Posted on September 26, 2018 by shawn_manwaring
As a real estate professional in the Glenwood Springs real estate market I often get asked the same question. How is the market? Since this question occurs so often I am providing my clients, community and network an update on our local real estate market. This article is focused on providing readers with information that will help guide you on your real estate endeavors in Western Colorado. I hope you enjoy the information shared below and next time you have a real estate question, I hope to hear from you.
If you are considering listing your property or have recently sold your property than this section is dedicated to you. Today’s Glenwood Springs real estate market is hotter than ever. In large part this is because of the inventory on the market being relatively low coupled with current economic factors. The low interest rates available to borrowers are a huge benefit to sellers for the third consecutive year.
In todays market you could argue that timing to be a seller is perfect. With inventory relatively low in the Roaring Fork Valley coupled with high demand and low interest rates, it creates a perfect storm. As a seller today you can usually bring top dollar to your property by listening to your realtor. This of course is assuming you are working with a realtor. As a licensed realtor in Colorado here is my advice to you if you were my client: Prepare the property for sale including setting the price appropriately and addressing small repairs. Hire a dedicated real estate professional to market your property and represent the property locally. Be sure to Cooperate through the showing process and than you should be under contract in no time.
Be prepared to negotiate. Although we are seeing many listings come off the market at full asking price and occasionally over asking price, this is not the norm. As a seller you need to be prepared to work with your realtor to negotiate the deal. Sometimes it will be reducing price, other times it might be making repairs and at times it could come in the form of seller concession. Regardless of the negotiations you have going on within your transaction, you should always feel comfortable consulting with your realtor.
Set the price right the first time. This is critical and you need to rely on your local real estate expert to guide you through this decision. By setting the price appropriately to the market and recent comparable sales, you will see your property move off the market in much less time than taking a willy nilly approach and setting the price as high as you can. In setting the price correctly you will attract more realtors and more buyers and be more likely to go under contract faster. Often times when setting price correctly your first offer will many times be your best offer as well allowing you to accomplish your goals and move on with whatever else you have going on in life.
If you are searching for property in the Glenwood Springs real estate market than this section is going to serve you. Below I break down some market factors to paint a clear picture for what being a buyer in today’s market looks like. There are many things to consider and get educated on if you are a buyer. One piece of personal advice I like to give is that you should never let your emotions drive your decision making. This is very hard because home buying is such an emotional process. The risk is that by letting your emotions guide the purchase, you are likely not going to get the best “deal” for yourself. Just be careful and wait until after closing to completely fall in love with your new property.
Be Ready to Buy. If you are shopping real estate in Glenwood Springs or the Roaring Fork Valley, you are not the only one. Today’s market seems to be saturated with buyers who are just patiently waiting for their next real estate opportunity. If you are not pre-qualified to purchase you are almost not able to compete today. As a buyer in todays market you must be ready to make an offer and negotiate to get under contract quickly otherwise you will often lose the property.
Choose a Realtor you can Trust. I am one of the few realtors that encourage my client to meet with a couple realtors before they start shopping. This will serve you in the long run and more often than not if you follow this tip, your realtor will become a friend long after the transaction closes. By going with a realtor you have a connection to and can trust, you are going to have a much more enjoyable property purchase experience.
Here is a glimpse of what the real estate market in Glenwood Springs looks like today:
Single Family residences:
122 listings under $1,000,000 (83 Active and 39 Under Contract)
56 listings under $500,000 (32 Active and 24 Under Contract)
26 listings under $1,000,000 (16 Active and 10 Under Contract)
25 listings under $500,000 (15 Active and 10 Under Contract)
As a realtor in the Glenwood Springs real estate market it’s a great honor. I love that we get to work with clients from around the Valley coming from all different backgrounds and trying to accomplish all different goals. There is great joy that comes from joining folks on their real estate journey and making their real estate dreams come true. Whether you are working as a buyers agent or listing agent, I believe the same joy can come to you. As a buyers agent it might take months of viewing property until you find the one you want and go under contract. Once the contractual process starts the wait is not over but come closing day, there is little that compares to the joy I feel for a client. If you are a listing agent, you are more hands off in the process but once a buyer submits an offer, I tend to get the same satisfaction.
In addition to what happens in the office, we have to often remind each other that we are so lucky to have an opportunity to be involved in the community. As a realtor we are constantly involved in public affairs, community development and so much more in addition to the ways our families involve us within the community. This creates a real great opportunity to give back through volunteering, becoming a public servant or simple social efforts around town. Many other careers do not allow the time or interaction to get involved with their community like a realtor can.
In conclusion, it is very exciting times to be involved in the Glenwood Springs real estate market. As a realtor I wake up everyday very enthusiastic to assist buyers and sellers in our community. If you are a buyer or seller, hopefully after reading this article you feel more equipped to take on your next real estate challenge.
The next time you are interested in talking with a realtor about buying or selling property, I hope you contact me for the opportunity to earn your business.
Best of luck with all your real estate endeavors!