Chances are, you’ve been part of this conversation with a neighbor – about the house down the street that just sold for tens of thousands of dollars over the asking price, and for far more than any price that seemed plausible in your neighborhood.
It’s not a mirage. In some cases, last year’s $450,000 house is fetching $525,000, or maybe $550,000. Even $600,000.
Last year, the Northern Colorado market experienced its biggest one-year leap in home appreciation – 18 percent – in nearly 40 years (1982-’83). And with each “I-can’t-believe-it sale”, it seems that market values in many neighborhoods are being reset on a weekly basis.
For home buyers and sellers, it’s time to re-set expectations and pivot with a changing real estate landscape. Here are some tips for dealing with the steep slope of today’s home prices: