March 2021 Market Update

Speaking of being prepared, this time of year is historically known as the 'slow time' in real estate, before the busy late spring/early summer listing season. Although coming off of a year that has been very hard to predict, it still remains to be seen if we will experience our typical increase in inventory. Lack of inventory has kept us firmly committed to the current sellers' market, evidenced by the amount of sales closing above list price. Since the start of 2021, the Winter Park Area has seen 5 of their 18 homes sell for over asking and nearly half of the condos and townhomes did too. But it was the Granby Area that saw 78% of their homes close over asking price (AKA 10 out of the 13 homes). We should note that the average single family home price in the Winter Park area exceeded 1.6 million while the Granby area average is half that in the mid 800s. Another area of preparation happens in the spring, whether you plan to sell your home or just keep up on maintenance. Below are some tips to ensuring the best possible property value along with reducing fuels during wildfire season:

• clean out gutters of leaves and debris
• clear any winter deadfall; trim dead ladders on trees
• pull any/all juniper bushes around the property (their oils burn long and very hot)
• remove trees within 30 feet from your property
• seal up "holes" near the ground or fascia/soffits to prevent critter entry
• change batteries in smoke and CO detectors (replace if 10 years old)
• clean dryer and HVAC ducts
• clean chimneys
• power wash and stain any sun baked/weather damaged exterior siding and decks
• have heating system serviced
• check crawl spaces for moisture, open vents if they were closed for winter

For condos and townhomes:

• Make sure HOA manager is aware of any exterior deficiencies, water in crawl spaces, hazards in common areas, etc
• change batteries in smoke and CO detectors along with any smart home devices
• clean carpets especially if property is used as a rental
• check for leaks in faucets, toilets, dishwasher hoses, washing machines which can become your liability if it affects an adjoining unit

Lastly, if you own property anywhere in Grand County and want more opinions of the frenzied market longevity, true market value, 1031 questions, tax valuations (be ready...your new ones will arrive in May), please call or email us. We have been seeing a lot of mailings, advertisements and solicitations from folks claiming to be "experts" in our real estate market that have very little time or experience here or are claiming to "have that perfect buyer." Keep in mind that we all have that buyer in a Sellers' market. Be wary of the gimmicks and courters by asking questions, checking referrals, etc.