The best time to buy in Longmont is when YOU are ready
If you or anyone you know has been thinking of buying or selling a home, you are probably wondering what home prices will do this year. Will they go up or down? Will the bidding wars be as competitive as last year?
If prices are going to increase, buying now and waiting to sell may make sense. If prices are going to decrease, selling now and waiting to buy is more logical.
Regardless of the predictions, buying or selling a home is best timed based on when YOU want to move…but it’s always a good idea to be aware of which direction prices are headed to inform your decision.
All market forecasts show that prices will continue to appreciate at a healthy rate, but may not rise as precipitously as they did over the past year, where we saw prices increase of 18.5% in Longmont!
Let’s say our local markets appreciate at the national, projected average of 5.58% appreciation this year. If a Longmont home sold for $600,000 today, that same home is estimated to sell for $633,000 the end of the year.
$33,000 in just one year! That’s a lot of money…and frankly it’s hard to imagine only 5.58% growth in our market this year given recent growth and new buyers in the market after the tragic Marshall Fire destroyed 1,100 homes.
As a seller, growth projections might make you wonder whether it’s worth holding off on selling your home to take advantage of the price appreciation next year. Many factors go into how much a buyer is willing to pay for a home and future projections aren’t guaranteed. Even if the general market trend is higher prices like these forecasts suggest, you might still be able to get more for your house today than you would by waiting. I’d have to take a look at your home, where it’s located, who your most likely buyer is, and give you my best guess based on what’s happening in the market in your specific situation.
Regardless of what the projections say, the best time for you to sell your home is only when you’re ready to do so. With some forethought, we will time it for when we can get the most buyers interested as possible.
The best thing to do is to reach out to me and schedule a time to talk. I’ll walk you through what’s happening in the market now and how to position your home properly for the best possible outcome based on your timing goals. We can talk about your life plans, personal financial situation, and more about how these projections may play out when it comes to your specific home.
As a buyer, projections of significant home price increases next year could make you feel like you need to buy now. That might be the right choice for you. But, these projections are just projections.
Projections are useful for getting an idea of what prices may look like next year, but they aren’t the only thing you should consider when deciding when to buy a home. There are so many other factors to consider such as your financial situation, the time of year, and even what your life plans look like over the next few years. If you’re right-sizing from your current home into one that will serve your next season, let’s think about what you will need in 5 years or in 10.
As soon as you start thinking about buying or selling a home, feel free to reach out. It’s never too early to examine everything and start coming up with a real estate plan that will work for you when the time is right.
Schedule a time with me when you want to talk more. I look forward to hearing from you!
I'm Libby Earthman. I specialize in helping first-time buyers and sellers pursue financial security on the Northern Front Range.
825 Delaware Ave, Suite 208
Longmont, CO 80501