If you have been thinking of selling your home in the last few years, now is the perfect time to do so. With the job market and the income growth being so strong in Colorado, the unprecedented influx of new residents and the advent of new marijuana laws, Colorado has become one of the hottest real estate markets in the country. Property values have risen dramatically in the last three years creating a great environment for Selling Your Home in a Hot Market.
What is a Sellers Market?
What does this mean? What is a Seller’s market? It is a set of situations that favor someone looking to sell their home as opposed to a potential buyer. With housing in such high demand and new builds racing to catch up, many homes are flying off the shelves leaving the original owner with a much larger bank account in record time. You, as a Seller, can take advantage of this in quite a few ways.
Colorado Home Buyers Are Bidding Above Asking Price
The competition among buyers is enormous with some prospects bidding $10k-$20k above the asking price; a trend that does not seem to be going away any time soon. Multiple bidders create an auction like atmosphere with bids flying back and forth at 20-30 bids/ customer / day driving closing prices to new levels.
This over-bidding is also driving up the value of homes that might not have seen an increase otherwise; much like a limited edition iPhone or popular music album. Starter and mid-level homes are enjoying the greatest margin of increase. A house that may have been valued at $130k in 2012 will probably find a new tag of nearly $300k in this market. While this may seem like an exorbitant jump in price, there are no fears right now that a buyer will not show up and pay it.
Closing Costs Paid by Home Buyers?
The selling process has seen major changes as well with the jump in demand. Prospective buyers are in such a rush to beat out the competition that they are willing to pay the closing costs themselves rather than miss out on the opportunity. As a Seller, this means less expense and more profit from the sale. Many buyers are willing to pay for other costs as well so as not to miss a chance.
More Forgiving Punch List for Home Repairs
Money is not the only concession that prospects are overlooking. Buyers caught in a Seller’s market will not be as fastidious about the condition of a home on the market. They will pay less attention to or outright ignore repairs that might have been necessary under other conditions. Buyers who do want to wait for Seller paid repairs will find themselves left by the wayside.
Selling Your Home in a Hot Market
A Seller in this buyer rich environment also has more negotiating power. Buyers will agree to contractual conditions that would have been laughed at before. You, as the Seller, will be more likely to be able to set a favorable move out date; giving yourself plenty of time to find your own new home.
Colorado’s housing market has reached a point that someone looking to sell may never find a better time. Prices and demand are high which give a Seller every advantage and none of the disadvantages. If you have been thinking of selling your home, do it today. You’ll be glad you did.
When you want a realtor who will make you their number one priority, it’s time to contact me to set up an initial consultation. Feel free to call True Performance Real Estate today and any questions you might have about Selling Your Home in a Hot Market!
Call: 303-317-6311