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PO Box 858 Firestone, CO 80520

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by Jessica Morley

The Tri-Town residential real estate market has been and continues to be strong despite all that has happened this spring‭. ‬The year 2020‭ ‬started robustly‭, ‬with moderate weather and buyers eager to get ahead of the summer selling season‭. ‬With that‭, ‬the overall year-to-date stats for listings closed are actually up 15%‭. ‬Other surrounding areas are down 13%‭ ‬with the dip we saw in April and May‭. ‬

Even with the impact of the coronavirus on the market‭, ‬prices remain unchanged from this time last year‭. ‬The average price of listings is up 1-3%‭, ‬as demand continues to be strong while inventory is relatively low‭. ‬The number of listings that came on the market in April and May was down 11%‭ ‬from last year‭. ‬However‭, ‬new listings are climbing each week since mid-May‭, ‬so we’ll see that increase in inventory this summer‭. ‬The average sales price for our area has been holding around‭ $‬412,000‭.‬

Additionally favorable‭, ‬homes spent an average of 48‭ ‬days on the market‭, ‬only 4‭ ‬days longer than this time last year‭! ‬One significant difference during this unique period has been the increase in closing time‭. ‬With safety regulations‭, ‬the closing process took a little longer‭, ‬including more employment verification from lenders‭. ‬

With home prices and days on the market holding steady‭, ‬and inventory low‭, ‬it’s a perfect time to sell‭. ‬Typically‭, ‬it can take 2-4‭ ‬weeks to prepare your home to sell‭. ‬That includes time for cleaning things‭ ‬out‭, ‬staging‭, ‬last-minute adjustments‭, ‬and repairs‭, ‬gathering important documents‭, ‬and finalizing details‭. ‬Definitely start now‭ ‬if you want to take advantage of the continuing seller’s market‭. ‬Ask your agent what you can do to get your home ready‭. ‬He or she will guide you with what can be done to maximize your‭ ‬home’s potential in the eyes of your prospective buyers‭. ‬

For buyers‭, ‬interest rates are still at historically low levels‭. ‬However‭, ‬given the complexity of loans‭, ‬do plan to talk with an‭ ‬agent and a mortgage lender before finding that perfect home online‭. ‬You will want to be ready to go when you find your dream home‭! ‬Expect to be in a multiple-offer situation‭. ‬Regionally‭, ‬sellers are receiving full-price offers‭ (‬99.6%‭) ‬and locally‭, ‬100.4%‭. ‬

The tri-town area is a desirable place to live‭, ‬and the market is reflecting that‭. ‬It’s a great time to sell‭, ‬with this steady seller’s market‭; ‬it’s also a great time to buy‭, ‬with these low mortgage interest rates‭. ‬Call your real estate agent today for more information‭! ‬

Data obtained from the Longmont Association of REALTORS®‭ ‬and based on information from IRES‭, ‬LLC‭.‬

Jessica Morley is a REALTOR®‭ ‬with Sellstate Peak Realty‭. ‬She lives in Firestone with her husband‭, ‬four kids‭, ‬and two cats‭.  ‬With a background in education‭, ‬Jessica loves to bring useful information to her students‭, ‬clients‭, ‬and consumers alike‭. ‬When she’s not teaching or helping her clients‭, ‬she can be found with her family‭, ‬drinking a strong cup of coffee‭, ‬or blissfully barreling along a mountain bike trail‭. ‬You can reach her at www.buycohomes.com‭.‬