The housing market in Fort Collins shows trends that houses listed around $400,000 are the ones that are bought up the most quickly and usually at a higher asking price. While this is a clear sign of a hot selling market, it also means high competition for buyers.
The competitive market is the reason for homes getting sold at higher than asking price but it also means that if a seller stages a home well, buyers are foregoing inspections and appraisals completely, an unheard of trend that could yield negative results for the buyers.
Appraisals are usually ordered by the lender to ensure how much to lend and if there’s risk in a particular home. Buyer’s are getting around this however, because there has been a spike in cash buyers, which is appealing to sellers and makes for even faster turnover. This spike is likely due to a rise in recent family inheritance, which is a sign that these cash buyers are also millennials.
The variables involved in the housing market in Fort Collins makes for a hot market now, but could make for an interesting shift by next year.