As a homeowner, selling your home is not always the easiest thing to do. You have to get your home ready for that big, shiny sign out front, while navigating your next move. Then of course, there is that looming question that every seller will face: “When’s the best time to put my home on the market?” The bad news is, there’s no perfect formula for when to put your home on the market because real estate markets are always changing. The good news is, professional real estate agents, like Chris and Melissa, know how to navigate this ever-changing market and will guide you smoothly through the transaction to help you determine when the best time is to put your home on the market. Having said that, there really is no better time than the present, especially if you’re wanting and needing to get your home sold. There are many advantages when it comes to selling your home before Spring. But in February? You might ask. Yes, February. Let us walk you through some reasons why.
Demand is High
First, buyer demand is high. In fact, it’s higher than ever before. Believe it or not, according to the Denver Metro Association of Realtors, more homes sold in 2021 in the Denver area than any previous year. That’s right, last year was historic and buyer demand was at an all-time high. This could be due to low mortgage rates, or maybe just stir-craziness this season has some of us in and we’re just ready for a change in scenery. Whatever the case, buyers are out looking to make a purchase and your home could be next.
More Eyes on Your Home
Putting your home on the market before the so-called “prime seasons” translates to more eyes on your home. Now, if we’re being honest, Spring and Summer are the prime seasons for selling and oftentimes homeowners will wait until those seasons to put their homes on the market. We see this reflected in the market trends reported monthly by the Denver Metro Association of Realtors. Historically the Denver metro real estate market, and really most real estate markets across the country for that matter, we will begin to see an increase in inventory as the weather warms up. But, what does that mean for you as a potential seller? Well, plainly said it means more competition. More homes on the market means buyers have more options to choose from. Suddenly you’re faced with the possibility of having to more aggressively price your home or your home may even end up sitting on the market for longer because it got lost in the shuffle.
Let’s look at this year so far. Statistics show there were fewer than 1,500 homes active on the market at the beginning of 2022. That’s 10,000 fewer homes on the market than normal for this time of year. But, while inventory is low now, the story could quickly change within just a month. Looking at the numbers, from February to March of last year, the Denver metro real estate market saw a jump of nearly one thousand homes entering the market month over month.
In short, there’s no need to wait for the “prime” season to sell. With low inventory coupled with the high demand of buyers, you’re pretty much guaranteed to make a quick sale and for a great price. In listing your home now, you’re taking advantage of a historically low inventory trend in our area. That means less competition to worry about, a quick sale, and fewer “window shoppers” making their way through your home.
Fewer Window Shoppers
Window shopping is a lot of fun when walking through your favorite shopping area, but it’s not so fun when your home becomes the target of so-called window shoppers. Unfortunately, homes on the market in Spring and Summer will see an influx of these curious, but not serious, viewers. Mostly because it’s nice outside and some people just can’t resist making a turn to visit the nearest open house on their way home. Looking at homes is exciting, but serious buyers will make an effort to see your home regardless of the season, or temperature outside for that matter. Cold or not, they’re out looking and you can pretty much guarantee that they mean business.
Rates Will Rise
We can’t talk about serious buyers without talking about these historically low mortgage rates that are keeping a lot of buyers in this market. Rates are a huge motivator for even on-the-fence buyers to get in the game. You may be wondering why a seller would need to keep an eye on interest rates. Well, it’s because it’s in your best interest (see what we did there). But seriously, lower interest rates mean more purchasing power for buyers, which translates into more home sales.
Interest rates throughout the last year have hovered in the 2 to 3% range for a 30-year fixed rate loan. That’s great news for now, but according to the Mortgage Bankers Association rates are expected to hit close to 4% by the end of this year and if those rates go up we will see fewer buyers looking to make a purchase.
More Money in Your Pocket
Now let’s get to the really exciting stuff. Yes we’re talking about money. We’ve all heard the phrase, “time is money” before right? Well that statement is especially true when it comes to real estate. Take for example the average sales price of homes in our area last year. A home that would have sold a year ago for $600,000 would now be selling for close to $700,000, an almost $100,000 increase. Now is a great time to sell while prices are up. It means more money in your pockets at the closing table and who wouldn’t want that?
Husband/Wife Team on Your Side
Finally, selling now means you get Chris and Melissa Lombardo on your side. Of course, they’ll help you any time of year to buy or sell a home, but why wait until the busy seasons when you could get started now. Jump into this hot market and make a move with a dedicated, experienced and professional team on your side ready to help you navigate every part of your real estate transaction. From the beginning to the end of each deal there are hundreds, if not thousands, of small details that go into every sale and their team will take you smoothly from putting that shiny “For Sale” sign in your yard to slapping on that “SOLD” sign and heading to the closing table. So call today to get a consultation with the team and get ready to take this Denver market on with a great team alongside you.
Sell Your House or Find Your Dream Home with Chris and Melissa. Call Chris and Melissa Lombardo at (303) 917-1055 to have them help you with your real estate needs!