Housing regains balance after a lengthy sellers’ market

For nearly a decade, Northern Colorado’s housing market has largely been a seller’s market.  But as BizWest reports, the market appears to be shifting into a healthier balance between sellers and buyers:

 

We hear it said many times: balance is the key to life. It also pretty helpful in real estate. And after leaning toward sellers for the better part of the past decade, we can say that Northern Colorado’s housing market appears to be returning to a state of balance.

It’s no secret that our market has largely favored sellers since the end of the Great Recession — a condition characterized by sharply rising prices and even chaotic bidding wars between buyers. By comparison, a balanced market means buyers get choices and don’t need to rush to decisions. At the same time, sellers who price their home right and prepare their property to sell will likely be successful.

That’s what makes the third quarter real estate statistics encouraging. While we continue to see strong demand, housing inventory — very tight here for several years — is showing signs of catching up. Meanwhile, the pace of price growth is more in line the historical average of about 5.3 percent per year over the past 40 years. And while prices are still climbing at a faster clip than wage growth, the gap between those two factors is closing.”

Read more from BizWest here.