The most asked questions I heard over the last month were about prices, interest rates, a “good time” to buy or sell, and Bandimere Speedway’s affect on northeast Colorado’s housing market. Let’s jump right into the murky waters of the real estate world, feet first! With the Federal Reserve’s recent notes that they do not expect to lower the interest rates, 30-year fixed rates are ranging from 6.75% to 7.0% over the last 30 days.
With interest rates holding where they are, the market has seen similar numbers across the board in the first and second quarter since 2023. Quarterly numbers are trending slightly upward, outperforming 2024 by 97 homes sold and outperforming 2023 by 282 homes sold. Prices continue to rise with this performance, with the average home selling for $10,190, more on average, than last year. Weld County is leading the charge in northeastern Colorado, with home prices climbing $20,000 or more, on average. New developments in Fort Lupton, Keenesburg, and throughout the Greeley areas are reigniting the market in the county. Fort Lupton seeing the largest jump in average prices, increasing over $56,000 from last year. At this point, Adams and Morgan Counties saw lower prices than a year ago. But the prices are not down by much, -1.77% and -.75%, respectively. In recent history, June and July sales have been the peak of the home-selling season, giving an optimistic forecast for slow starting counties to recover any lost ground. Does this mean that it is a better time to buy in this market, or sell? Both. The average home is on the market for 40 days. Sellers are getting 99% of their original listing price. Buyers are getting $10,000+ in concessions on average, to pay down interest rates or closing costs. The inventory of homes is the highest it’s been since the pre-COVID market.
The Interstate 76 Corridor is seeing more development coming their way, with the purchase of land by Burlington Northern/Santa Fe railroad (south of Hudson), Bandimere Speedway (west of Hudson), and Rodeo Dunes Golf Course (West of Roggen). Historically, the development of these types of projects bring commerce and residential development along for the ride.
Tips for Sellers: In a balanced market, the Dollars are in the Details. From curb appeal to paint to cleanliness. It isn’t always about all of the bells and whistles a home has. Often times, showing pride in ownership and care for the home will sell it sooner.
Tips for Buyers: Peaking over the fence IS ALLOWED. If you are not finding what you are looking for, within your budget, sometimes you can find a house that is listed a little above what you have been searching for, and it’s still there because it may be overpriced. This can open the door for negotiation to your budget. And if not… it was good practice and you learn more about what you do and don’t want, in a home.
