The standard definition for a buyer’s market is when it takes more than four to six months to sell the current market’s housing inventory. A seller's market exists if it would take less than 4-6 months.
The analysis resulting in these numbers is based on the inventory of homes on the market and the current rate of sales.
The answer to this question is very dependent on the price points.
The Price Range and Inventory Number for Northern Colorado are:
· $300,000 - $400,000 = 0.9 months
· $400,000 - $500,000 = 1.9 months
· $500,000 - $750,000 = 2.3 months
· $750,000 and above = 5.8 months
So, the advantage in the real estate market continues to clearly favor sellers in most of the price ranges. At $750,000 and above the market starts to approach a more balanced state.
For the buyer who wants to purchase a home, but is waiting for prices to drop should realize that most projections indicate home sale prices will continue to climb modestly in 2019 and inventories will remain low. However, thirty-year mortgage rates have fallen significantly in the last several months. Now is clearly the time to buy, because delaying could push that ideal home you want out of your price range as home prices increase and mortgage rates climb back up to previous levels. For a real time look at current Fort Collins and Northern Colorado home prices and how they have changed over the last 3 years check out this interactive graph.
Please contact us and we will help you find that ideal home you have been dreaming about owning.