Have you recently thought about selling your home but wondered if NOW would be a good time?
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I'm here to tell you that NOW could be the perfect time to sell your home if you live in the Denver metro area and here's why:
- We are currently experiencing an all time low in inventory of homes for sale - there is currenty around 6,000 homes for sale in the area. During a blanced market, the Denver area has around 20,000 homes listed for sale and during the down market, there were around 30,000 homes listed for sale.
- There are A LOT of buyers currently looking for homes. Interest rates continue to be at historically low levels, making home ownership a reality and more affordable.
- Prices of homes are up - We have seen around a 12% increase in prices in most areas within the last year.
- It's a sellers market! Homes are selling fast and for top dollar. Many neighborhoods in certain price ranges are seeing homes go under contract with in hours to a day of going on the market. Homes are receiving several offers meaning the home is going under contrat at or well above the listing price!
I can't sell because I'm still underwater on my mortgage!
This is a very real and valid concern for many home owners after the housing bubble burst. You saw your homes' value decrease so much that you owed more on your mortgage than your home was worth. Well, Cheer up! There is a good chance that you are no longer underwater, YAY! In fact, there is a good chance that you have more equity in your home than you think! WOW!
So, I'm not underwater and I want to sell, but will I be able to find a new home to buy?
This is a great question and you are not the first person to ask. This is partly why inventory of homes for sale is so low right now, people can't or are afraid they won't be able to find a replacement home. Well you could sell and move back in with your parents right? OK, OK that's a bad idea.
So, to avoid moving in with family, make the sale of your home contingent on finding a suitable replacement home. This means if you place your home for sale, receive and accept a contract to sell but are not able to find a replacement home the sale doesn't take place and you stay in your home. This might not make the buyers happy, but it protects you from having no place to live if you sell your home.
It may not be the right time to sell.
It is not always the best thing or even the right time for everyone to sell, but if you are still thinking about it, please contact me or your FAVORITE real estate professional (me) to discus your personal situation and together we can decide if selling is right for you!
Click to visit my website and sign up to receive a free market analysis of your home here
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