Today’s New Housing Market, Part 1 of 3: Selling
CNN Money just did a 3 part series on “smart strategies for buyers, sellers and owners” in today’s new real estate market. After 6 years of a housing collapse, we are seeing a significant improvement. Maybe we are at the bottom? Maybe we saw the bottom pass several months ago? If we had a crystal ball, you wouldn’t be reading this and I wouldn’t be writing it.
Currently in the Steamboat Springs real estate market, the inventory of homes under $1.5 million is really low. The absorption rate in the Fish Creek Area of Steamboat Springs is just over 2 months – if all things stay the same, that means in two months, all the houses we have to sell in that category should be sold! Because prices of real estate are based on supply and demand, if inventories remain this low, prices will rise . . . and fast.