You may be hesitant to sell your home. We get it. The memories are profound. Perhaps the window overlooking the willow tree will always be where your cat perched, or the bathroom is where you realized your family of three was soon to be a family of four. Although it may seem challenging to move on from your house, a new home will provide a better canvas for new memories to bloom in a space better catered to you and your family’s needs. So, let’s dig in and alleviate some questions you may have.
1. Should I sell my home now? Why?
Absolutely. The real estate market is white-hot right now and homesellers are benefiting greatly. According to the Denver Metro Association of Realtors®’ June Market Trends Report, the average increase in active listings from April to May is 8.11 percent. However, May of 2021 saw a decrease of 20.01 percent, the most significant month-over-month decrease on record. The only other month-over-month decrease came in 2000 at 3.15 percent. With scarce inventory, millennials reaching peak homebuying years and the renewed importance of home, hungry buyers are clamoring to purchase properties and are willing to pay a premium for their dream home.
Are you not convinced? According to Realtor.com, the national median listing price increased 15.20 percent from the previous year, hitting $380,000. The market is on fire and waiting for you to capitalize on it, but sellers should act fast. Interest rates dipped below 3.00 percent at the end of May, but low rates won’t be here for the long term. Homebuyers have greater purchasing power with lower interest rates so selling your home now or within the next few months will earn you the most value for your residence.
2. Are there costs to selling my house?
Yes. Typically, you must pay 10 percent of your home’s value in fees and expenses.
Selling expenses can break down into the following categories:
- Prepping and staging your home
- Real estate agent’s commission
- Repair costs
- Seller concessions
- Homeownership costs
- Closing costs
However, with residential real estate’s close-to-list price of 105.92 percent in the Denver metro during May 2021, that additional income can take care of a great deal of the costs.
3. How long will it take to sell my house?
Waiting for your house to sell used to feel like watching paint dry. But the good news is that the average is much lower than you’d think. According to the Denver Metro Association of Realtors®’ June Market Trends Report, homes are flying off the shelves. May 2021’s residential real estate had average days in MLS of only 11 compared to 24 days a year ago.
4. What can I do to maximize my profits?
Making your home as presentable and appealing will enable you to receive as much profit as possible. Consider fixing minor aspects of the house, such as leaky plumbing and loose doorknobs. Keeping the yard maintained is a simple fix that could make a significant difference—adding fresh mulch in flower beds or new pine straw to give an orderly first impression to prospective buyers. Presentation is everything. For some expert guidance, Kentwood’s unique Amplify service grants you access to a curated team of professionals trained on how to best enhance your home’s appearance and value with no cash out of your pocket until your property is sold.
If you are on the fence about selling your home, you should strongly consider listing it now, as the conditions are primed to earn you a large amount of cash for your property. The memories and familiarity may seem challenging to move on from, but the comfort and joy that you created in your old house can be brought with and improved upon to make any new space your home, along with benefiting from a better-suited environment. For assistance with selling your residence and navigating our unique market conditions, contact an experienced Kentwood broker today.