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Denver’s red hot housing market continues to generate record sale prices.
A new report from OJO Labs lists Denver as the second most competitive housing market out of the nation’s 50 largest metro areas. Denver saw seven in 10 homes sell for above list price in April, second only to the San Francisco Bay area.
But is now the best time to put your house on the market?
Denver metro real estate experts offer a qualified yes.
Now’s a great time to sell if you have a reason to sell and if you have an excellent option to buy a replacement home.
Take advantage of record-high prices
Alan Smith, broker-owner and one of three partners at RE/MAX Professionals, says if sellers are ready to move, it’s a good time to put your house on the market.
“Some sellers might fear they missed the boat, but we haven’t seen the full appreciation wave,” he says. “Who can predict how long it will go? It’s already gone on longer than any of thought it would go.”
Stacie Staub, West+Main founder and CEO, recommends working with your real estate agent to make the most of your home sale. “You undoubtedly have equity, but the presentation, pricing, timing, and market exposure handled by a pro will help you maximize your sale’s potential.”
Future slowdown?
Despite its longevity, Denver’s record-setting market won’t last forever.
Kevin Kudrna, Denver area market manager for Redfin, says he’s starting to see some signs of a slowdown.
“We are already seeing some listings that previously would have gone under contract with multiple offers in the first weekend make it through the weekend with zero offers,” Kudrna says.
So, if sellers can put their homes on the market, he recommends moving quickly.
“With rates rising, we’re seeing signs that the market is starting to cool down,” he says. “If you’re planning to sell this year, you might want to consider accelerating your plans to take advantage of the current conditions before rates rise further.”
Common courtesy
Metro area real estate experts know the market has been frustrating for potential buyers over the past few months. Many buyers have submitted up to a dozen offers without success.
Consequently, real estate agents urge sellers to be kind and courteous.
Most recommend putting a house on the market on Thursday, then waiting until Monday to decide which offer to accept.
“Give every offer you receive your full consideration,” says Chad Ochsner, broker-owner at RE/MAX Alliance.
The news and editorial staffs of The Denver Post had no role in this post’s preparation.
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