RE/MAX Alliance agent John DeWitt answers questions regarding the current real estate market and what’s happening specifically in the Greeley area. John has been a Greeley resident since 1994 and is active in the local community. He has served as Chairman of Upstate Colorado Economic Development since 2008, served two terms as President of the Greeley Area Realtor Association and one term as Vice President of the North East District for the Colorado Association of Realtors. He currently coaches baseball, football and is the keyboardist for the band Lil Dreamer.
What are today’s consumers most concerned with when it comes to buying and selling real estate? Today’s consumers want to make sure that they are making a smart purchase. It’s not always all about the money. Instead it’s what a buyer can get for that money.
What are some positive signs in the Greeley real estate market? Very affordable housing when compared to the rest of the Front Range. Some neighborhoods have actually increased in value although ever so slightly. The current average price for homes in Greeley is about $135,000.
What are the current market trends in Greeley? The lower end is doing exceptionally well. For the most part, if a home is priced right, looking good and under $175,000, the home has a great chance of selling in this market.
Where are Greeley homebuyers coming from? We see buyers from all over due to affordability. About 30% of Greeley/Evans homeowners wake up in Greeley but work out of town. We’ve seen a boost with investor purchases as well since prices are so low and single-family vacancies are around 7-8%.
Why is now a great time to buy a home? Right now is a great time to buy simply because of the low prices and favorable interest rates. It’s still possible to purchase a home with 3.5% down with an interest rate under 5%. Affordable housing + low rates = great value for the buyer.
What do you think is a realistic outcome for 2011? I believe we will see foreclosures continue to decline, as the banks are willing to do loan modifications and short sales. The average sales price will remain stable and our total sales in Greeley/Evans will be comparable to 2010. As more jobs are added to the Greeley/Evans area, sales will rise, but not until early 2012.
"Our housing market recovery will be slow but steady as the job growth outlook for Weld and Larimer County is looking great for 2011-2012," said John. "Oil and gas exploration, as well as alternative energy, in Weld County is booming while NASA is considering moving into Larimer County. Those two projects alone could add 15,000+ well paying jobs over the next few years, which will impact our housing market in a positive way. Nationally, we need to keep our eye on DC politics as the mortgage interest tax deduction is under fire and there is great pressure on Fannie Mae and Freddie Mac to restructure or possibly privatize. Either way, taking value away from homeowners or making financing more difficult will slow down the recovery in Northern Colorado."
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