Home Buying in Fort Collins>Question Details

eg, Home Buyer in Fort Collins, CO

With inventory so low should I wait until the spring to shop?

Asked by eg, Fort Collins, CO Mon Jan 14, 2013

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Wayne Folsom’s answer
Inventory is low right now, but the housing market is starting to move towards a sellers market. There is a good chance that the type of house that you are looking for right now, could cost you more in the spring ,not only in price but possibility in closing and mortgage costs. Alot also depends on the price point that you are looking at. If you are looking at properties under $200,000.00 then chances are very high that the property will cost you more in the spring. Properties that are 200 to 375 thousand have good chance a price increase, above that less likely. In addition, what parts of Northern Colo are you looking in are factors in it. I can go into more detail for you if I know some more of the details. Give me a call and it would be my pleasure to set down with you at no charge or obligation and show you what is on the market now and what areas are most likely to see price increases.
1 vote Thank Flag Link Tue Jan 15, 2013
I don't believe that you should wait to start looking for a home, and here's why:

Yes, inventory is low, but there are homes coming on the market. If you wanted to be best prepared for when you do buy, be educated about the homes, neighborhoods, and buying trends in Fort Collins. The most effective way to get educated is to be looking now. Grab your Realtor, tell him or her what you're looking for, and have them send you listings as they come on the market (this can be done with an automated system, too!). If you're able to do so, get out and see some of these homes when they do come on the market - it's the best way to see what condition homes need to be in, in order to sell. Also, if you watch to see how fast they go under contract, you'll be very well versed with what homes are priced well and which ones are priced too high.

Second thing to do is to meet with a lender right away so you are prepared when that perfect home comes on the market. Having a pre-qualification letter in hand is one of the tools you will need in order to help you submit a successful offer on a home.

The last thing you need to do is have a talk with your Realtor to tell him or her exactly what your goals are - whether you want to buy now, or buy later, when you want to be in a home, and what price point you're comfortable with. If you don't currently have a Buyer's Agent working for you, I would suggest you find a good one and have these conversations. What the agent can do for you is ver valuable for you to be able to find the home you're going to love!

Feel free to write me if you have further questions. Additionally, I'd love to have the opportunity to interview with you, if you have not yet selected a Realtor to represent your best interests! Sean@HawaiianShirtGuy.com or 970-402-5642
1 vote Thank Flag Link Mon Jan 14, 2013
If you are in the market for a new home you might as well start looking now. If you wait until Spring more buyers will also be looking at that time too. Just know, that multiple offers are common and you may not get the first home you bid on in certain areas and price points. Also we are experiencing offers over full price so be aware that you should put your best foot forward on any home you are interested in writing an offer on. My advice is to just be patient and the right property will come together at the right time!
Kindly, Carrie Holmes
1 vote Thank Flag Link Mon Jan 14, 2013
I would not focus on "low inventory"; focus on continuing your search, you may find the home of your dreams within a small group of homes - and homes are listed daily, so you just never know.
0 votes Thank Flag Link Tue Mar 12, 2013
There are a lot of great answers below. Perhaps you have followed their advice and you have already found a home. If not, keep at it!

1-The average sale price of homes is up over 9% nationally since one year ago. Most housing forecasts show that it will gain by at least that much again over the next year!

2-Interest rates are starting to tick up, but they are still at historic lows. If the economy improves early this year, there is a good chance Mortgage rates will return to their historic averages. The Fed can't provide free money forever, and investors will leave the security of bonds for the promise of profits in stocks. All that equals more costs of ownership if you wait.

3-As others have said, with warmer weather come more buyers.

Your best option is to be ready, and to get notified whenever something comes on the market that you are interested in. Do your planning and thinking ahead, and be ready to move fast when you see it. There is a lot of competition out there, and when a good home comes up at a good value, it is getting multiple offers in its first couple days on the market!

Please call with any questions, and enjoy the hunt!

Lael Pierce
RE/MAX Alliance
0 votes Thank Flag Link Tue Mar 12, 2013
In the spring there will be more competition from buyers too. I would just keep at it!
0 votes Thank Flag Link Thu Mar 7, 2013
0 votes Thank Flag Link Thu Mar 7, 2013
Great Question...I have some Buyers right now that are frustrated with what they perceive as a market with too few opportunities & they just brought up the idea of "waiting for mid Spring where their are more available homes on the market". Their logic is understandable...more homes, less of a frenzy between active buyers and therefore better prices. Well, here's what I told them - Spring does bring more Sellers on the market - flowers & trees have bloomed, their home has more curb appeal, and they believe they can probably get MORE MONEY for their house, as their are MORE BUYERS looking...are you starting to see the dynamics?

So, Spring/Summer = more houses = more buyers. On top of that, you have rising home prices (12.6% increase from this time last year in the Denver & surrounding areas per some respected sources), and an interest rate that is INCREDIBLY LOW - Right Now! This is the time to be looking. I'll also add to that it's NOT the time to panic or feel that you have to compromise in order to "grab something". However, this is not a good time to remain on the fence...jump in aggressively & quickly...your dream home is out there - I promise!

Andy Burnett
ERA Herman Group
0 votes Thank Flag Link Thu Mar 7, 2013
No, start now...with the spring comes more competition for you! Get yourself aquainted with the inventory so that when they right property comes along you can push the button.

0 votes Thank Flag Link Wed Jan 16, 2013
NO... with limited homes onm the market and a steady increase in buyers some areas are seeing prices go up. Although inventory down teh sharpest decline is in short sales and bank owned homes which still leaves ploenty of great homes to see. There are new homes coming on the market, act quick as you may find a gem. By waiting there will be more buyers looking at teh same few homes meaning more offers, and less of a chance you get yours accepted
0 votes Thank Flag Link Wed Jan 16, 2013
In a rising market, time is usually your enemy as a buyer. The longer you wait the more you will pay. There 's not much to see, so it won't take long :)
Do your home work so you can be decisive when something does come along. Expect multiple offers on homes that are priced right.

Good luck!
0 votes Thank Flag Link Wed Jan 16, 2013
With inventory so low and prices increasing monthly you will be paying more in the spring for the right house. The thing you can do right now is to study the market, learn it, and make your choice as soon as possible. Give us a call, our Team of experts would love to work with you.
0 votes Thank Flag Link Tue Jan 15, 2013
Yes, and No. It basically comes down to supply and demand. As many have indicated you either A) have less competition for the current homes on the market or B) Have more competition with a larger inventory when spring comes around. Do both! Look now and if nothing strikes your interest keep looking through the spring until something does warrant your consideration. The only thing you definitely do not want to do is miss out on the home you want by trying to time the market.

-Luke Angerhofer
0 votes Thank Flag Link Mon Jan 14, 2013
Great question! It all depends on what your goals are. Although inventory levels are low, even lower than seasonally adjusted averages, the right home for you could be out there right now. In real estate, there are always buyers and sellers trying to time the market and they get disappointed when it doesn't quite work out. My best advice is to start now, and if you don't like what you've seen, you'll have a much better idea of what you want when the right house comes along. You'll also be up to speed on home values, which neighborhoods you want, and other major factors so you can make a quick decision when it is time to pull the trigger. Then you'll be in good shape to outsmart and out pace your competition. Let me know how I might be able to help you further.
0 votes Thank Flag Link Mon Jan 14, 2013
Great Question. Our market is typically very seasonal with less demand (but also) fewer listings in winter. But, you just never know when the right property will come along so it is a good idea to keep an eye on things. Interest rates are extremely attractive for now and prices could be up more later in the year.
0 votes Thank Flag Link Mon Jan 14, 2013
We think if you are looking for home it's better to get started now. There are several steps involved to finding the right home, waiting until Spring or until there is more inventory on the market may make your search a bit more difficult. Starting your search now will help you focus on whats important to you and who knows you might find that perfect home now.

Give us a call we would love to chat with you.

Mike & Marie Edwards, CDPE, SFR
Search the MLS! at http://listings.focohomes.com/
Coldwell Banker, RB/702 W. Drake Rd, Bldg A/Fort Collins, CO. 80526
970.231.2004 Mike/970.231.0495 Marie
0 votes Thank Flag Link Mon Jan 14, 2013
In my honest opinion, you should start shopping now. You should also be ready to make an offer quickly when the right home comes along. This includes getting pre-qualified for financing, and having funds available for inspections, down payment and closing costs.

I would be happy to help you. Jay Ross
Prudential Rocky Mountain REALTORS
2700 S College Ave, Fort Collins CO 80525
iPhone (970) 492-5155
Email: PrudentialRockyMtn@gmail.com
Web: http://www.FortCollinsHomes-CO.com
0 votes Thank Flag Link Mon Jan 14, 2013
Hi eg,
the inventory is low right now, but then again it was really low all of 2012. It doesn't hurt to look around now and see if anything looks appealing, if not then it would be better to wait till the spring and you will prob see an increase in listings. The values will prob be a little higher in the spring months, mainly because of the higher demand, but hopefully the interest rates remain low.
Hope that kind of helps.

Todd Patterson
0 votes Thank Flag Link Mon Jan 14, 2013
Inventory is low, but it has been that way for the last few years in Fort Collins. It is especially lower in the winter as sellers are reluctant to move during the snowy months. However, there are also homes that have been on the market for many months that were either priced too high and Sellers are getting impatient and need to sell. This is an advantage for Buyers, as there is more room to negotiate. I just showed a home in Wellington yesterday that is easily $10K beneath the market value because the Seller just wants to move on! Do you know the area, and what style of house you are looking for?

Robert Crow - Coldwell Banker (Fort Collins)
0 votes Thank Flag Link Mon Jan 14, 2013
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