ADVANTAGES OF SELLING NOW
According to The National Association of Realtors (NAR), today’s housing inventory is low based on the months’ supply of homes on the market. Months’ supply means the number of months it would take the current inventory of homes on the market to sell at the current sales pace. In a balanced market, about a six-month supply is needed. Anything lower is a sellers’ market. And today, the number is much lower.
Why does low inventory make it a good time to sell?
The less inventory there is on the market when you sell, the less competition you’re likely to face from other sellers. That means your house will get more attention from the buyers looking for a home this summer. And since there are significantly more buyers in the market than there are homes for sale, you could even receive more than one offer on your house.
If you get more than one offer on your house, it becomes a bidding war between buyers – and that means you have greater leverage to sell on your terms But if you want to maximize the opportunity for a bidding war to spark, be sure to lean on your expert real estate advisor. While we’re still in a strong sellers’ market, it isn’t the frenzy we saw a couple of years ago, and today’s buyers are focused on the houses with the greatest appeal.
If you’ve been waiting for the right time to sell your house, low inventory this summer sets you up with a big advantage. Let’s connect to make sure your house is ready to sell. Call us at 970.481.4150 or 970.669.4175
Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country. So... it’s especially important for sellers to make their homes as attractive as possible to appeal to as many buyers as possible.”
- CLARE TRAPASSO, EXECUTIVE NEWS EDITOR AT REALTOR.COM Visit www.OwnThisHomeTeam.com for more community info, current listings, and recent sales. RE/MAX Alliance Greenly 1275 58th Avenue, Suite A Greeley, CO 80634 (970) 669-1234 August 2023 Real Estate Market Report GOVERNOR’S RANCH Published by REAL Marketing (RM) | www.REALMarketing4You.com 858.952.4280 | ©2023 PRESORTED STANDARD US POSTAGE PAID REAL MARKETING Each Office Independently Owned and Operated. WE HAVE HELPED A TOTAL OF 33 BUYERS AND SELLERS IN GOVERNOR’S RANCH! www.OwnThisHomeTeam.com www.OwnThisHomeTeam.com Billie Jo Downing REALTOR® ABR, CDPE, CNE, CNHS, CRS, ePRO, GRI, RCC, SFR, SRES 2007 Realtor of the Year 970.481.4150 BillieJo@OwnThisHomeTeam.com Kathy Scribner REALTOR® ABR, CDPE, CNE, CNHS, ePRO, GRI, RCC, SFR 970.669.4175 Kathy@OwnThisHomeTeam.com PREPARED ESPECIALLY FOR Your Governor’s Ranch Real Estate Specialists Presented by BILLIE JO DOWNING & KATHY SCRIBNER Waiting For The Right Time To Sell Your House? IT COULD BE NOW! Leonardo and Angelica Washington
BillieJo@OwnThisHomeTeam.com
Kathy Scribner
970.669.4175 Kathy@OwnThisHomeTeam.com
THE WORST HOME PRICE DECLINES ARE BEHIND US
If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. Local home price trends still vary by market, but here’s what the national data tells us.
Today’s headlines are painting an unnecessarily negative picture of home prices. Contrary to those headlines, home prices aren’t in a freefall. The latest data tells a very different and much more positive story.
If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. Local home price trends still vary by market, but here’s what the national data tells us.
The monthly graphs below use recent reports from three sources to show the worst home price declines are already behind us, and prices are on their way back up nationally.
The monthly graphs to the right use recent reports from three sources to show the worst home price declines are already behind us, and prices are on their way back up nationally.
The detailed monthly view shows home prices in the first half of 2022 climb and then peak in June. Then, in July, home prices start to decline (shown in red). By roughly August or September, the trend begins to stabilize. As we look at the recent data for the early part of 2023, the graphs also show a recent rebound in momentum, with prices ticking back up. Monthly changes in home prices are gaining steam.
While one to two months doesn’t make a trend, the fact that all three reports show prices have stabilized is an encouraging sign for the housing market. The month-over-month data conveys a clear but early consensus that a national shift is taking place today.
In essence, home prices are starting to tick back up.
Selma Hepp, Chief Economist at CoreLogic, explains the limited supply of homes available for sale is contributing to this positive turn on home price trends: “...prices in many large metros appeared to have turned the corner, with the U.S. recording a second month of consecutive monthly gains... The monthly rebound in home prices underscores the lack of inventory in this housing cycle.”
If you’ve been holding off on selling because you’re worried about what was happening with home prices and how it would impact the value of your home, it may be time to jump back in and reprioritize getting your house on the market. You don’t have to put your needs on hold any longer because the latest data shows a turn in your favor.
Just five months ago, prices were declining on a seasonally adjusted month-over-month basis in 92% of all major U.S. markets. Fast forward to March, and the situation has done a literal 180, with prices now rising in 92% of markets from February.”
- ANDY WALDEN, VICE PRESIDENT OF ENTERPRISE RESEARCH AT BLACK KNIGHT Leonardo and Angelica,
If you put off your plans to move because you were worried about home prices falling, data shows the worst is already behind us, and prices are actually rising nationally. Let’s connect so you have experts to explain what’s happening with home prices in your Governor’s Ranch area.
Status Address Beds Baths Est. Square Feet Year Built List Price Sold Price Sold Date Sold 1615 Plains Drive 4 4 3,464 2013 $599,900 $599,900 06/02/23 Sold 1722 Pioneer Place 4 2 3,460 2015 $563,500 $549,000 05/12/23 Sold 16 S Mountain View Drive 4 3 3,908 2006 $600,000 $590,000 02/28/23 Sold 1346 Plains Court 3 3 3,686 2003 $609,900 $582,800 11/30/22 Sold 155 Ridge Road 5 3 3,212 2001 $519,000 $510,000 11/04/22 Sold 134 Ridge Road 4 3 3,260 2002 $549,900 $549,900 10/07/22
in Governor’s
Living, Loving, and Promoting Our Community's Value for Over 25 Years! No One in the World Sells More Real Estate than RE/MAX! Billie Jo Downing, Kathy Scribner, Own This Home Team, and RE/MAX Alliance are not in any way affiliated with Governor’s Ranch Owners Association, nor is this in any way an official advertisement or publication of Governor’s Ranch. © 2023 All rights reserved. This representation is based on sales and data reported by multiple brokers/agents to the IRES MLS between October 7th, 2022 and July 10th, 2023. Listings and sales may not be those of RE/MAX Alliance. The IRES MLS does not guarantee the accuracy of this data, which may not reflect all the real estate activity in the area. E&OE covered. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of an existing agency relationship. Homes Currently Under Contract or Pending in Governor’s Ranch Status Street Name Beds Baths Est. Square Feet Year Built List Price List Date Pending Settlers Drive 4 4 3,260 2001 $499,995 04/10/23
www.OwnThisHomeTeam.com Billie Jo Downing REALTOR ® ABR, CDPE, CNE, CNHS, CRS, ePRO, GRI, RCC, SFR, SRES 2007 Realtor of the Year 970.481.4150
Homes Recently Sold
Ranch
REALTOR ® ABR, CDPE, CNE, CNHS, ePRO, GRI, RCC, SFR
Status Street Name Beds Baths Est. Square Feet Year Built List Price List Date Active Sage Drive 4 2 3,724 2018 $550,000 05/01/23 Active Pioneer Place 5 4 3,118 2015 $635,000 06/15/23
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1.6 1.9 2 1.6 1.3 0.4 -0.3 -0.9 -0.8 -0.2 -0.3 -0.3 -0.2 0.2 0.4 Jan 22 Feb Mar Apr May Jun Feb Mar Jul Aug Sep Oct Nov Dec 1.6 1.9 1.5 1.6 1.2 0.1 -0.6 -0.7 0.1 0 -0.1 -0.3 0.1 0.5 0.6 Jan 22 Feb Mar Apr May Jun Sept Oct Jan 23 Feb Mar Jul Aug Nov Dec Case-Shiller FHFA CoreLogic 1.4 2.2 3.3 2.6 1.8 0.6 -0.3 -0.7 -0.5 -0.1 -0.2 -0.4 -0.2 0.8 1.6 Jan 22 Feb Mar Apr May Jun Feb Mar Home Prices Are Stabilizing Month-Over-Month Percent Change in Home Values (Seasonally Adjusted) Jan 23 Jul Aug Sep Oct Nov Dec Jan 23
