We’ve seen quite a shift in the Grand Junction housing market over the past few months. This shift came upon us quite quickly and quietly. We went from what was primarily a buyer market to a seller market almost overnight.
You may be asking what constitutes a buyer market versus a seller market. A buyer market is when there are 6 or more months of inventory and a seller market is when inventory is 4 or less months. When we are at 5 to 6 months of inventory we are in a balanced market. Months of Inventory, refers to the amount of homes that are currently for sale. In a seller market, if no one else puts a property up for sale we would sell out of homes on the market within a four-month period or less, while in a buyer market we would sell out of what we have in seven or more months. Essentially it’s supply and demand. One reason the market shifted from a buyer market to the seller market is that the majority of the bank owned properties have been sold in our area. It still appears that there will be a trickling of foreclosure properties to be sold over the next year or two. So because the majority of the bank owned homes having moved through our market we are now dealing with a market of homeowners that still have equity in their home or homeowners that need to do a short sale.
With low interest rates and the Grand Junction area market price being at the bottom with no more decline, it’s really the perfect marriage for a time to buy and sell. Buyers have the advantage of getting low interest rates and low prices on homes, and sellers have the advantage of not having as much competition and being able to stay firm on their prices.
By: Andrea Haitz, CEO
Keller Williams CO West / Diva Team
2474 Patterson Road, Ste 100, Grand Junction, CO 81505