The Denver Post has a front-page story about the local housing market, featuring Redfin’s Michelle Ackerman, who is guiding client Casey Schorr through the ups and downs of buying a home in today’s rocky market. Michelle offers some extra perspective on the article:
Many buyers are getting frustrated with the state of today’s housing market, and for good reason. Despite reports about reluctant buyers, housing gluts, and shadow inventory, the average buyer is facing a market where the vast majority of available homes are run down, overpriced, poorly located, or some combination of the three.
And any time a solid, well-priced home does come onto the market, there are always several buyers ready to pounce.
With mortgage interest at all-time low levels, qualified buyers have access to “cheap money,” and they’re ready to spend it. What they don’t have is something worth spending that money on.
Even homes that may look good on paper often reveal their warts in person. I’ve seen plenty of homes “updated” in ways that should have been left on the drawing board; back yards that are only accessible by walking through the bathroom (cozy!), clothes closets that have been hastily transformed into water closets, and kitchen remodels that must have involved a DeLorean set to the year 1982. And that’s assuming the remodel work was actually finished before the sellers ran out of money.
But many of these sellers seem to be sticking to their convictions, with home listings that languish on the market for hundreds of days without a price reduction in sight.
If there are would-be sellers out there who are interested in dipping a toe in the water, now is actually a good time to do it. Buyers are hungry and well-financed; especially if your home is:
- Well-maintained or updated
- Priced in the sweet-spot range of $300,000 – $500,000
If you’ve got an opinion to share from the buyer or the seller side of the fence, drop us a line in the comments below. I’d love to hear from you!
(Posted for Michelle Ackerman)