Currently there is a disconnect between buyers and sellers. Sellers are still stuck in the market of 2021/2022 and expecting top dollar for their homes. Buyers on the other hand are sitting on the sidelines, waiting for interest rates to come down, but not realizing that when they do, prices will likely go up and bidding wars will sure follow.

The important message to buyers is this is the best time (in the past 4 years) to buy. Sellers are in a negotiating mood both on price and inspection items (unheard of a few years ago) and interest rates are the lowest they have been in many months. Also, inventory is up and not flying off the market, so buyers have the opportunity to see a number of homes at a time, actually have choices, and are able to take some time before making a snap decision on a home purchase.

For sellers, the homes that are getting offers are move-in ready with updated finishes and are priced correctly. Sellers should consider making updates such as fresh paint, new carpet, refinishing floors, etc. — as well as professional staging. All of those can make a significant difference.  Sellers often say, well the buyers can just (fill in the blank – paint, carpet, etc). The answer is yes, they can, but they either do not have the vision, or the funds to do so after closing. Bottom line is buyers have more options now and are much more selective. Buyers are also typically purchasing at the top of their price range and do not have extra money in their budget — or the time or inclination — to make updates.

This is a great time for buyers to buy and have a bit of time (and breathing room) to find the home of their dreams. Buyers would be wise not to wait too long. As the spring market approaches, it will likely be more competitive.

One other point of interest that many buyers are concerned about is rising insurance rates. Here in Colorado, insurance rates have risen substantially over the past couple of years due to fires and hail damage. It is best for buyers to get homeowners insurance quotes early in their transactions as this can dramatically affect one’s monthly payment.

If you are in the market for a home — either just starting your home search, or have questions prior to starting your home search, reach out to Janie Stoddard:
303-408-0738 | Janie.Stoddard@gmail.com | JanieStoddard.com