Days on Market – Real Estate Time to Sold – Fort Collins, Windsor, Loveland, Wellington
Days on Market vs. Days to Offer
A bit of backwards math is required here, and some assumptions might be made as well, to help us better understand this metric. In general, and it’s very important to understand that situations can and do vary, but in general, one can subtract 30 days from the total days on market to calculate how long it took for an offer to be procured and accepted on a given property.
In the case of Fort Collins, with this data, if we subtract 30 days from the median days on market time, we have 17 days remaining. So, for many of these home sellers, they waited only 17 days before they received an offer they accepted.
The 30 days time that we subtracted is about the time for the due diligence period—the time given to the buyer by the seller to do an inspection, secure funding, have the property insured and appraised, and anything else that they laid out as part of the terms of the accepted offer.
If 17 days doesn’t sound like a lot, that’s because it isn’t.
Property is currently moving fast in this market.
Median Days on Market
- Fort Collins – 47
- Loveland – 46
- Windsor – 64
- Wellington – 50
In the good ol’ days of American real estate, agents would often coach sellers to expect a six month process. Before the crazy times of the somewhat frenzied market we see in Northern Colorado, it was reasonable to expect it to take some time for such a big ticket item to sell.
Now, the expectations have changed, and frankly, it can be a bit stressful.
A home purchase, for the buyer, is such a big decision. Assuming that they’ll live there for three to seven years or more, it would be nice to have some time to ponder, and numerous properties to choose from. Well, that isn’t always a luxury that buyers can afford nowadays. If they see a property they like, they may feel the need to pull the trigger rather quickly. And I can’t blame them. Just look at those numbers. Properties are moving fast, the area is growing quickly and if you love a property, there is a pretty good chance that someone else will love it, too.
I can’t stress enough the importance of a Realtor® (like me) that cares more about the property being the proper fit instead of one that really just wants you to say “Yes” as fast as possible. In this fast paced market, someone who cares about you can be the difference between finding the right fit, and panicking into making a rash decision that you have to live with for years, or more.