How is real estate doing in Greeley, Colorado?
Now that we are through the traditionally slow holiday season (November and December), the real estate market is heating back up in Greeley, Colorado.
Home prices are continuing to trend up in a consistent manner, with current median list price at $277,450. This translates to an average price per square foot of $104.
Given the holidays, the average number of days a home stays on the market is 59 (including the time under contract). This still means houses are selling very quickly. We expect this number to drop in the Spring and into the Summer. To learn more about how seasonality affects real estate, read our article When is the Best Time of Year to Buy a Home?
Sellers still have the advantage when it comes to supply and demand. However, we do appear to be hitting a tipping point which could again put the market in the buyer’s favor. This will be a very significant change, as we have seen it a “seller’s market” since late 2014.
Update from Greeley Real Estate Agents
If you are buying a home, we recommend leveraging your real estate agent’s expertise when making offers. When new homes become available, it’s common for them to receive multiple offers on the first day. There are numerous tactics you can take to strengthen your offer–other than just price.
The type of loan, how quick you can close, and how much work you’ve already done with your lender can all help strengthen your offer. Such factors increase the likelihood of closing fast, which can be a huge benefit to sellers.
Every situation, of course, is unique, which is why having an experienced real estate team working for you is so important.
See our post here on how to choose a real estate agent in Greeley and Northern Colorado.
Data courtesy of First American Title.