How to Upgrade in Boulder’s Hot Real Estate Market
For father-daughter duo Jim and Michelle Bodin, Boulder real estate runs in the family. The Bodins have been mainstays of the community since moving to the area in the 1960s. In that time they’ve seen Boulder grow rapidly into the competitive real estate market it is today.
“There are a lot of people here who could live anywhere in the world,” says Michelle, broker associate with LIV Sotheby’s International Realty, “But they choose to live in Boulder. Whether it’s for the area’s lifestyle, natural beauty, or ideal location, this desire to call Boulder ‘home’ means we’ve traditionally had a very strong market.”
One aspect of the home-buying process that the Bodins often advise on comes when residents are looking to upgrade into a larger, more expensive Boulder home—a challenge in such a fast-paced market.
“This scenario is one of the biggest dilemmas that I’ve helped clients navigate in my career,” says Jim, broker associate with LIV Sotheby’s International Realty. But, according to the Bodins, there are a few ways that homeowners can try to make the purchasing and selling process a little smoother.
1. Make Purchase Offers Nonconditional
One strategy to mastering this tricky timing is traditionally to make purchase offers conditional on the sale of the present home, but this often isn’t an option in Boulder. Instead, make offers nonconditional, proceed with the home purchase, and then work towards a close date further into the future to give time for the present home’s sale. Once the home is listed for a good price, the Bodins note that it’s highly likely to get snapped up quickly, especially if it’s listed for under one million.
2. The Renting Route
If selling takes longer than expected, homeowners can rent out their present home on a month-to-month basis while continuing to try to sell. In this case, homeowners would need to work with a lender to determine their staying power and what financial steps are needed to make this doable.
3. Scope Out Executive Rentals
While perhaps the least desirable option from a convenience standpoint, selling the present home and moving into an executive rental during the transition time needed to buy does present the least risky option.
The Bodins have generations of trusted Boulder real estate knowledge, commitment, and experience to share for anyone wanting to explore homeownership in and around the city that they love.