Buyers and Sellers: Take Action Now

Colorado Resorts Real Estate Podcast with Kevin and Amy Smits

If you’re on the fence about buying or selling a home, now is the time to hop off and take action.

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If you’re thinking about buying or selling a home, now is a great time. For sellers, there is so little inventory that homes which are priced correctly are selling quickly. We’re seeing multiple offers in the first couple weeks for nearly every home that is selling.

Once the slopes close, however, we are going to see an increase in inventory. One of our listing clients was bringing their townhome onto the market. The last sale was at $650,000 and we were going to price theirs below that because the location was not quite as desirable. But someone in the building decided they needed to sell fast, so they came on at $500,000, which affected everyone in the building. A home that we would have brought on over $600,000 now needs to wait until the prices recover. Granted, they did have multiple offers, and we don’t know how much it sold for, but once it closes, it will definitely have an effect on everyone.

If you’re thinking about selling, let’s price it right to sell quickly.

As interest rates increase, buying power for some buyers decreases. Buyers are going to see an uptick in inventory, but there are still a lot of buyers out there and the competition is fierce. When a property that is a perfect fit for you comes on the market, we need to be ready. If you’re getting a loan, get pre-qualified as soon as possible. We also need to know how to write the contract so that you’re going to win.

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As interest rates increase, buying power for some buyers decreases.

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If you’re thinking about buying, remember that interest rates are on the rise.

For every $100,000 of purchasing power, when the interest rates go up by 1%, the cost of that is approximately $60 per $100,000. I’m not a lender, so I can’t give you an exact figure, but you can check out a mortgage calculator online to see how rising rates will affect you personally.

There are going to be some great properties coming onto the market, so let’s be ready.

If you have any questions or need any help, please feel free to contact us. We would love to hear from you.