Is Louisville CO the best place to buy a house?
In many ways, yes! At least that is the latest analysis from Fixr.com.
I don’t disagree with the data, but for those working with me (or any agent) to actually buy a house in Louisville CO now, it’s a very competitive market and no matter how well qualified you are, rejection is nipping at your heels. The buying process is frustrating and challenging, even if the end result is a home in a fantastic community. Louisville is without a doubt a sort after location… And has been for years, not just in this sellers market. It’s a small town with relatively few homes and even fewer for sale.
Louisville CO Data
Last year the median house price in Louisville was about $511,000 – but that kind of masks what really happened. In the first half of the year, the median price sat around $477,000 and as the year progressed, so did the trend upward. By the 4th Quarter of 2014, the median price had hit $557,000 and it brought up the total year end median price to $511,000.
This year the average sold price is still near $557,000 and the median is already around $500,000. (Tends to by lower in the winter months – ask me why.) What is more telling is the Days on Market. These homes are selling for over listing price in most cases and are going from List -> Sold in less than 4 weeks (that includes the time that showings occur before offers are presented and the time taken to get a loan – or not, as the case may be)!
There are currently 10 detached houses for sale in Louisville (all price ranges) although several have a published plan to review their multiple offers in the next 2 days, so don’t expect them to still be available by the end of the week.
Final thought… And you’ve heard it from me before:
Price is not everything and to be competitive in Louisville CO or anywhere along the Front Range.
The offer has to be what the seller is looking for and the buyer has to be in quick!
You are looking for an agent with availability and responsiveness that meets your needs. Are you receiving instant listing alerts – Being notified the minute a listing hits the market?
You are looking for a qualified agent. With experience and knowledge and skill, your Realtor can take the buyer and groom their offer to compete more fiercely. They can draw information from the listing agent that is useful in crafting an offer that meets the sellers needs and also present such an offer in a way that is appealing.
You NEED an agent who is experienced in dealing with multiple offers. It requires due diligence, attention to detail (the devil IS in the details) and the ability to guide you through the process of comparing offers that are all good, all offering something advantageous and yet all different. Does your agent grasp what is important to you? Have they explained Escalation Clauses (for better or worse), the lending process, the upside and downside of no inspection contingency or no appraisal contingency?
The truth is that there is no black and white way to attack multiple offers, there is not right and wrong… Just better and worse, in your subjective discretion. And you’ll never know what you missed, without the right person to hold your hand, prompt you to ask the questions that need asking and remind you of why something is vitally important.
The biggest mistake I see right now is a seller who believes shoving a sign in the yard is all it takes to get a great offer from a qualified buyer. Every good listing agent knows this is how to get AN OFFER in this market but that is very different from a good offer with good terms and protections for the seller, built in. Remember this… A seller has almost no way to get out of a contract, once signed.