NoCo remains a land of opportunity for homebuyers

If you’ve been house hunting in Northern Colorado in recent months, then you know firsthand about the challenges of finding the right home at a favorable price in our highly competitive market. Maybe the experience even caused you to take a time out from your search.

There are good reasons to get back in the game.

Around Northern Colorado, I’m seeing the potential to land great deals, due in large part to motivated local and regional home builders who are looking to finish 2018 strong. I see these builders pushing hard in various neighborhoods to sell their standing inventory, or to finish and sell new homes that are still under construction. For homebuyers, it means an opportunity to take advantage of attractive incentives and discounts from the builders.

Bottom line: I encourage buyers who may have put their search on hold, or felt they couldn’t keep up with the competitiveness of the marketplace, to look around. With options that include more competitive pricing from sellers, borrowing incentives, and even bonus features and inclusions with the home, you may be surprised at what’s available in our region this fall.

Speaking of opportunity, Northern Colorado is increasingly on the radar of Denver-area homeowners. According to a study by Redfin, a portal that tracks real estate searches, one of every five current Denver-area residents conducting an active home search via the web are actively searching for housing in either the Colorado Springs or Fort Collins markets. Common to both of these smaller metro areas are job growth, high quality of life ratings, and home prices that range from the modest (high $200,000) to the luxurious.

In fact, choose any of the markets north of Denver and it’s possible you’ll find prices that start in the 200s. Recent inventory reports from Information Real Estate Services (IRES) show well over 200 homes for sale in Northern Colorado that are priced between $200,000 and $300,000.

Here’s a closer look at September sales and some of the real estate trends at work in Northern Colorado:

Single-family inventory across the region slipped in September by 3.1 percent from September 2017. The overall decline was driven by the drop in detached housing, off by 6.6 percent to 1,584. The number of attached homes (condominiums, townhomes) actually increased by 21 percent to 309.

The decline in inventory is reflected in the decline in transactions. September saw total sales across Northern Colorado drop by 12 percent to 842, following a 2.5 percent increase in sales for September 2017.

Inventory is looking up in Berthoud. Overall availability increased 35.1 percent from last September, thanks to a nearly 50 percent upswing in detached homes — a sign of the continuing impact of new construction activity there.

Pressure on home prices is easing up. Northern Colorado’s average sale prices increased by 5.1 percent from September 2017 to $389,458. By comparison, average prices gained 9.1 percent between September 2016 and September 2017.

Among sub-markets, Greeley-Evans experienced the greatest price increase for September at 8.8 percent, pushing average prices there over the $300,000 threshold to $305,741. Still, this year’s growth rate in the Greeley area is nothing like the 15.2 percent average price hike in September 2017.

Brandon Wells is president of The Group Inc. Real Estate, founded in Fort Collins in 1976 with six locations in Northern Colorado 

If you’ve been house hunting in Northern Colorado in recent months, then you know firsthand about the challenges of finding the right home at a favorable price in our highly competitive market. Maybe the experience even caused you to take a time out from your search.

There are good reasons to get back in the game.

Around Northern Colorado, I’m seeing the potential to land great deals, due in large part to motivated local and regional home builders who are looking to finish 2018 strong. I see these builders pushing hard in various neighborhoods to sell their standing inventory, or to finish and sell new homes that are still under construction. For homebuyers, it means an opportunity to take advantage of attractive incentives and discounts from the builders.

Bottom line: I encourage buyers who may have put their search on hold, or felt they couldn’t keep up with the competitiveness of the marketplace, to look around. With options that include more competitive pricing from sellers, borrowing incentives, and even bonus features and inclusions with the home, you may be surprised at what’s available in our region this fall.

Speaking of opportunity, Northern Colorado is increasingly on the radar of Denver-area homeowners. According to a study by Redfin, a portal that tracks real estate searches, one of every five current Denver-area residents conducting an active home search via the web are actively…