Depending on the Price, You’re Going to Need Expert Advice
To understand today’s complex real estate market, it is critical to have a local, trusted advisor on your side able to provide expert advice – for more reasons than you may think.
In real estate today, there are essentially three different price points in the market: the starter-home market, the middle-home market, and the premium or luxury market. Each one is unique, and depending on the city, the price point in these categories will vary. For example, a starter or lower-end home in San Francisco, California is much more expensive than almost any other part of the country. Let’s explore what you need to know about each of these tiers.
Starter-Home Market: This market varies by price, and these homes are typically purchased by first-time home buyers or investors looking to flip them for a profit. Across the country, homes in this space currently have less than 6 months of inventory for sale. Here in Broomfield that number is even lower with approximately 5 months of inventory. That means there aren’t enough homes on the lower end of the market for the number of people who want to buy them. A low supply like this generally increases competition, drives bidding wars, and sets up an environment where homes sell above the listing price. According to data from the National Association of Realtors (NAR) on realtor.com,
“The desire for affordability continues to push down the inventory for homes listed for less than $300,000.00.”
Middle-Home Market: This segment is often thought of as the move-up market. Typically, the buyer in this market is moving up to a larger, more custom home with more features, all coming at a higher price. This is the most active market segment in Broomfield today. Currently there’s only a 1.5 month supply of homes in this market. This includes Broomfield’s most popular neighborhoods such as Anthem Highlands, Wildgrass, Silver Leaf, Broadlands and McKay Landing.
Premium & Luxury Home Market: This is the top end of the market with larger homes that have even more custom features and upgrades. Nationwide, this market is growing in the number of homes for sale. In the same realtor.com article, we can see that year-over-year inventory of homes in this tier has grown by 4.7%. Today, there are more homes available in the premium and luxury space, leading to more of a buyer’s market at this end. As a Certified Luxury Home Marketing Specialist and Coldwell Banker Global Luxury Agent I am uniquely qualified to help Buyers and Sellers in the luxury and premium markets.
Depending on the segment of the market and the price point you’re looking at, you’re going to need the advice of a true local market expert. Let’s get together to help you navigate the home-buying or selling process in your market.
For more information on the all segments of the Broomfield market as well as individual neighborhoods I encourage you to look at my monthly Broomfield Real Estate Market Report.
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If you are considering buying or selling, I would appreciate the opportunity to earn your business (or that of a friend you think I could help).
Visit www.refrealty.net. Phone: 720.351.8488, or John@RefRealty.net
For questions regarding the Broomfield Real Estate Market in general contact:
Realtor® | Real Estate Negotiation Specialist
Global Luxury Property Specialist