Is it fair to say Durango real estate market is experiencing low inventory? If you’re thinking of buying or selling a home, it’s imperative you look at what is happening with the inventory specifically in the area you are interested in. By not understanding the market, you may miss an opportunity.
A low inventory real-estate market usually means a greater demand for what inventory is available. However, low inventory is usually niche-specific.
Why do some homes in one neighborhood receive multiple offers the first day on the market, while others sit for extended days without significant activity? Most often it is because of incorrect pricing or perhaps the characteristics of the home attract a much smaller pool of buyers – therefore it will take longer to sell.
The type of market exposure a property listing receives may also affect the demand for a property. Professional photography, virtual tours and detailed listing information can influence interest and value to a prospective buyer searching online.
The presentation of the home when the buyer views it will also greatly enhance the experience. Did the listing agent prep the seller or prepare the home if vacant? Window shades up, lights on, fresh air. Seriously, entering a dark or cold home can shut a prospective buyer down. Setting the stage before viewing the home is just as important as the presentation online.
Low inventory and demand are often used simultaneously. For instance, we continue to experience a high demand for single-level homes.
Most will settle for this floor plan, particularly if the home is newer or freshly remodeled. Studies show that a large percentage of baby boomers will migrate to rural and small-town settings seeking quality of life, and the impact through 2020 will be significant.
I find most baby boomers are looking for single-level, updated homes with little to no deferred maintenance. Some are seeking larger homes to host friends and family, while others are on the move, requiring low-maintenance, lock-and-leave homes or town homes in the heart of lifestyle choices. If it is priced around $500,000, bingo!
Less inventory on the market means that buyers are going to have to pull out all the stops if they want to snag a home before someone else does. Buyers should have a real estate agent on watch and, if the buyer purchase will be financed, a prequalification in hand.
In this fast-moving market that is projected to continue to attract a high demand of buyers, my advice is stay in touch with your full-time real estate agent and he or she will help you get to where you want to go.
Kelly Kniffin is a Realtor with Legacy Properties West-Sotheby’s International Realty in Durango, and is past president of the Durango Area Association of Realtors. She can be reached at Kelly@homesdurango.com.