Buyers and Buyer’s agents are having one heck of a time getting properties under contract. Absorption rates are at a 20 year low which means that there aren’t enough homes up for sale for the number of buyers that are looking. What this translates to is competitive multiple offer situations with houses often going under contract above asking price.
This means its a great time to list your house if you are a seller, but be sure you know how to price your home in a low inventory market. You don’t want to leave money on the table. If you are buyer, be prepared for the statistically strong possibility that you will have one or more strong offers rejected, regardless of whether you submit a full price or even over asking price offer.
Particularly in the 2 bedroom, under $300k price range, it is imperative to get in to see properties as soon as they become available and often times, you will have to submit an offer later that day if you want it to be considered. In the past three weeks, I have seen as many as 15 two bedroom condos in Boulder/Broomfield go under contract in 2-3 days on the market. Most offers have a 24 hour expiration which means that the buyers are seeing the properties in the first 24-48 hours on market and making offers immediately afterwards. So if you are looking to buy a home in this ultra tight inventory market, make sure that your agent is available, attentive and ready to go. Otherwise you may not even get the chance to submit offers, much less get a house under contract.
Here is an article from Boulder County Business Report regarding the lack of inventory in the Boulder area: