Nice weather. Green grass growing, gentle breezes and trees are all leafed out. Curb appeal for most homes is very good.
It’s a perfect time to sell. Three-bedroom, two-bath houses in Rifle, Parachute, New Castle and Silt appear to go under contract rather quickly now. Days, and not weeks or months, and the “under contract” sign goes up. In fact, we are seeing multiple, simultaneous offers on the same listed house, if the asking price is within the market range.
Translation: There are more buyers than there are available properties.
Further translation: It’s a perfect time to sell.
What is driving this surge in the market? Interest rates for new loans are still very good, hovering under 5 percent. Money is available to lend, with many local new loans being underwritten by the U.S. Department of Agriculture’s Rural Development department. These 30-year, fixed-interest rate loans are available through your local lender, and they are very high loan-to-value ratio loans, resulting in little down payment funds needed for the purchase, with good credit. If you are thinking of buying a home, call your local lender to see if this loan will suit your needs and budget. You will also get a good-faith estimate from the lender, noting the overall costs of borrowing.
Another thing driving this market is the fact that more buyers are looking to purchase a home. Our area from Parachute to New Castle is an affordable and desired area in which to live, to own a home, raise children and enjoy the outdoor life that Western Colorado has to offer.
The surge in number of purchasers may be a direct result of the low inventory of homes for sale and is also likely a result of buyer confidence in the improvement of the overall U.S. economy. The national economy continues to show strength in its rebound from the Great Recession.
So, what should owners thinking about selling do? Should they post a sign that says “For Sale by Owner”? Not recommended, as it only exposes your house to those who might drive by. Post a sign and run an ad in the newspaper? Not recommended, as it only exposes your house to those who might drive by or read that particular paper. Buyers also need to be pre-qualified before they enter your home. This process helps the buyer and seller both know that a buyer is serious about that price range.
If you want true exposure of your house to all buyers who are looking, it is important to contract with a local realtor. That realtor will submit your property information into the MLS (multiple listing service), only available to realtors and participating lenders. Buyers looking to purchase can review all listed properties via the realtor.com or local realtors’ websites. This gives the house exposure to all realtors with clients who are interested in purchasing. There are over 163 local realtors and many are connected with the Aspen, Glenwood Springs and Grand Junction area realtor associations. Having 163 potential selling agents looking at your listing every day with their client base exposes your property to the purchasing public in a manner that has proved effective for over 50 years.
If you really want to sell, hire a local realtor. They do earn their commission with expertise, advertising, marketing to their associate realtors, showing your property, creating contracts and following the process through buyer qualification, buyer inspection, title work, appraisal and lender requirements, survey review and closing the transaction. Many issues can come up during this process and your realtor will work diligently to assist you to a successful closing.
As I noted earlier, it’s a great time to sell. Summer officially begins this Saturday, June 21. It will run by too quickly. If you are thinking of selling, please call a local realtor and you will be happily on your way.
Mary Huffine is a broker at Real Estate Out West in Rifle.