We have a market update for you!
Steve Prescott is the owner and managing broker at our agency, RE/MAX Capitol Properties. He has been hearing many different things in the marketplace and wanted to provide folks with insights about the real estate market.
To do this, he looked at Jan-May of 2020 and compared it to the same months in 2021. Right now, the number of sales is 11.6% up. This is 833 units, in other words, houses and properties. Interestingly, with this increase of only 11%, the homes and properties sold are going for higher prices by 25%. Total volume is up by $55,000,000. Yes, million! It is incredible! What this tells us is we are experiencing a seller’s market. We can attribute this to the combination of a housing shortage and the increasing demand for folks coming to the area. What does this mean for existing homeowners in the area that haven’t yet leaped selling their home? It means that your property value likely went up. On average, it has gone up from 2020 by 12%, around $36,000, in one year, nearly $100 a day!
There is a limited inventory right now for buyers, which can cause some challenges when looking to buy a home in Laramie County and Wyoming. To be competitive, we recommend getting prequalified and come with cash if you are able. Sellers are considering a volume of offers, so whatever you can do to set yourself apart, the better. We have had buyers write personal letters to sellers that is incorporated into their offer, and this one thoughtful effort allowed them to be selected out of a large pool of buyers. We recommend thinking outside of the box, in addition to taking the necessary steps with your lender to be ready to buy.
Want to learn more? Give us a call at RE/MAX Capitol Properties, and we will connect you with a licensed professional to begin your journey. Give us a call at (307) 635-0303.