Buying and selling tips in a fast-paced market + stats
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The Denver real estate market remains competitive. Still, it’s not a bad time to buy a house. Mortgage rates are low, home values continue to rise and, in many situations, buying is still more affordable than renting.
Market highlights*
Active listings are down 62% year-over-year, i.e. there’s a low amount of standing inventory because homes sell quickly.
On average, homes are on the market for 13 days.
Average closing price for detached single family homes: $699,039
Average closing price for attached single family homes: $444,252
Average closing price for all single family homes: $623,825
Buying tips
Prices keep going up. Thinking you will jump in when prices drop is not a strategy we recommend. The home that closed for $541,924 last December closed in April for $623,825. That’s nearly an $82,000 increase in four months. The message is, if you can swing it, buy now.
5 tips to help you land a home in this market
Get preapproved. A seller will feel more confident in your offer.
Be flexible. Help a seller say yes to your offer by waiving a contingency or being flexible on your closing date.
Make a strong earnest money deposit. A larger amount may make your offer stand out and be taken more seriously than others.
Be prepared to bid more than the asking price. Look in a price range that gives you room to bid over-ask.
Be patient. Stay alert to what’s going on, knowing it may take a while to find the home you want, and then you need to move quickly.
5 selling tips
Even though the market is hot and most homes move quickly, to get top dollar, get your home and property looking sharp and ready for a buyer.
De-clutter. Clean out those closets, clear the countertops, and box up the personal items. Give your buyers the chance to imagine THEIR things in your home.
Clean the yard. First impressions are key. You want the potential buyer to pull up to the curb, look at your home and property, and like what they see.
Disclose issues upfront. If you know there’s something about the home that could be problematic, disclose it upfront. Don’t wait for the inspection to discover something and the deal possibly blow up. Aim for no surprises.
Stage your home. We recommend staging for the same reasons we ask sellers to de-clutter. Professional staging helps would-be buyers imagine living in your home.
Flex space is golden. Highlight any flex space in your home to help potential buyers know they could work remotely, give kids a study area, or practice yoga at home.
Ready to buy? Or list your home?
Give us a call. We’re here to make the process as seamless as possible, and get the outcome you’re after.
*Market highlights reflect April stats as reported by the Denver Metro Association of Realtors in May 2021.