80121 Home Prices & Values (per Zillow) – And my insight into their predictions…
September 27, 2017
Zillow indicates that the median home value in our 80121 zip code is $433,700 – up 7.3% over last year. Zillow also predicts that values will rise 3.4% within the next year and that the marketing in 80121 is neutral, meaning that it favors neither buyers nor sellers.
Being that I live and work directly in the 80121 market, I feel that the predicted growth rate of 3.4% for 80121 over the next year is quite conservative. While the double digit appreciation we have seen in past years is not sustainable, I do believe there is still some positive appreciation ahead. I would also say that the market still favors sellers in many cases, but it certainly depends on the particular niche of the market being discussed. At higher pricepoints (say, $750k and above) in 80121, the market dynamic shifts and is more in favor of buyers, but in the realm at or below the median, the continued lack of inventory results in sellers having a bit more leverage.
However, I have noticed instances in recent months where sellers have become a bit overzealous in their pricing decisions, which leads to their homes being on market much longer than the average. As such, properly pricing a home when going on market is as, or more, important now than it has been over the past few years. A solid pricing strategy combined with effective marketing techniques are the recipe for a quick sale yielding the greatest price…give me a shout if you have questions or would like more info.