Are you considering selling your home? Denver-metro’s real estate market is white-hot right now and homesellers have an opportunity to earn a premium by listing their properties. Below are some statistics and insights into why NOW is the prime moment to sell your home and effectively capitalize on the extraordinarily potent real estate market. The bubble will not burst and in this seller’s market, the benefits and supporting evidence speaks for themselves.
1. Make a Significant Profit on Your Home Sale
According to Mansion Global at the end of October, the median U.S. homebuyer is paying about $20,000 more than they did three months ago. Denver-metro has experienced a spectacular median home price growth of 11.67% over last year and an extremely positive 7.14% year to date.
With interest rates hitting a new historical low 14 times this year, homebuyers have more purchasing power, and they are willing to make a strong offer to secure the homes they love among the stiff competition.
Due to this elevated buying ability, multiple offer scenarios are continuing later this year than they have in the past and in price points that typically haven’t seen that before. With voraciously hungry buyers engaging in bidding wars for your home, homesellers stand to maximize their profits.
2. Inventory Is Low and Demand Is High
According to the Denver Metro Association of REALTORS®, more than seven in 10 homes sold in October 2020 and 72% were on the market for less than a month with the median days in MLS for detached single-family homes at a speedy five days, representing a tie for the lowest number on record.
Housing inventory hit an all-time low of 3,415 active listings at the end of November. Compare this to the average active listings for November month-end of over 14,000 and you can see how homes are flying off the metaphorical shelves.
The Denver-metro area has had more closed homes than active listings every month-end since July 2020 and with extremely limited housing inventory, you have your pick of the litter with buyer offers.
3. Colorado Cities are Some of the Best Places to Live
The U.S. News and World Report published its list of the 150 best places to live in the U.S. and the first four out of 5 are all in Colorado with Denver earning second place overall.
With the high desirability of our beautiful state, not only is there the potential for Coloradans to purchase your home among the low housing inventory, but many individuals out of state will be pining for your property.
Partnering with Kentwood
The benefits of listing your home in this market are plain as day with a high potential for homes to not only sell quickly, but for a large amount. If you would like to capitalize on Denver-metro’s phenomenal housing market and maximize your profit, consider partnering with an experienced Kentwood broker to elevate your home’s marketing, staging and overall value.