Is now the time to sell your home in Colorado?
With demand still strong and interest rates remaining low, this seller’s market is here to stay through the fall. However, this doesn’t mean sellers should price their homes without first doing some research.
Sellers should price their home to reflect nearby comparative home sales. By doing this, you have a better chance at multiple competitive offers, rather than your home sitting active on the MLS for days or weeks because you listed too high. By enlisting the expertise of a real estate agent you can trust, the process of choosing a list price can feel much less stressful.
Denver’s Housing Market
Supply and Demand: In July, there were 3 weeks worth of housing inventory available, a 50% increase from the 2 weeks we saw in June.
Median days on the market: In July, houses spent an average of 5 days, a 25% increase over June when they averaged 4 days on the market.
New homes on the market: In July, there were 6,904 new homes on the market, a 8% decrease from the 7,533 new homes we saw in June.
Homes sold: In July, 5,880 homes sold, an decrease of 7% over June’s 6,343 homes sold.
While new listings decreased in July, Denver saw a slight increase in inventory overall. Median days on the market also increased slightly, giving hopeful buyers some relief with more homes to choose from. Competitively priced homes sold for 3.3% over list price on average in July. As we move into the fall months, listings that are not priced correctly are likely to stay on the market longer and see fewer offers. Now, more than ever it’s important to price your home competitively as a seller.
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Home values are going to continue to increase, and it’s unlikely interest rates will get much lower in the near future. With that, seasonal changes are also affecting home sales. While bidding wars are not a thing of the past quite yet, some active listings are receiving fewer offers, or staying on the market longer due to their list price.
Now, more than ever, an agent can help you find the best price for your home.
Get a free home valuation today!
Our Pricing Agents have accurately priced thousands of homes. They will use their expertise to develop a customized pricing strategy to meet your timeline and needs.