Five Reasons Not To Wait For Summer To Sell Your Home

Dated: 04/04/2014

Views: 1206

1.   Demand Is High Homes are selling at a pace not seen since 2007. There are buyers out there right now and they are serious about purchasing. You need only one word to describe the Denver real estate market: hot. The latest figures released by Denver Metrolist, a company that tracks real estate statistics in the Mile High City, detail a market that remains sizzling. The average price of a single family attached home sold in February is $211,201, which is up 20 percent compared with February of the previous year.  

2.  
Supply Is Low
The monthly supply of houses for sale is at its lowest point, 2.1 months for detached homes and 1.6 months for attached homes, allowing homeowners to sell their homes quickly.  Fifty seven is the average number of days a home spent on the market in February 2014, a 29 percent decrease when compared with February of the previous year. For detached single-family homes, the number dips to just forty seven days on the market. “The 2014 selling season looks to be another competitive one for home buyers in the Denver Metro area,” said Kirby Slunaker, CEO and president of Metrolist. “We continue to maintain a supply of just 11 weeks, and while prices are stable now, we expect them to increase as buyers become more active in the spring and summer.    

3.  
New Construction Is Coming Back
As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative to many purchasers. Builders increased their single family home starts in 2013 by over 24% from the previous year. The Home Builders Association of Metro Denver said 1,078 permits were issued in January and February, up from 996 during the same months of 2013. The report covers permits issued in Adams, Arapahoe, Boulder, Broomfield, Douglas, Elbert and Jefferson counties, and in the municipalities in those areas. The permits, which represent future construction, reveal builders have more interest in single-family homes than in other types of housing. The association said 215 permits were issued for townhomes in January and February, compared to 177 a year earlier.  
4.   Interest Rates Are Projected to Inch Up Mortgage rates increased approximately 100 basis points in 2013 and are likely to rise in 2014. Federal Reserve has considered tapering its bond-buying activity as the economy improves, which could lead to a slight increase in interest rates. Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.  
5.   Timeliness will be shorter There are fewer transactions this time of year. That means that timetables on each component of the home buying process will be friendlier for those involved in transactions over the next 90 days. A good agent will help you set a fair and competitive selling price for your home that will increase your odds of a quick sale. An agent can also help take some of the high emotion out of the process by interacting directly with potential buyers so you don't have to, and eliminating tire kickers who only want to look at your property but have no intention of putting in an offer.  

Denver Co Real Estate- Luba Jeltov Realtor
I specialize in Denver Colorado and surrounding communities of metro Denver area. If you are selling your home I will make sure you get TOP dollar. If you are looking to purchase a home I will make sure that you get the best deal possible. Please contact me directly via phone or text at 303-817-6818.

Luba Jeltov
Associate Broker
Exit Realty Chery Creek
Direct: 303-817-6818
Email: luba@exitrealtycherrycreek.com
www.lubasellsdenver.com
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Sheryll White

As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....

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