Did you know that right now there are only 2564 detached residential homes for sale in the Denver market? Of those, many are over $1M, and the rest are overpriced or have something seriously wrong with them. 100,000 people a year are coming to the metro area. It's simple math. Low supply and high demand = a big payday for Denver sellers. Homes under $450k are seeing 100 showings and 30+ offers. Prices continue to rise, and we don't see any change in the foreseeable future. If you are thinking of selling, I invite you to read our top 5 list of reasons why you should list your home this Spring.
- You could get 10% more for your home. Prime buying season starts at the end of February which is known as the compression phase. Based on projections, we'll see an increase in inventory thus unleashing the buyer feeding frenzy. With high demand and low supply, buyers will be paying more than the home is worth. Sometimes as much as 10%.
- You'll have a better chance of your appraisal coming in at contract price. With such low inventory, there are not a lot of transactions occurring right now so comps are tough to come by.
- There are only 1037 condos for sale right now. If you own a condo, demand is extremely high. Let's get it on the market before the new builds start in full force. They changed the construction defect litigation laws so now we'll see more condo projects start popping up.
- The average home price is $477,523.
- 41% of closed homes in Denver sold for over their asking price.
If you plan to sell in the near future, I would recommend hitting the market in Feb/March. You'll likely have a ton of buyers knocking down your door to give you more money than you are asking for more than likely.
Want to get a quick idea of what your home may be worth? Check out our Instant Home Valuation Tool