Current Northern Colorado Market - Spring 2010
Information for Sellers

The Northern Colorado Market – Spring 2010
By Kacie Vaughn, Sears Real Estate Broker

I’m frequently asked about the real estate market and what kinds of positive trends I'm seeing. Personally, I am seeing quite a few encouraging things about Northern Colorado.

Greeley/Evans still remains the most affordable community in Northern Colorado with a median sales price on detached dwellings of $135,000. Compared with Loveland at $194,000 and Fort Collins at $233,000. Our neighbors slightly to the West, Windsor, is at $279,500; Greeley/Evans remains economical when buyers are looking for more house for their money!

Privately owned homes that are priced right and show well are in high demand. If you have a home worth under $200,000 and have some equity, it may benefit you to talk to your REALTOR® soon to see if it would be a candidate for a quick sale. After all, you could take advantage of the competitive pricing when you’re thinking about your new home and get an amazing deal.

Sellers are also benefiting in today’s real estate market. While some Sellers are disappointed in the current market value of their home, I am encouraged to see that the median sales price has remained steady. The median sales price in January 2009 was $120,000 in the Greeley/Evans area, it increased 15% by the end of 2009 ($135,000). While these gains certainly aren’t where home values were a few years ago, they represent positive trends as overall values stabilize in our community.

Additionally, Sellers are seeing the “average days on market” (the amount of time it takes to sell their home) decline. Today’s “days on market” is 84 in the Greeley/Evans area—one year ago it was 95.

There are still an abundance of bank owned properties on the market and we are seeing multiple offers on most of them. Multiple offers represent positive signs because it means there are more Buyers wanting to purchase, and for the Seller, it helps to stabilize or even increase values in neighborhoods. Bank owned properties also provide a great opportunity for Buyers to obtain immediate equity in the home. We have also seen many people purchasing a rental property that could provide them with additional income while giving them a chance to start their investment portfolio.

The other piece of advice I would have for you is to take what you hear on television and read in the newspaper lightly until you confirm how the information compares to our local market. Sometimes I hear or read things about the real estate market that do not apply to our area. It would just be good for people to know that there are differences between what’s happening nationally and what we are experiencing here.

Local real estate professionals can provide you with education and statistics on the local markets you may not be able to obtain anywhere else. Here are just a few things they can assist you with:

- What your home could sell for in today’s market
- A list of properties currently available and information about pricing for that area
- Information about relocating to another community or purchasing a home in another market place
- Helping you understand bank-owned properties (foreclosures) vs. short sales
- Referring you to an reputable lender to educate you on different loan programs and how much money you would need to purchase a home
- Counsel you about the buying the process

Given what I’m currently seeing in the marketplace, I can only hope that the market has turned and we are seeing positive trends. I would encourage you to call your REALTOR® with any questions you might have about buying or selling a home.