the time to sell, and now is the time to buy. As a seller this puts you in the driver’s seat and gives you the opportunity to list your home at top of the market value.

    Buyers; I have a several buyers that say they would like to wait out the market…what you need to understand, is that could be a very long wait. The homes that are selling now at full market value are setting the comps for the homes that sell tomorrow. This creates a domino effect so to speak. When a seller lists their home, they look at the sales prices of recently sold comparable homes in the neighborhood to help determine their list price. When comparable homes have sold for a higher price, it simply perpetuates higher and higher market values for future listings. By waiting, you may wait yourself right out of the market!

  • Interest rates are low – again, this is an excellent recipe for both buying and selling. If you are a seller, low interest rates mean that buyers can afford to borrow more money to buy your house. If you are a seller on one end, you are probably a buyer on the other end – why not use the low rates to your advantage on both ends?

    As a buyer, lower rates mean cheaper money! This gives you extra buying power and could allow you to purchase a home that is more to your liking.

    • Rates are predicted to increase. We don’t know exactly when, but chances are the interest rates will creep up over 2014. Why reduce your purchasing power by waiting until the rates are higher?

 

  • List your home as contingent. This is for the sellers out there that are afraid to list their home for fear that they will not find a replacement property. Listing your home as continent upon finding a replacement home is not ideal, but it is an option. If this is what it takes to motivate sellers and get the market moving again, everyone will benefit. Please contact me if you have any questions regarding what it takes to list your home as contingent.

     I NEED LISTINGS IN THE BOULDER AREA! When priced right, my average days on the market from the day of listing until an accepted offer, is 14. I work hard to get your home sold! I would greatly appreciate the referral if you know someone that is thinking about selling.

    MESSAGE TO BUYERS: You need to be ready to go when the right property comes along. In a market that is this sparse, “waiting” is no longer a luxury that works in your favor.

  • If you have not done so already, get pre-qualified
  • If you are a cash buyer, make sure you have the paper trail to show proof of available funds to be submitted with your offer (i.e. a bank statement, etc. that shows you have enough funds to purchase the home and that the funds are liquid).
  • Waiting for that “perfect” home may mean that you don’t find a new home anytime in the near future. Be prepared to be open minded and only focus on the items that are most important to you. Make some decisions about items that may not be ideal, but that you would be willing to live with and change at a later date – remember, if you can purchase a home now that is “almost perfect” at the lower interest rates, you will only benefit as home prices increase (i.e. any money you need to put into the home to make it “perfect” will be money well spent).
    • This is especially true for my buyers that are just trying to get their foot in the door in the Boulder Real Estate market. Again, you need to be careful that you don’t “wait” yourself right out of the market.
And lastly, when I say “Boulder” I am referring to all of Boulder County.  The Louisville and Lafayette markets are also very hot right now.  I am seeing home prices increase in these areas as well. Excellent press and a good geographical location (between Boulder and Denver) is making both Louisville and Lafayette quite popular.  Prices in Louisville and Lafayette are still reasonable, but they are on the rise.  

If I can be of any assistance to you or anyone you know, please have them contact me.  I am happy to answer any questions, provide a FREE market analysis of their home, or meet with either buyers or sellers that are considering listing or buying a home.  It costs nothing to meet with me so give me a call, you will be glad you did!

Posted by Taydus Taydus on February 2nd, 2014 4:57 PM

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