Offered by Scott and Laura Nordby, Berkshire Hathaway
Is our real estate market on a bubble? If I had a nickel for every time I heard someone ask that, I wouldn’t have to work. It’s understandable, though. We’ve had record-low inventory, record-low days on the market, and record-high sales prices. By all accounts, things have grown – and continue to grow! – in this market. Who wouldn’t think that things are on the brink of collapse, as we saw back in 2007?
There are differences, though, and that is key to determining the health of this market. There is a lower dependence on borrowed money in Colorado households. The financial health of borrowers is more sound, meaning loans aren’t being given to risky borrowers. The Colorado economy is continuing to grow.
We’re not seeing the warning signs we were seeing leading to the last housing market crash. The market is just healthier.
What advice can we offer to those who are thinking about jumping into the real estate market? The first piece of advice is: Don’t do this alone. A REALTOR® can ensure that your best interests are represented, whether you’re on the buyer or seller side.
If you’re buying, communicate what you want, and what you can live without very clearly to your Realtor. Depending on your price point, you have lots of competitors looking to buy the same house (a result of the low inventory). If you know what you absolutely must have and what you can live without, it will make being patient easier.
If you’re selling, have an open discussion with your REALTOR® about pricing. An incorrectly priced house will result in less offers, and a longer run on the market.
The real estate market is buzzing right now, that much is certain. Working with a real estate professional can help you navigate the ups and downs, answer your questions, and establish realistic expectations, while still ensuring you find what you’re looking for.
If you’re interested in setting up some time to talk with a real estate professional, call 720.371.6733 or visit www.innovativeRE.com.
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