According to the National Association of Realtors....
Three weeks. 21 days.
Just five years ago the median number of days on market was 77 days, or 11 weeks. We are experiencing a low supply of housing in Kremmling which has pushed home prices up and created situations of multiple offers.
"The inventory shortage and the growing economy and job creation has increased the interest in homebuying," said Lawrence Yun, chief economist for NAR. "There is just not enough inventory; people need to fight over the few homes available on the market. Historically, roughly 1.2 million new homes hit the market every year, he said, and so far this year, only 800,000 have been built. "It's been below that in prior years, and in the past decade greatly lower than that. Today's shortage is largely explained by a decade of underproduction."
And so you ask; what should I do if I want to buy a house?
1. If you are a buyer it is absolutely critical that you are at least pre-qualified for a loan and if you can get pre-approved that is even better. Sellers will only consider serious buyers and if you haven't even taken the time to visit with a lender they will move on to another buyer in a heartbeat.
2. Be prepared to act FAST! Gone are the days where you can go home and "talk it over". I hate this for my buyers because am I a very low pressure Realtor, but it is a fact. I would rather you know the market conditions we are dealing with than lose a house that is going to work for you.
3. You might pay over full price.... I know, I don't like it either, but it is a sellers market and they call the shots. Real estate is a long term investment and chances are you will build equity over time and not be upside-down when you go to sell.
4. Make sure you have a trustworthy and experienced Realtor in your court. Call me today. I know the Kremmling market and this area. It would be my pleasure and honor to help you find your next (or first) home in the Kremmling area.