December statistics (compiled by the MLS) have not yet been released, but here is what I do know:
Detached Boulder Real Estate – Average Days on Market in 2014 through November = 71
This is very similar to last year and I expect that not to change much, if at all in December. Listings were still moving fast between Thanksgiving and Christmas. The second half of 2014 saw very small increases in the average days on market (time between listing and going under contract) as compared to 2013. Were sellers getting too optimistic with pricing? Yes, in some cases. I also felt a mild slow down coming… Perhaps not in the low end (under $550K) but a little further up the food chain, decisions were not being made as fast and there was the greater potential for negotiation.
Detached Boulder Real Estate – Average Sold Price in 2014 through November = $818,000
You heard me right. Closings on houses in Boulder had totaled almost $549,000,000 by Novembers end. 671 listings sold (down 4% from 2013). We should expect a median home price for Boulder 2014 to be in the high $600,000’s – perhaps almost $700,000 for 2014. Stay tuned, I will publish it when the actual figures are released.
In the meantime:
- FHA loan admin charges are being cut from 1.35% to 0.85%… A potential saving of about $900/per year on a $300,000 loan.
- Conventional 30 year loans for for first time buyers are being offered with only 3% down, instead of the usual 5% minimum.
- Interest rates are low, low, low again, resulting in smaller monthly payments for the same priced house… Or a more expensive home/loan for the same monthly payment.
Mortgage loan qualification is not getting harder and with new buyers entering the market for these reasons and because spring is on the way and that’s just what happens in Boulder County, the competition to buy Boulder Real Estate is sure to remain hot.
Boulder Real Estate Buyers:
You need to be ready to act fast. Have you done your due diligence? Be sure to have a pre-qualification letter from your lender of choice, on hand. Use your Realtor to get to know the market and target the specific areas/neighborhoods that interest you. Is your Earnest Money readily available? Take a check book to the showings! Ask your Realtor how they are positioning you to a Seller. This is important. First impressions count and you need the impression you make, to be better than the next Buyers!
Boulder Real Estate Sellers:
I need your listing! Seriously though, if there was a good time to sell it’s now. Right now Buyers will compete for your home… They will pay top money and seek to meet your other needs. Yes, everyone has other needs too. What is your timeline? Need to find a replacement home? What about a short term rent-back situation to make the move easier for you? 1031 Exchange on the cards? Let’s talk…because I negotiate for a living and I enjoy it!
Spring is rapidly approaching (don’t look at the weather outside!) Through July 2015 you have the best shot of the highest price and most buyers competing for your property. That means you need to be getting your ducks in a row now. Now is a good time to start de-cluttering, cleaning, staging, yard work and doing whatever little bits and bobs are needed so your property shines. We are going to highlight it’s features inside and out then fill the MLS with professional photographs!
Due diligence up front results in a quicker, easier, low-stress transaction on the back end. 🙂