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Broomfield Real Estate Market Report May 2008
Filed Under (Uncategorized) by admin on 12-06-2008
According to Metrolist statistics the average Broomfield home sold for $318,994 in May of 2008 and $322,374 in May of 2007. Part of this is due to a softer market we’re all experiencing, but part of it can also be attributed to the mortgage lenders tightening their standards. There are a lot of folks out there who want to buy, and who can really afford to buy, but who may not have great credit and/or as high a percentage as lenders would like to see for a down payment.
Remember that if you are a person who doesn’t have excellent credit, but has the income to support a monthly mortgage payment, you may be able to qualify for an FHA mortgage loan for up to $370,000 in the Broomfield County area.
There were 360 active listings, 87 were under contract and 67 actually sold in May 2008. Compare this to May 2007 where there were 418 active listings, 125 were under contract and 70 sold.
Also according to Metrolist statistics, note that Broomfield currently has roughly a 6.8 month inventory depletion rate. (In other words, how long it will take the homes on the market to sell.) What I think is most interesting about this is: a 6 month supply is considered “neutral,” more than 6 months is a buyer’s market and less than 6 months is a seller’s market. So at 6.8 months, Broomfield is still in a buyer’s market but not by a large margin.
As a buyer you’re likely to have your pick of homes but it’s highly doubtful you’re going to find one at bargain basement prices. (Like the person who called me the other day insisting he knew he could buy a home for $50,000. Not in Broomfield!)
As a seller it’s crucial that you price your home properly and that you make it the most competitive home in the neighborhood. (Read my daily, summer long series on home selling tips for helpful hints in this area.) You may even find it’s worth the expenditure to hire a Realtor who will devote themselves to selling your house by marketing it in as many ways as possible (i.e. doing more than sticking a sign in your yard and listing it on the MLS).
Beth I. Skinner is a highly skilled Broker Associate with the Moser Real Estate Group. She specializes in the Broomfield area and Internet marketing.
