The Midsummer Market Relaxation
There is one thing in real estate, and Colorado in general, that is rather predictable year after year. We love to vacation in the summer. It’s the time of year when kids are out of school and the weather is great for camping and vacations. Most of these expeditions are scheduled months in advance.
Inevitably, this always leads to homes for sale being on the market longer. It just makes sense. You can’t be on vacation and looking at homes and writing contracts at the same time. Well, in this digital world it is theoretically possible, but it often detracts from the relaxation of a summer vacation.
Still, even with buyers, sellers, and Realtors alike on vacation, the real estate market doesn’t stop. It just slows down a bit. Although the market slows down it’s still moving in an upward and appreciating direction. On the Front Range in June 2019, average sales prices (as well as the average $/sq. ft) was up 3-4% compared to June 2018.
As in years past as we approach mid-summer, a seller’s ideal time to sell a home is starting to shorten. There will still be a large amount of the annual sales that will occur in July through September but there will also be a trend that will start to develop and repeat itself from years past. What does this trend entail? Sales prices will still be higher than a year ago on average – but we will start to see some competitive pricing adjustments.
I have always advised buyers that mid to late July can be a great time to purchase a home. The playing field levels out a bit. Sellers become a bit more willing to negotiate with a qualified buyer as they want to secure a sale before the end of summer.
So as we head into the second half of summer, here is some sage advice for both home sellers and home buyers.
Sellers: Listen to feedback from past showings and spruce up the showing condition for the weeks ahead. Now is a good time to revisit pricing with your trusted real estate professional. No reason to panic. There are still weeks and weeks of ideal marketing ahead, and there are many more buyers still eager to purchase a home. This is the right time to make some advised mid-summer adjustments.
Buyers: Now is the time to take advantage of these mid-summer adjustments on homes for sale. Be prepared. Make sure you have met with your trusted mortgage lender and are prepared to present an offer that can close in a desirable time frame for the seller. Know that you may have some ability to negotiate, but keep in mind it is still a “sellers” market in most places. Most properties will still sell between 97-99% of list price.
So there it is. We’re half way through 2019. It’s been a great year so far. If you’re on vacation, enjoy it! When you return and want to discuss the market, I’m here to take your email, call or text. I look forward to assisting you!
A Refreshing Look at the Question “What is my House Worth?”
Let’s take a look at some of the stats for our area to get a better idea of what is going on in the local housing market!
In El Paso County for June 2019, the average sales price* was:
- $331,000 for Single Family Homes (up by 5.0% from 1 year ago)
- $232,425 for Condos/Townhomes (up by 10.2% from 1 year ago)
I have access to detailed stats across Colorado and can help you find out the worth of your property any time. I can also help you determine what your home is worth even if it’s in a different area. As always, I am here for you. If it’s time for you to buy or sell, let’s talk.
*Median sales price based on a six-month moving average