PAY Below Asking Above $1MM, SELL Dumpy Houses Below $600K [Analyze This]
by Osman Parvez
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Buying or selling a house in Boulder? This is what the market looks like right now.
At prices below $600,000, more than 80% of available inventory is under contract. This is the price range where we’re seeing many buyers overpay for marginal properties and where we advise the most caution for our buying clients. Conversely, it’s also where we advise our sellers who own marginal properties to liquidate in order to buy higher quality assets.
Percentage under contract drops as a function of increasing price, more or less as you’d expect. There’s a bit of an anomaly in the $900 to $1MM price point. Above $1MM, the market shifts more towards buyers with less than half of the existing inventory under contract. Above $1.5MM, it’s a buyer’s market.
If your agent advises you to pay your “highest and best” (i.e. overbid) without showing you the stats, get a better agent.
The chart above is from our latest research report (published last week). The research report also shows negotiated discount/premiums paid, and the percentage of properties which sold over asking during the last twelve months. In addition to the house market in Boulder, the report also covers the attached dwelling (condo and town home) market.
A deep knowledge of market conditions is the key to intelligent negotiation. Sign up for our research HERE. Just remember that our best research goes to our clients first.
Our Research Priority
2. Research subscribers (sign up here). No ads, no spam. Sometimes the research will be current, sometimes it will be several weeks old. Often it was originally prepared for our clients. Remember, our first focus is always our clients.
3. The general public via this blog. Research reports will eventually make their way here, but often several months after original publication.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
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We can highly recommend Sophie. Her attention to detail and communication skills are great. Our home was in area that most realtors are not familiar with, but Sophie took extra time to get to know the neighborhood in order to give us quality service. She also brought in a professional photographer to make our home look its best. Even though the listing was in winter, the house sold quickly. With Sophie’s business and people skills, we have no doubt she will be a top realtor in the area.
Osman was a refreshingly honest realtor. He stressed through the entire process that his goal was to make me happy with my home purchase. I greatly appreciated the fact that he never shied away from pointing out the negatives as well as the pluses of different places while leaving the final decision up to me.
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More about the author
Osman Parvez
Owner & Broker at House Einstein as well as primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has appeared in the Wall Street Journal and Daily Camera.
Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. Learn more about Osman.
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