The Current SoBo Market: What Buyers and Sellers ... - 8z Real Estate

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We are in an interesting and still fluctuating market.? I would say we are in a sellers market up to the 500Ks, neutral market between 500-700K, and buyers market above.? It?s more complicated than just that however.? One has to take in consideration how desirable the location and improvements are.? There are a lot of factors which come into play and the market varies all the time depending on current inventory and competition.

Although spring is typically the best time to list because buyers start looking early in order to be in our school district and want their pick of the market, there is no wrong time to list in our area.? Investors tend to buy at the end of the year for tax purposes when prices tend to be more competitive.? There is less competition in the winter and sellers who put their house on the market (or stay on the market in the winter) typically have a good reason to want to sell and are more serious than those who list their properties to see what they will fetch.? Sellers should always ask themselves? ??Do I want to list or do I want to sell??"? Pretty basic, yet a common mindset mistake ??

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If you are going to sell, I imagine your goals will be to sell for the highest price in the least amount of time, right?? So save yourself a lot of aggravation, frustration and money by consulting with your Realtor early on.? Fix what needs to be fixed, paint, refinish floors and/or clean or replace carpeting, de-clutter and de-personalize.? The inspection list will be far shorter if you address problems before Mr. Inspector hands your buyers a long list which often will make them run and run fast.? If? they stay in the deal, be prepared to be handed a long list of repairs, so you might as well shop around and address what needs to be addressed at your own pace and on your own terms.? Sellers always hold their breath at inspection time?. after all, who walks on their roof or scrutinize their heating system if it works?? You?ll be more confident and in a better negotiating position if you know your strength from the beginning.?? Least but not last, invest in staging as it will pay off, trust me!? Staging hides flaws and even de-emphasizes 1960?s finishes?. granted, mid-century is in and one can always hope that green or gold shag carpeting will come back, but I wouldn?t count on that.?

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Don?t make the mistake of hiring a Realtor based on commission.? Remember that it?s not what you pay, it?s what you net that counts.? A discount Realtor is not going to invest too much time or his/her money on marketing your listing?? typically he/she needs the volume to make up for discounting.? Rather, hire someone who has your best interest in mind and who is good at pricing.? Pricing it right is the key? not too high (it is a proven fact that pricing too high only results in longer time on the market and selling for less money than what a seller could have sold for had he/she priced their house right at the beginning), but not too low either (who wants to leave money on the table?).? Some Realtors price low in anticipation of a bidding war? while this works some of the time, not everyone likes to gamble and nobody wins all the time.?

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If you have extra cash to invest and are in the position of obtaining financing, you might want to consider buying a rental.? This is the first time I can remember of properties cash flowing in Boulder.? Demand for rentals is high, especially in our school district where there is a short supply, hence a landlord can ask (and get) ridiculously high rents.? With 25% down, you can let a renter pay your mortgage for you and, considering leveraging, depreciation and appreciation, get you a much higher return than the banks these days.?? When your rental is paid off, you?ll have passive income for retirement.? Buying a rental for each one of your children when they enter kindergarten will also take care of their college education!? Seriously, this is the best time to buy income properties with a winning combination of low prices (well, it?s relative in Boulder), high rental demand and interest rates so low, it?s practically free money?? If the thought of managing a property holds you back, we have a great rental department at 8z? (www.8zrentals.com) who can take care of all the details for you.?

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Also it?s a great time to ??move up?" since there is a high demand and low supply of ??entry level?" homes (hence best time to sell) and prices are still soft at the higher-end level (hence best time to buy).

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Source: http://8z.com/blog/the-current-sobo-market-what-buyers-and-sellers-need-to-know/

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