Last week under-contracts went back up, stretching our inventory again.
We’ll also discuss what is valuable nationally and locally for getting under contract.
Aggregate Boulder County Market
3/14 – 3/21, 2021
Last week our 2021 year-to-date under-contract number (954) surpassed 2020 (940), 2019 (929) and 2018 (894).
As previously noted, this higher than usual demand is stretching our inventory thin. Last week we had only 68 new listings, vs 2020’s 93, 2019’s 91, and 2018’s 76. As we’ve seen in previous weeks, 2021 is inventory is not coming in lower than the past three years every week.
Seller’s, as previously noted, now is your time! Keep in mind that various data sources are stating that 24-31% of the population are looking to relocate at this time.
<- Click to see the stats!
How Is The Local Market
By Price Band?
After several weeks of robust activity, the $2-2.5mm and $2.5mm + markets were quiet last week. Last week $1.5-2mm was on fire, with healthy activity in all of the lower price points.
<- Click to see the stats!
National Real Estate Trends
What is the value of a cash offer, nationally and locally?
Redfin’s recently published national statistics show that cash offers are 4 times more likely to go under contract in a multiple-offer scenario.
They go on to say that waiving the loan contingency is the next most important item to getting under contract. They extrapolate that the other contract levers do not contribute in a meaningful way to getting under contract.
Locally, cash offers are extremely compelling to sellers. That said, sellers, we encourage you to seriously weigh the merits of loan offers. In the last 10 years, we can count on one hand the number of our buyers unable to close their loans.
With today’s preapproval process, loan buyers can be easier to work with and more reliable than cash buyers.
Buyers, if you’re planning to use a loan, you may actually be able to present a cash offer with no additional cost to you. There is a lot of innovation happening on this front; call us to learn more.
Also, in contrast to what Redfin’s national info states, listing agents are telling us that our buyers have gone under contract because of a variety of contract levers. In Northern CO, there are lots of meaningful ways to strengthen a contract.
We’re happy to provide sellers and buyers with an outline of useful contractual tools to review, so that you know prior to receiving or writing a contract what is important to you.
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All material presented herein is intended for informational purposes only. Information is
compiled from sources deemed reliable but is subject to errors, omissions, changes in price,
condition, sale, or withdrawal without notice. No statement is made as to accuracy of any
description. All measurements and square footages are approximate. This is not intended to
solicit property already listed. Nothing herein shall be construed as legal, accounting or
other professional advice outside the realm of real estate brokerage.
