Almost twice as many sellers now have to drop their list price before a sale compared to July.
In October, 19% of all sales were forced to drop the list price before receiving an offer. In July it was 10%.
These properties that start out priced too high end up taking four times as long to sell compared to those that are priced right on day one.
The bottom line is this- price matters even in a strong market.
The post Price Matters appeared first on Windermere Colorado REALTORS.
It’s true, average prices have increased substantially over the last year.
Would you have guessed that Weld County has seen the largest increase along the Front Range?
The specific numbers are below.
As you look at the numbers, it is important to remember that average prices have increased because of appreciation and because there are more higher-end homes that are selling.
The increased volume of high-end transactions has played a big rule in increasing the average price.
Average Price of a Single-Family Home based on closings so far this month:
Average Prices exactly one year ago:
The post Average Prices appeared first on Windermere Colorado REALTORS.
It’s true, average prices have increased substantially over the last year.
Would you have guessed that Weld County has seen the largest increase along the Front Range?
The specific numbers are below.
As you look at the numbers, it is important to remember that average prices have increased because of appreciation and because there are more higher-end homes that are selling.
The increased volume of high-end transactions has played a big rule in increasing the average price.
Average Price of a Single-Family Home based on closings so far this month:
Average Prices exactly one year ago:
The post Average Prices appeared first on Windermere Colorado REALTORS.
Here are some fun facts about recent home sellers. This research comes from the National Association of Realtors survey of home buyers and sellers:
The post Seller Facts appeared first on Windermere Colorado REALTORS.
Here are some fun facts about recent home sellers. This research comes from the National Association of Realtors survey of home buyers and sellers:
The post Seller Facts appeared first on Windermere Colorado REALTORS.
Let’s put today’s home prices in perspective.
Appreciation has been significant over the last 18 months. Some people are wondering if it can last and if there might be a housing bubble.
There are two ways to look at prices. One way is in absolute terms. This is simply looking at the dollar amount a home would sell for at some point in the past versus the dollar amount it would sell for.
The other way is in real terms. ‘Real’ is an economics term which means that inflation is factored into the valuation.
For example, a gallon of milk costs more today in absolute terms than it did 15 years ago. However, in real terms, the cost is about the same as 15 years ago because inflation is factored in. The price of milk has essentially escalated at the same rate as inflation.
So, how about home prices? As we know, prices in absolute terms are higher than 15 years ago. To be exact, prices are 43% higher Nationally compared to 2006 according to Case-Shiller.
However, in real terms, prices are the same as 2006.
Over the last 15 years, homes have appreciated at essentially the same rate as inflation.
The post In Perspective appeared first on Windermere Colorado REALTORS.
Let’s put today’s home prices in perspective.
Appreciation has been significant over the last 18 months. Some people are wondering if it can last and if there might be a housing bubble.
There are two ways to look at prices. One way is in absolute terms. This is simply looking at the dollar amount a home would sell for at some point in the past versus the dollar amount it would sell for.
The other way is in real terms. ‘Real’ is an economics term which means that inflation is factored into the valuation.
For example, a gallon of milk costs more today in absolute terms than it did 15 years ago. However, in real terms, the cost is about the same as 15 years ago because inflation is factored in. The price of milk has essentially escalated at the same rate as inflation.
So, how about home prices? As we know, prices in absolute terms are higher than 15 years ago. To be exact, prices are 43% higher Nationally compared to 2006 according to Case-Shiller.
However, in real terms, prices are the same as 2006.
Over the last 15 years, homes have appreciated at essentially the same rate as inflation.
The post In Perspective appeared first on Windermere Colorado REALTORS.
One misconception about today’s market is that there is ‘no inventory.’
Actually, there are numerous new listings that hit the market each month. It just so happens that they tend to sell quickly.
The numbers show the number of new listings that came on the market in September closely equate to the number of sales that occurred.
So, while homes tend to sell quickly today, there is still a significant amount of new inventory hitting the market each month for buyers to consider.
The post No Inventory? appeared first on Windermere Colorado REALTORS.
One misconception about today’s market is that there is ‘no inventory.’
Actually, there are numerous new listings that hit the market each month. It just so happens that they tend to sell quickly.
The numbers show the number of new listings that came on the market in September closely equate to the number of sales that occurred.
So, while homes tend to sell quickly today, there is still a significant amount of new inventory hitting the market each month for buyers to consider.
The post No Inventory? appeared first on Windermere Colorado REALTORS.
One of the reasons we are so confident about the long-term health of the market is because of the equity that exists in peoples’ homes today.
Because there is so much equity, there are very few homeowners who are ‘underwater’ with a loan that is more than the actual value of the property.
According to the latest ‘Homeowner Equity Insights’ report from CoreLogic, only 2.3% of all homes are ‘underwater’ with negative equity.
To put that in perspective, in the fourth quarter of 2009, 26% of all mortgaged properties had negative equity.
Nationally, homeowner equity has increased by $2.9 Trillion during the last 12 months (that’s Trillion with a ‘T’)!
Locally, only 1.4% of Colorado mortgage holders have negative equity, which is one of the lowest rates in the Country.
What this all means is very, very few distressed sales and overall health in the real estate market.
The post With a “T” appeared first on Windermere Colorado REALTORS.
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