These days in Grand Junction you hear the term "seller's market" almost weekly. We are currently in one and that can mean good things if you're looking to sell your home. If you're looking to
What is a seller's market
Dated: April 25 2021
These days in Grand Junction you hear the term "seller's market" almost weekly. We are currently in one and that can mean good things if you're looking to sell your home. If you're looking to buy a home, don't be discouraged. There are some positives in the market right now for you too.
Signs we're in a seller's market:
1. Low inventory - when inventory is low, demand grows. Fewer houses, even with the same number of people as usual looking for a home, means a higher demand for those homes.
2. Higher prices - The ideas behind supply and demand work the same for housing as they do for goods. When supply is low and demand is high, prices are naturally going to increase. If 10 people make an offer on a home, some of them are going to offer above asking price to increase their chances of "winning."
3. Fewer days on market - With little inventory available, those who are looking for homes have to act fast. That means the days on market (DOM) for listed properties shrinks. Often homes will get listed one day and be under contract just a few days later.
So what does this mean for you as a seller? If you're considering selling, be ready for your property to go quickly. If you're on the hunt for a home yourself you'll need to make sure your contract includes appropriate information on contingencies for selling your home.
As a buyer what does this mean? Well, right now mortgage rates are very low, so even though prices are higher, you can purchase a home with an affordable monthly mortgage payment. Get pre-approved for your mortgage so that when you find a house you love, you can make an offer and be SURE that you can get the mortgage and afford the payments.
Buyers, let us know what you need! If you're in the market for a new home, contact us. Let us know the area you wish to be in, your price range, and any other "requirements" and we'll start looking. As soon as a house that fits your needs comes on the market, we'll let you know.
Toni Heiden-Moran is owner/broker for Weichert, Realtors – Heiden Homes Realty, 735 Rood Avenue, in the historic downtown area of Grand Junction, Colorado. Toni has more than 40 years of experience ....