America’s homes total 132 million
Fun facts to start your Tuesday…
- The median age of a home in America today is 40 years old. My age!
- In 1974, when homes were built, interest rates on 30 year fixed mortgages averaged 9.1%
- The median existing home price in 1974 was $32,000
- President Gerald R. Ford had announced a $300 million mortgage credit initiative to help alleviate the housing market recession.
- The energy crisis had spurred the incorporation of energy efficient features in new construction.
Why does this matter?
When it comes time to buy a sell a home, due diligence is crucial.
The buyer wants to know as much as possible about their new home – maintenance history, while not indicative of what tomorrow will bring, is a good start. The buyer might then satisfy themselves that they can handle issues that come with age, that the seller has done their part up to this point, or that there will be additional costs involved in keeping or returning the property to good condition, after closing. Eyes wide open is the best way to purchase a property!
Seller can use their diligence in maintaining and updating a property to sell that real estate faster and for more money, to build trust between themselves and the buyer or to price the property appropriately.
Boulder County is place where you will find properties that are 100+ years old, new construction and everything in between. Price ranges vary just as wildly! What is important is not the age of the property you are buying/selling, but that you have the information you need to make smart real estate decisions. Silver Fern Homes, with 20 years experience in selling/buying property in Boulder County, experience in renovation, home maintenance and attention to detail for all due diligence matters, is here to help and delighted to be of service.