As we all might know by now, Boulder’s real estate market is one of the best in the country. In fact, this super hot real estate market has created an “extended season” for those on the housing hunt. This has allowed the statistics for Boulder Country to double since last October. Of the 897 homes on the market, 376 (42%) are under contract. Wilson, with Re/Max of Boulder, proudly states that they are “significantly higher than average”. Today potential buyer haven’t been able to write a check for a home yet due to lack of choices and increasing bidding wars. The most common and competitive price range falls around $400,000, and virtually nothing is available under $325,000 in Boulder County.
Interesting article about how Realtors should adapt to the changing market.
This is your customer. Watch them closely.
Are you prepared to deal with them?
- Gen Y will comprise your largest share of homebuyers
- Gen Y first time buyers will reach 68% coming year (*).
- Gen Y will rely heavily on property searching based on commute time before they settle on their final nest
- Gen Y grew up with Internet and you need to reach out and market them using channels like texting, Facebook®, Twitter® etc. – media they like and not your choice
- If you are Capturing Likes and not incubating Gen Y leads with Facebook campaigns, you could lose them.
- If you have a lead from Twitter and you send them email drip campaigns, you can lose them. Use the channel they like and not yours
- Your Facebook Business Page should be vibrant with MLS property search, community portal apps built with results shown on native Facebook and not redirect them to your website. Don’t change the media they like
- Gen Ys are masters of multi-tasking. Your CRM should have built in chat room with concurrent phone texting, Google® hangouts to talk to multiple Gen Ys at same time and log all conversations
- If you are just marketing without context of property you are wasting their time. So get rid of pure contact tools.
- Gen Y is also the “Uber” generation – meaning your lead responsiveness as an agent or a team has to be in seconds and not minutes. If you don’t have the tools to do lead management in seconds ….they are gone!
- You need to differentiate and excel and not be invisible and blend
- Don’t fragment your leads in many databases. Unify them
With the real Estate Market back in good health (http://ow.ly/UtHKx) apartments are a hot commodity “The strong apartment industry run-up shows no signs of ebbing any time soon,” says Mark Obrinsky, NMHC’s SVP of Research and Chief Economist. “Markets remain pretty tight, even as new apartment construction continues to increase. Find the full article here!
According to Zillow, condos are appreciating faster than single family homes! In Denver – one of the country’s fastest-growing housing markets – condo values are growing in value at an annual rate of just over 20 percent, while single-family home values are rising at 15 percent.”
“The housing bust hit condo values hard, and over the past few years, buying a condo wasn’t always considered a good investment compared to a single family home,” says Zillow Chief Economist Dr. Svenja Gudell. “But that’s changing, and condos increasingly represent a strong-performing, often affordable choice, particularly for first-time buyers interested both in homeownership and in keeping a lower-maintenance, city lifestyle. However, as younger buyers compete for homes in urban neighborhoods, it’s important to consider some of the additional costs of condo life, especially homeowner association fees, when weighing options.”
The Housing Market Index (HMI) for the 55+ demographic in the last quarter is up three points and is steady and strong. This is true for single family and multi family homes and rental properties. With Builders reporting “above average” conditions, this rating is likely going to increase in the foreseeable future. What does this mean? This means get your hands on some real estate and watch it appreciate!
Check out the this link for the full article.
The economic and housing recovery continues at a slow, but steady pace, rising t .93 in the third quarter of 2015. A level of 1.0 indicated the country has reached the last level of normality. However, a rating of 1.0 is rarely reached.
Follow this link for capturing statistics and see where your state falls. http://eyeonhousing.org/2015/11/index-shows-a-slow-and-steady-recovery-for-the-us/
Nearly 83.1 million strong, millennials are looking for instant access to current real estate market information. All desire to be homeowners, despite set backs from tuition debt, marriage, and other economic challenges. Check out this link for more info and interesting schematics.