Colorado Real Estate News

Three Reasons to Sell Your Home TODAY!

wooden block house on snow

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.

Also, in Niche’s Best Cities for Young Professionals in America list, Denver placed 11th and Denver Business Journal ranked Denver 13th for overall real estate investment and development.

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.

Colorado Real Estate News

Your Guide To Surviving a Seller’s Market

Surviving a Seller's MarketFinding a home you love and that fits your wants, needs, and budget can be a monumental task even in the best conditions. But in a tight seller’s market, you will also be faced with beating out your competition. A well-priced home in good condition will move quickly and likely have multiple offers. So, if you want to end up with the home of your dreams, you need to be prepared.

Surviving a Seller’s Market

Get Your Finances in Order

Before you even begin looking for a house, the first step is to make sure you’re in a comfortable financial position to buy. You should obtain copies of your credit score several months in advance to better help understand your position. You’ll also want to shop around for mortgage financing before searching for houses. In a hot seller’s market, it’s best to come to showings armed with a preapproval letter or a “proof of funds”.

Surviving a Seller’s Market

Prepare to Be On-Call

With so many other buyers to compete with, timing will be essential. To be successful in your home search, you will need to be readily available at a moment’s notice. House hunting is not something to fit in when you can. If you are only looking when it’s convenient for you, you’re probably wasting your time. Be prepared to comb through listings regularly, go to viewings at the seller’s earliest convenience (rather than your own), and to follow up quickly if you think it’s a good fit. Not only will this be essential for timing, but can also help build a rapport with the seller.

Surviving a Seller’s Market

Come Ready with Paperwork

Simply swearing to a seller that you have enough money for a down payment or that you will have no problem getting approved for a mortgage just isn’t going to cut it in a hot market. If you truly want to be taken seriously you’ll need to show up with hard evidence in hand. Come equipped with a pre-qualified loan, an approval letter from your lender, and a “proof of funds” from your bank. Actions speak louder than words, and showing up prepared will let any seller know that you mean business.

Surviving a Seller’s Market

Start with Your Best Offer

In a strong seller’s market, you are likely in competition with other buyers who want the house just as much as you do. So, if you know you’ve found the property you want, don’t wait to make an offer. A competitive offer comes with the least amount of contingencies. And you should be prepared to make an offer at asking price or above to really stand a chance. Also consider what the seller’s needs are. Are they looking to close quickly or at a later date? Are they looking for the best price or simply the lowest risk?

Surviving a Seller’s Market

Make a Connection

It’s true that some sellers are only concerned with how much money they can get for their home. But you will find that many others want to see their home to go to someone that will love it as much as they did. In these situations, it’s important to make an impression. Include a personal letter about why you think this home is the right fit for you. Give them a backstory about you and maybe even include a photo. This might not be the best approach for everyone, but it has worked for many people in the past and it might just work for you too!

Surviving a Seller’s Market

Make a Back-Up Offer

Many prospective buyers don’t want to make an offer on a home that already has a pending contract. But deals frequently fall apart over finances, inspections, and other contract terms. If you believe you have found the perfect house but it’s already under contract, make a backup offer. It couldn’t hurt. If the current deal falls through or the buyer walks away, you will be in first place for your dream home.

Surviving a Seller’s Market