How can summer already be ending? It seems like it just started! The beginning of August marks the start of the end of summer and the beginning of the school year. Boulder Valley School District and Saint Vrain Valley School District will be heading back to school on August 15, 2018. Boulder Valley School District publishes supply list specific to each class and school. Please visit your student’s school’s website for specifics.
The Housing Market from Late July to Mid-September
The end of July until middle of September is a busy time of year for summer vacations, school starting up, and just plain fun in the sun. There tends to be a cycle in the housing market. Over the past few years the market has been very hot in the Spring. The hotter the market is in the spring the slower the market is toward the end of the summer. I think there are several reasons for this trend. Families with children want to be established in their new home in time for the school year so if they are not under contract on a home by the beginning of July they put it off until the following year. First-time home buyers have been competing hard week after week to get under contract, and if they are not under contract at this point they are burnt out and need a break. Investors understand there is a cycle of need for rentals in the Boulder area due to the University of Colorado’s and Naropa University’s schedules. As an investor if you cannot get under contract on a rental, make needed repairs and get it rented by August 1st you might want to put off an investment purchase for a while. I have also seen the interest rates rising since the spring; some buyers might be putting off a home purchase hoping interest rates will drop this fall and winter. I am not sure if this line of thinking will pan out. It might also just allow them time to come to terms with the new normal of interest rates.
For these reasons I see some inventory start to pile up, which, in this market, might mean three houses on the market for a given set of criteria rather than one. If homes that are for sale missed the mark on price, marketing, of even timing they really can linger this time of year. If you are a seller, don’t freak out. Give your listing time before doing a price adjustment or creating a new marketing strategy. This also means it can be a great time to put your home on the market since you will see less and less inventory hit the market as the end of the year rolls around. There will be more buyers coming active as soon as the trees start to change.
If you are a buyer, this marks the start of fewer bidding wars and less competition. Congratulations, you made it! You might, let me repeat, you might get a home for less than asking price. So, it is worth it is usually best to push forward and to keep looking for the right home for you. Or even better, it is time to start looking! Give me a call today if you would to purchase a home during the less completive time of the year or if you think now is the right time to list your home!