Located in the coveted Rinn Valley Ranch neighborhood, this beautiful home on .63 well landscaped acres has so many features to love. The house has been beautifully cared for and features gleaning hardwood floors a bright and welcoming kitchen with quartz countertops, a modern backsplash and newer stainless steel appliances (including an induction air fryer oven), newer HVAC units and roof and a spacious main floor primary bedroom. Upstairs you will find two bedrooms plus a large home office which can be easily converted to a conforming bedroom. The full unfinished basement is garden level and is ready for you to make it your own. You’ll love the yard, it features a raised deck, a huge patio, a charming front porch, a storage shed, a place to park your RV, a garden and dozens of mature trees. The huge garage has room for all of your tools and toys. The neighborhood is surrounded by a 2-mile walking path and has a large central park. Easy access to Longmont or I-25.
Here are the latest real estate statistics for Boulder County.
We have seen a shift in the market. A few key factors that affect the real estate market have shown a change for the worse in the last few months. Interest rates have nearly doubled in the last six months and prices have risen 20% over the past year. These, taken together have reduced affordability dramatically. The stock market has decreased by over 20% this year and inflation has made everything else more expensive as well. All of these taken together have caused the shift. We are now seeing inventory rise, more price reductions, fewer houses go under contract and fewer showings. During June sales were down 25% from a year ago. Year-to-date sales are down 15.7%. During June 55% of the sales closed at a price above the list price, this is down from 70% in May and 76% in April. The average premium paid for those houses that closed above list was 6.3%, down from 9.6% in May and 11.2% in April. The average sales price in June was 2.6% above the list price. In May the average was 6.2% and in April it was 8.3%.
Affordability is a huge deal! Let’s take for example a home that sold for $500,000 last fall. After a 20% downpayment, the buyer would have a principal and interest payment of $1,701. Fast forward to June when that same house is selling for $550,000 (if you’re lucky) and the interest rates have jumped from just over 3% to just under 6%. The P & I payment on that same house is now $2,602. That is a $900 increase or 52%.
I’m seeing a steady stream of sellers who wished their timing wasn’t quite so bad. Take a look at the full presentation below for all of the details including a spike in price reductions and a reduction in contract activity.
You will love this house! This beautiful home features a large and open floor plan with five bedrooms plus a main floor study. You’ll love spending time in the basement! It has an upscale bath, a custom wet bar, a cool 6 ft wide fireplace, two bedrooms and a large rec-room. The spacious main floor features hardwood flooring, an upgraded kitchen and vaulted ceilings. Upstairs there are three bedrooms including the huge primary bedroom that features a fireplace and a balcony. The yard is beautiful and include three covered patios and a shed. This is a really a nice home in a great neighborhood!
The May sales numbers look strong, but it seems that the market is softening. Over the past few weeks I’ve seen an imbalance in the number of new listings (a lot) and the number of contracts accepted (not so many). This is the opposite of what we have been experiencing most of the year. The result is that more homes are staying on the market longer, fewer are getting multiple offers and therefore the pressure on prices is lessening. The number of showings per listing is also decreasing. During May 70% of the sales closed for above the list price and the average price of those homes was 9.62%. 17% (76) of homes sold in May sold for more than 15% over the list price.
See the full picture in the slides below.
Signs of a softening market?
A strong supply of new listings.
And at the same time, there are fewer properties going under contract.
And more price reductions.
The number of properties that are not already on the market is increasing.
This is a great opportunity for a buyer who is looking for a house in a really special location and is ready to make their mark with updating. This four bedroom home on a quiet cul-de-sac has great bones and has a comfortable traditional layout. Live in it as is, or open it up and modernize it. The recent sales in the neighborhood support a large remodel. Lots of privacy, backs directly to treed open space, with the LOBO trail and a huge park beyond the trees. HOA pool and tennis courts nearby.
