In past posts, I’ve shared advice about the market and if it’s the right time to buy a home, as well as who is buying homes right now in the Denver metro area. Timing the purchase of a home, based on market performance and sales data can influence the price of a home and how much sellers are willing to negotiate; if at all. On the other side of things, it’s important to sell at the right time as well. Some real estate professionals will cite certain months of the year or seasons as a good or bad time to sell or buy a home. For example, with holiday season happening the last couple months of the year, things slow down. Like any investment, timing is extremely important when it comes to both buying and selling. Selling a home at a good time impacts time on the market, how much buyers are willing to negotiate and the price of a home as well. However, there are so many factors when it comes to timing the selling of a home. How easy it would be if we could just point to a certain month to sell a home, then we could all do that. It doesn’t always work like that though. Below are a few points to consider to understand if now is a good time to sell your home:
1. In a hot market, any time is a good time
Overall, this is THE most important point to consider. In a hot market, it will always be a good time to sell or buy a home. One easy definition of a hot market is the low amount of inventory compared to the high amount of active buyers in the market. Denver has had a high amount of buyers and low inventory of homes for a few years now and that is why prices remain in a state of steady increase. Colorado home buyers are actively looking for homes of all kinds right now including condos, townhomes, single family and more. While factors like location, features, and condition vary, the average right now for homes on the market is about 40 days before going under contract. This is beneficial to sellers who are looking for a great sell price and a reasonably quick-moving transaction. Of course, 40 days is a big difference in comparison to a couple of years ago when homes may have been on the market for literally one day before receiving an offer.
2. Are you ready to move?
Knowing that the average home in Denver stays on the market about 40 days before going under contract, you should ask yourself if you’re really ready to sell. This includes knowing if your next home is ready to be lived in or if you still need to shop for it. This process can also involve realistic timelines and contingencies with your buyers if needed. If you put your home on the market assuming you can stay in it for an additional month or two while you shop for another home, it may not work out that way. If you need more time to be in your home, it may not be the right time for you. However, with the holiday season approaching the market may slow down a bit as it typically does.
3. Is it best for your family?
On a more personal note, selling a home also includes factors like your family and your goals. For example, if your last child just moved out to go to college and you and your spouse want to downgrade to a condo before the holidays then now is the right time to sell your home. Or if you received a job offer and you need to be in person before the Spring, then now is the right time to sell your home. On the other side, if you have a child who has another 6 months of high school left then you may be a bit early to sell. Market data and logistics are not always the most important factor when trying to decide if now is the right time to sell your home. Consult with your real estate agent to decide what may be best for you.
How do you know if you’re ready to sell? Are you in the market to buy or sell your home? Call and text me at (720) 323-4176 or email me at [email protected]
