Thursday, January 09, 2014

Boulder Market Update - by the Numbers [Fresh Listings]

by Osman Parvez

Time for a quick update on market conditions - by the numbers style. 

Thirty five listings have hit the MLS since January 1st in Boulder.    Here's how it breaks out: 



Think the market has slowed?    Guess again.    14% of listings since January 1 are already under contract (19% if you remove refreshed listings).   Check out the average days to offer. 



Keep in mind that most agents are a little slow to update the MLS, which means the reported average days to offer should be considered conservative.   The real number is likely lower

Strategy for this Market  
If you're a serious buyer, you better have a responsive buyer's agent.   


I recommend seeing the property within 24 hours of listing, or sooner.  You should also have a pre-qual or pre-approval letter (preferably from a local lender), be familiar with the Real Estate Commission approved Contract to Buy and Sell, and have your earnest money ready to go.   You should prepare to have a written offer completed and submitted the same day you see the property, which often means being comfortable with valuation before you see the property.  

In this market, if the property is remotely desirable, expect a multiple offer scenario.   It's smart to discuss and agree on a negotiation strategy with your buyer's agent well in advance.   You should also review the sold comps with our agent so you are confident in your number.  

Don't forget to write a personal letter with photos of your family.  I kid you not, it makes a difference.  Sellers are often emotionally attached to the house and community.  They care about who will own it after they're gone.

images:  Realty Unique and Celestine Chua   
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