This is the November 2017 Real Estate Market Update for
Loveland CO Affordable Homes for Sale
Affordable homes have always been attractive to first-time home buyers and those with budget constraints, to tenants looking for a more financially advantageous alternative to paying rent, and to investors looking for a rental property or a fix and flip project. But in recent years, high demand for these properties coupled with a shortage of inventory has led to steep price increases. Today, the affordable home market is characterized by strong competition from other interested buyers and multiple offer situations are very common. Buyers seeking these homes are advised to keep very close watch on the market, have their financing in place, and be prepared to act quickly when a good opportunity appears.
If you fall into one of the above categories, or are just curious, you may find some good options by taking a look at the current inventory of Affordable Homes for Sale in Loveland CO.
There are only 9 homes priced under $275,000 - our price ceiling for the category - on the market at the present time in Loveland CO, starting from a low of $135,000. There are an additional 31 affordable homes under contract and waiting to close.
Note: We recently raised the price ceiling on this category, from $250,000 to $275,000, in response to low inventory, strong demand and rising prices. Market conditions over the past couple of years suggest that the imbalance in this market segment is not likely to ease anytime soon. This is not good news for affordable home buyers, and while raising the ceiling on price does reflect the current reality on the supply side, it doesn't mean that these homes are actually more affordable.
Because of the lack of availability, affordable home sales have been limited in Loveland so far this year – there have been 207 sold - far less than necessary to satisfy demand, with prices ranging from a low of $49,500 to a high of $275,000, with a median price of $257,000 and an average price of $241,131. Market performance has been very good - average days to get an offer for the homes that sold was 15 days, with an average days on the market of 51. The sale price/list price ratio for these 207 homes was 100.0%, indicative of high buyer demand and a strong seller's market.
There is constant change in the availability of affordable homes, so if you want to keep a keep an eye out for new listings to come on the market, let us help - we'll set up an on-going search especially for you, with your own customized web site - you'll be notified as soon as new listings are posted. And when you find a home you want a closer look at, please let us know - we'd love to schedule a showing for you quickly and at your convenience.
Mary & Dick Greenberg
Data Source: IRES MLS