In Greeley, Colorado we have a very unique real estate market. There are very few homes for sale and many buyers looking to buy homes. The inventory of homes for sale is a fraction of what it has been in the past. We have been seeing this trend continue for at least the last few years. There are many buyers looking to purchase a home in the area and few homes for sale. This can make it tough for buyers, but it is a great situation to be in as a seller.
What does low inventory mean for house sellers in Greeley?
Low inventory means many buyers are competing for few homes for sale. The low inventory has pushed home prices higher and decreased the days on the market for listings. There is a severe shortage of listings in the area and it is a great time to sell. When there are fewer homes for sale than there are buyers, prices tend to increase. We are seeing steady increases in prices in Greeley and the surrounding areas. Not only are houses selling for more money, they are selling very fast!
Why is house inventory so low in Greeley?
For 8 years there was very little building in the area due to the housing crisis. The population in the area has continued to increase, but there has been almost no building.
The Greeley area has also seen a huge increase in oil and gas drilling. The oil and has industry has brought many new jobs to the area and many people looking for a place to live. The market for rental properties and houses to buy is very tight right now, because of the increase in population and little building.
How much has the market improved for people looking to sell their house in Greeley?
The Greeley market has increased 15, 20, and as much as 50% in some neighborhoods over the last two years. If you had a market evaluation done on your home in the last year or two, there is a good chance the home is worth more now.
We are working with a seller that bought a home 6 months ago. They have to move and were worried they would not be able to sell their home for enough to cover closing costs. We listed the home on a Thursday and had a great offer on Saturday for 10% more than they bought the home for!
Why do you need to know the value of your home if you are selling?
With our market so strong many people think selling their house themselves may be the most cost efficient option. However, pricing your home wrong can cost you a lot of money! If you price your home too high, you will lose the interested of many buyers who are looking in your price range.
- They won’t see your house because it is out of their price range or they don’t think it is worth the money
- You may have to lower your price to get more showings
- Once you lower your price, less buyers will see a price drop on MLS than they will a new listing
- Buyers will see your home has been on the market an extended period of time and wonder what is wrong with it.
- You will end up getting a lower offer than if the house was priced right to begin with and it will take longer to sell.
If you price your home to low, your house may sell very quickly, but you are still losing money.
- Pricing too low will create a ton of interest
- Most of the interest will be from investors and buyers looking for an awesome deal
- You may get multiple offers and even offers above asking price
- Even with offers above asking price you will most likely have a lower offer then if you priced the home right to begin with and found one right buyer.
How can you find out how much your home is worth in Greeley?
Contact our team of Realtors and we would be happy to provide a free market evaluation. We can tell you how much to list your home for, what costs will be involved and if there is anything you can do to make the home sell quicker and for more money.
You can email at [email protected] or call (970) 573-6441.