The home at 642 Larkbunting Dr. is a great barometer of Fort Collins local real estate market. The sale of this home from last month (Oct 2019) gives us a great example of today’s real estate market compared to our market back in 2016 (It’s previous sale date was 6/16/2016).
On 6/16/2016 the property at 642 Larkbunting Dr.
Sold for $330,000 (List Price of 299,000)
With 13 different offers competing for the home.
The buyers purchased the property in “As-Is” condition and guaranteed the appraised value by agreeing to bring extra $ to closing if necessary to satisfy any discrepancy between sold price and appraised value. These were typical strategies buyers would use to beat out other competing offers at that time.
In September of 2019 the same home hit the market and sold on 10/16/2019:
With updates made by the current owners (New Wood Flooring, Carpet, Kitchen Counters and Interior Painting) as well as an agreement to replace the furnace based upon buyer’s inspections.
Only one offer on the home this time but it did go under contract in just 4 days!
Sold for $375,000 (List Price of $375,000)
What all this shows us is that we’re still in a market that favors sellers but the supply and demand is starting to shift towards a little more balance. With less competition now buyers are often able to secure a property without having to waive inspection and appraisal provisions.
There can be great opportunities for both buyers and sellers when a market starts to shift. If you would like to know more about how to position yourself to take advantage of that feel free to reach out. I’m always happy to share.
Listed by 8z Real Estate