by Osman ParvezIt's only mid February and the Boulder real estate market is off to a roaring start. Real estate everywhere is HOT, right? WRONG. The market is NOT active for every property type and price range.
For clients - my upcoming research report (sign up) will provide a deeper analysis. For everyone else, here's a sneak peak. Take a look at this chart:
You're looking at the percentage of house inventory under contract by price range. At the low and mid range of the market, 69% of inventory priced under $500K and 53% priced from 500K to $800K is under contract, respectively. There's a noticeable dip in the $800K to $1MM tranche (23%) but it bops back up for the $1 to $1.5MM trance (34%). Only a small percentage of homes priced from $1.5MM and up are under contract.
Should You Negotiate Harder?
For properties with asking prices at $1.5MM or higher, you still have bargaining leverage as a buyer. Don't let anyone convince you otherwise. Sellers of these properties should take any offer seriously. If you're shopping for a house priced under $800,000, you have very little leverage. You need to be ready to move fast and write an offer at or very close to full asking (assuming it's priced right). The $800K to $1.5MM range is more mixed, but as you add selection criteria (close to downtown or in higher rated South Boulder schools, for example), you'll have far less leverage. Be cautious at this price point and ask your Realtor for a better analysis of market conditions.
Are These Price Ranges Fairly Typical?
Yes. I have nearly 10 years of experience in Boulder real estate and usually close one or two deals a month. Buyers typically fall into these broad categories. With that said, if you're a client, I'll gladly take the time to slice up the data to represent your specific property search. We can focus on one neighborhood, school zone, price range, or property type. As a client, you'll have the best data and most accurate analysis available - custom tailored to YOUR situation. Educated clients make smarter real estate decisions.
My advice?
Choose your Realtor carefully. As inventory rises and the market continues to heat up, there will be both buying and selling opportunities. Choose a Realtor who has (a) deep market knowledge (b) negotiation expertise and is (c) someone you can trust. When new inventory hits the market, you'll need to move fast. This is why you'll also want someone who is extremely responsive and regularly works late nights and weekends. If you'd like to interview me as your Realtor, call me directly at 303.746.6896.
Note: Attached dwellings (condos and town homes) are excluded from this analysis but will be in my upcoming research report. To get it, sign up below.
---Like this analysis? Subscribe to my research. Would you like to meet me in person? Attend a Boulder Real Estate Meetup.
Please note: My goal is to provide exceptional service to our clients. The ideas and strategies in this blog post are the opinion of the writer at the time of publication. Careful and complete due diligence is strongly advised before buying or selling real estate or other investments. Consult with your professional advisers before making financial decisions. This article is not intended as legal, tax, or investment advice. Silver Fern Homes will not be held liable for investment choices derived from this article.
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