Salida Colorado Frequently asked Seller Questions: When is a good time to sell my home?
The most common question I hear from people who are thinking about selling is this one. Before I answer it, I will provide a bit of background for our area.
For the past 4+ years, we have been in a declining market with respect to price. Time on market has been longer, prices lower and there have been fewer buyers.
Last year, Salida Colorado property prices (Chaffee county in general) decreased by about 35% (according to narrpr.com). In addition, the ability to borrow money has become a bit easier (ssss). Whether or not we have actually reached the bottom of the price downswing, buyers are back in full force.
Since about November, 2011, homes have been selling. Many of our buyers are from out of town/state and claim that they have waited for this price adjustment to happen. Consequently, our in-town inventory of homes for sale is quite low. We are beginning to see multiple offers and some over list price for the homes that are priced well. This upsurge in buying is having an effect on prices. Prices have not yet started to go up but have not continued to decline.
So...the answer to your question about when to sell is ... it depends.
This post will address three major considerations in the timing of selling your home
1. Selling so you can buy something else
2. Time of year and seasonal rhythms in Colorado
3. Selling and not replacing it with another home.
Selling and Buying another Home
If you are selling your home to buy something else, our answer is yes. This is an excellent time to sell. Home prices are relatively low in our area, whether you are buying or selling. If you are staying in the area, you will be low on the sell but then low on the buy. For you, it does not really matter when you sell because, again, the selling price is in direct correlation with the buying price. The good new it is your call.
Time of year and seasonal rhythms in Colorado
Our local market picks up beginning January 1 normally (people get restless after the winter holidays) and continues to grow with a big upsurge in March/April. The market then levels out when school is out and folks takes vacations, picking up again in September. By November, we are pretty slow and stay that way through the holidays.
How does that effect you? There is definitely more activity in the spring and then September around here. However, buyers who are looking in the winter are absolutely serious... there are just fewer of them. If you have the luxury of waiting, Starting a listing in January/February would work.
Right now, because the inventory is so low in town for Salida, it is a very good time to sell if you are priced right. We have a list of buyers with very little to choose from.
Selling and not replacing it with another home.
If you are not in a hurry to sell and can afford to keep your place a bit longer, prices will start to increase... maybe in 2012. Many are predicting that this is the bottom of the market. We don't know how long it will take to recover but hopefully it will do so in a more steady manner than before when we saw huge upswings in prices...inflating values. Some folks are moving on and renting their home.. property management (we can help here as well) is seeing more folks who are not permanent landlords but are just waiting out the price slump.
Others are sprucing their place up and renting it out as a vacation rental.. quite popular here (ask us about this option).
Bottom line, sit tight and see what happens with the home prices if you are either under water (owe more than your house is currently worth) or want to recover some of your equity. It could happen in a year or 5 years but if you are not in a hurry, you have the luxury of waiting.
If you are wondering about values and are not ready to call for help, try our Market report...free monthly reports with graphs on real estate prices in our area...you can adjust the zip code for other areas close to Salida.
If you want to get a feel for what homes are selling for you can try this link:
Salida Colorado Homes for sale
If you want other areas around here, click this link
All areas around Salida Colorado
Salida Colorado Frequently asked Questions: Is it a good time to sell?
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