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                                Monthly Real Estate Newsletter Brought To You By Sam Basel And Alpine Legacy
Alpine Legacy brokered by eXp Realty LLC - June 2022 Newsletter

The Market Has Shifted...Now What? 

We are seeing more homes and properties needing to adjust their prices recently to meet the market demand. For example, in the 30 days prior to this newsletter going out, we had a total of 28 properties reduce their price. Between 30 and 60 days prior, we only saw 7 properties do the same. Does this mean our real estate values are headed for a decline? In short, my answer is not necessarily but it is possible depending on how the trends continue.

Now that the shift has taken place, buyers of all types are much more tentative and are very educated on their specific segment of the market. They can smell an overpriced property a mile away! It will be absolutely necessary to match what comparable properties are selling for in order to convince savvy buyers that the property carries enough value to make an offer and eventually complete a sale.

Over the last couple years, the mentality of sellers and real estate professionals advising those sellers has been to set an asking price on their properties far ahead of where other comparable properties have been selling and then sat back and watched as the massive amounts of buyers pounced on any listing that came available. Those sellers and agents who think they can still price their properties over what other properties sold at are now realizing that doesn't work anymore. There will be more corrections in the near future to match the lower demand now that the cost of financing is so much higher. 

Keep in mind that the asking price or advertised price you see on a property does NOT necessarily indicate what true market value is. When we see price reductions, that doesn't mean values are falling. That just means the seller and/or Realtor advisor started the marketing too high. When demand is high, the best method is to UNDERPRICE your property so that multiple offers and the fear of losing out drives up the price to generate a really high offer. However, when demand is shrinking, using the same strategy might be leaving money on the table. 

Market value is determined by what the buyer and seller agree to complete a sale. That number could be higher or lower depending on negotiations, competition, and other factors. As there is less demand and less urgency to beat out competition, sales prices as a percentage of the list price will fall, but true market value may still continue to go up. The specific situation of each sale will determine what the best move is to find true market value and we will help you sort out the best strategy for your situation. The good news is that there is still enough demand to get an accurate read on the market in a short amount of time. 

Don't Wait to Buy Real Estate. Buy Real Estate and Wait

How long is your timeline? If it is more than a few years, you don't have to think about the prices falling in the short term. It becomes a purchase decision of "is this the best value for my money"? Save the worry about resale values for investors and flippers looking to exit in the next 12-24 months. If your timeline is 5 years, 10 years, or more, then we need to help you focus on the the best value and lowest mortgage costs. If we see a short term reduction, the long term prospects are very good.

There is More in the Newsletter Including...

More Original Articles for the Current Real Estate  Market
Market Stats in the Estes Valley
- Single Family Homes
- Condominiums and Townhouses
- Vacant Land

A lpine Legacy brokered by eXp Realty LLC
Servicing the Estes Valley and Northern Colorado
970-586-8300 (office)

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