We were used to have 6 months’ supply in the residential real estate Market, which is considered to be a balanced Market(balance between Demand and Supply). Last year the market offered a supply of two to three months, less than half the amount required . And we are starting 2015 with a record low inventory measured in weeks rather than months. There are only 25 homes under $300,000 listed now in Fort Collins.
We are in a sellers’ market almost in all price ranges, and for sure for all homes under $500,000.
This is why Buyers need to be prepared before being active on the Market. A approval letter from a mortgage lender and a strong offer with limited to no contingencies are things the seller will be looking for and if you are in a competing offers situation you might even consider an escalation clause. At the same time interest rates are still low, and buyers can benefit from low down payment with conventional loans. Your monthly mortgage payment is usually less that paying rent.
If you are considering buying or selling a home in this market you need an experienced Realtor to represent you. Call today!