5 Reasons Why You Should Not Wait to Sell Your House, Golden, CO, Denver
Fall is certainly in the air in metro Denver. As the seasons and colors begin to change and prepare for winter many homeowners looking to sell their homes do the same. Every fall an astonishing number of sellers pull their homes from the market with the intent to relist in the spring, after the holiday season has passed. Most sellers do this thinking it is a strong strategy to get their home sold when in fact they could be hindering their chances of selling.
5 Reasons Why You Should Not Wait to Sell Your House:
1) New Home Construction is on the Rise.
As the market becomes more stable, builders of new homes and communities are again taking on more and more new build projects. More new build permits have been granted in 2014 than ever before. New build homes present a unique competition with resale homes since they can usually be customized to the buyer’s liking and have the “shiny and new” effect on home buyers.
2) You Are Less Likely to Get Lost in the Hustle and Bustle.
The fall and winter are not considered peak seasons for the real estate industry. That being said, real estate agents, lenders, title companies, inspectors, contractors and many other vendors are not nearly as busy this time of year as they are in the summer months. Since they aren’t handling as much volume, these type of businesses will be able to fit you into their schedules sooner and can pay your transaction the close attention that it and you deserve.
3) Interest Rates are Anticipated to Rise.
Whether you are looking to downsize or to purchase your dream home if you need a loan to fund your purchase keep an eye on interest rates as they will be higher one year from now. Interest rates in the summer and fall of 2015 are projected to be right around 4.5%.
4) Demand from Buyers is Still Very High.
Although local media has reported the Metro Denver market to be “slowing down,” this only includes the amount of active and sold properties as factors. The absorption rate for this market (the amount of buyers vs. the amount of homes for sale) has hardly changed as we have moved from summer to fall. Traditionally we have seen the number of active listings decrease significantly this time of year as many sellers pull their homes form the market and relist in the spring. This further lowers the supply of homes for sale and increases the chances of selling the few homes that remain on the market during this time of year.
5) Supply of Homes for Sale Remains at a Record Low.
In a balanced market there is at least 6 months of inventory readily available. Meaning if no more homes were placed on the market beginning today, it would take 6 months for the homes already listed to sell. In today’s market there is only 1.7 months of inventory for single family detached homes and only 1.0 months of inventory for attached homes (condos and townhomes).