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Today’s sellers’ market is benefiting more Denver homeowners as we close out the year. Home prices are rising, equity is growing, inventory is low, and mortgage rates are low, so homeowners are moving to make a change.
In fact, some homeowners intend to list their homes this winter, according to recent data from realtor.com. In other words, there are about to be more homes on the market, which means more choices for buyers as well.
A representative of realtor.com, George Ratiu, stated the following:
“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter.”
When you decide to wait until spring to sell your Denver house, understand that your neighbors could be one step ahead of you if they choose to sell this winter. Making your house available to buyers during the holiday season is a great way to stand out from the crowd. Here’s why.
Sellers Are Still Firmly in the Driver’s Seat
Historically, a normal or neutral market requires a 6-month supply of Denver homes for sale. This level ensures that active buyers have enough homes to choose from (see graph below):
According to the National Association of Realtors’ (NAR) Existing Home Sales Report, the inventory of homes for sale sits at a 2.4-month supply. The market is well below the neutral level.
What Does That Mean for You?
It is much more difficult for Denver buyers to find homes to purchase when the supply of Denver homes for sale is as low as it is today. As a result, buyers submit increasingly competitive offers in order to win out against other buyers. As a result, prices rise, as does your leverage as a seller, allowing you to reach an optimal contract agreement.
Even though the lack of housing supply won’t be solved overnight, sellers this season should maximize their sales potential by moving quickly. With more sellers planning to list their properties this winter, it’s crucial to make sure your house is on the top of a holiday buyer’s wish list so you can close the best deal possible.
If you list your Denver home in the next few weeks, you will have the best chance of being seen by buyers this holiday season. Reach out to us here at The Denver Real Estate Agent today to discuss how you can benefit from today’s sellers’ market.