With lower inventory, sellers are feeling pretty confident about their chances of selling. Click the video below to hear how the Boulder realtor team at Burgess Group | Compass uses their experience and market knowledge to craft winning offers for our buyers.
As our Boulder real estate agents discussed in our newsletter this week, last week’s market had 8 price changes, where there were 31 in 2018, 42 in 2019, 23 in 2020, and 12 in 2021. There still are a few overpriced unicorns that are selling below asking.
We know of one over-priced property in which the seller said he’d be happy selling 10% below asking; this is certainly not the norm, with most properties right now selling 5%-20% above asking.
While this sounds staggering, as a buyer you need to keep in mind that the asking price of the property may be completely irrelevant. Using good Boulder county realtors who can figure out what the asking price should truly have been, then figure out your offer from there. In a market like this, the asking price may be irrelevant to market value; sellers have many different reasons for setting their asking prices, which may not reflect today’s market value.
In a significantly appreciating market, a successful buyer is the buyer who gets under contract. Don’t fixate on asking price or % over asking – it is likely a red herring. Think ‘future’ instead; think about the shortage of inventory, the extraordinary number of buyers circulating in the market, and the high likelihood of significant appreciation in the next two or three quarters. All these things create the property’s market value.
There is only one kind of deal in the market right now. The “deal”, our Boulder realtor team suggests, is getting the home!