The Aurora real estate market has been on an upward swing and it seems busier than ever now. I guess there are always two sides to any story. In this story, sellers are loving the trend and buyers are finding it competitive and in some cases frustrating. I wanted to take a look at the details to give some insight on what to expect if selling or buying a home in Aurora, CO.
Aurora homes range from $100,000 to the millions. A wide range, no doubt, but the average selling price in 2013 was $243,000. This was a 13% increase over 2012 prices and so far in 2014, values are continuing to increase. Technically values have been increasing since 2010, but it really didn’t gain significant traction until 2012. Homes in Aurora are selling at a fast pace and there aren’t very many coming on the market to help inventory.
Aurora Housing Market
Some Current MLS Listings in Aurora
Let’s look at the numbers. In the Aurora real estate market, there were 6771 homes sold over the last year, there are currently 1019 homes under contract and ONLY 530 HOMES FOR SALE!!! Last year we sold 564 homes per month, which means that we don’t even have a single month supply of homes! 6 months of inventory is considered a balanced market.
Mortgage Interest Rates
With current mortgage interest rates still at record lows, more buyers than homes, it’s easy to see how the old “supply and demand” formula is in full force. The other little known piece to this puzzle is that within the homes for sale, there are far fewer move in ready homes. Most buyers don’t want to do extensive work on homes, whether it’s because they don’t have the knowledge, time or funds. This means that the competition is even more stiff over the “good” homes.
As an Aurora home seller, my suggestion is to make your home shine as much as possible. It will grab the most attention and sell at the highest number. I think right now, it would sell no matter what, but why not put a little work into it; I think you’ll get the return.
As a buyer, you have to put your best foot forward and draft a clean offer that will make the transaction as easy as it can be for the seller. I always remind my buyers, that you can only do what you can do and to not get caught up in a bidding war just because. The property, payments, etc. have to still make sense for you. The last thing anyone wants is to be in a bad situation or hate the purchase when the dust settles. Patience and quite possibly many offers are reality right now. Keep a positive attitude!