It’s Time to Sell: The NoCo Housing Market Is Experiencing a Shortage
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What's going on with the housing market in Larimer County?
I write about real estate every week, but each time I log onto Zillow, I notice a trend: million dollar mansions are abundant, and homes in the lower price range— I'm talking under $400K— aren't. It turns out, Larimer County may be facing an inventory shortage.
The Coloradoan reported that this may be because since the pandemic, residents have a higher demand for space:
"People are needing offices and places they could turn into gyms; places where they could educate their kids and have more yard space for recreation."
The pandemic also increased a trend called the "urban exodus", which started in 2020 after clubs, venues, and bars began to close and nightlife became an irrelevant thing to live near.
Katie Olsen, a local realtor with Hub Real Estate, said in an Instagram post on February 17:
Our “Months Supply” is only 0.8 months. What that means is that if no more homes came on the market in less than 1 month, we would run out of homes for sale. Like WHAT?
You can read her full post right here:
So what does this mean? Overall, if you've been considering selling your home, now is a good time to do it. I spoke with Olsen more over Instagram and she explained why many may still hesitate to sell, and why they shouldn't:
"Another big worry people have because of the lack of inventory, is that even if they list their current home for sale and cash out the massive equity they’ve accumulated, will they even be able to find their next home? And the answer is: you can absolutely wait to list your home until you find your next home. We have your home prepped for sale, so once the offer is accepted on your next home, we can list your house immediately. Sellers and their agents know the market is hot right now so your home will likely be under contract within a couple days so getting a contingent offer accepted is very common."
The great thing to take away from this is that despite the lack of inventory, NoCo realtors want to help you overcome the hurdles of homebuying that the pandemic has created. All you have to do? Pick up the phone and call.
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