When selling your home, there are many things to consider, such as how to stage it, where to find buyers, and the best time to put your house on the market. As you decide when to sell your home, you must consider your specific situation, the local market conditions, and the property's characteristics. Additionally, it is essential to research and consult a local real estate agent
so that you can make an informed decision based on a Comparative Market Analysis (CMA) and an understanding of Real Estate Market Trends.
The best time to sell your Denver home
Denver is a popular destination for people looking to move, and the influx of Millennials and remote workers makes it a busy real estate market. Denver's market is known for being competitive and fast-paced in response to consistently high demand for housing. Determining the optimal selling timeframe involves considering not only the general busyness during spring and summer but also local factors that can influence the best time to put your house on the market. These factors include Denver's local economy and the job market.
In the past year (April 2022 to March 2023), the number of closed sales peaked in May, when 5,445 homes
were sold in Denver. Sales volume stayed above 4,000 homes monthly from April through October 2022, whereas barely half that many homes sold in January 2023. Sellers made the highest profits between April and June, whereas homes sold the fastest between April and July.
A look at selling in each season
Although each real estate market varies depending on location, some patterns and trends appear at any level. For example, there are certain seasons when the real estate market tends to pick up and others when they slow down more, identifying the home sale peak seasons. Generally, spring is considered the best time to sell due to increased demand and activity. Here is a look at what the real estate market is typically like for sellers
Selling a house in the spring
In real estate, the spring market typically runs between March and May and is usually the busiest season. Buyers and sellers tend to be more active because of the warmer weather, longer daylight hours, and families wanting to move before the new school year begins. During the spring, homes sell more quickly and sometimes at a higher price due to increased demand. With the increase in buyer demand, competition among sellers can intensify.
According to the Denver Metro Association of Realtors (DMAR), average closing prices peaked in April, May, and June 2022. Those listing Denver houses in those months could reasonably expect to sell for over $700,000
Selling a house in the summer
The summer market usually starts in June and runs until August. Summer is still a busy season but is slower compared to the spring, as families go on vacation, and the hot weather makes it less appealing for potential buyers to search for houses. One benefit for sellers, though, is less competition, so placing your home on the market can be an advantage, especially if it has unique, standout features.
DMAR reports that homes sold the fastest between April and July 2022. On average, homes spent less than two weeks
on the market during this time. That’s an incredibly speedy rate, and while the market may not heat up to that degree in 2023, expect houses to sell more quickly than in March 2023 (37 days
Selling a house in the fall
September to November is the fall season for real estate. There is usually a significant slowing in the market as children return to school and the weather cools. The market might be slower, but it is also an opportunity for you to find buyers who missed opportunities to find a house during the spring and summer months. You may have to be more flexible in your negotiations, though, since there is a decrease in buyer demand.
Sales volumes fell incrementally through fall 2022: over 4,100 homes
sold in September, over 3,300
in October, and over 2,800
in November. Average closing prices were more stable, falling from $671,000 to $658,000. Fall sellers can expect a more drawn-out process; in fall 2022, homes spent between four and five months on the market, on average.
Selling a house in the winter
The real estate market is the slowest in the winter months of December through February. The cold weather and holiday season heavily impact buyers’ motivation to search for their future homes, so fewer sellers place their houses on the market. With reduced competition for both buyers and sellers, it can be an excellent opportunity for buyers or sellers willing to brave these chilly months.
We are still far from winter 2023, but if last year’s data is any indication, expect the market to slow down significantly late this year. In 2022, homes fetched almost $100,000 less
in January than when the market peaked in June. If you want to sell your house fast, list it this spring or summer.
How to know if it is the right time for you
Depending on their lifestyle and financial situation, there are many reasons why someone may sell their home. Here are a few more common reasons someone may sell their house.
Your lifestyle demands a move
One of the most common reasons someone moves is because of significant life changes, such as a new job in a different city or even retirement. Another reason many people move is that their adult children now have children, and the grandparents want to move closer to their grandchildren.
You may also want to upgrade to a larger home to accommodate a growing family or if you come into a better financial situation. If you are retired, or your children moved away from home, you may want to downsize to a smaller home to reduce living expenses.
Home improvements are complete
If you have been working on fixing up a house, and now all the renovations are finished, this could be a great time to sell the house, especially if it is not your primary residence. When the market is at its peak, this is the best time to sell your home to maximize your return on investment.
You are financially ready
Denver's real estate market has grown significantly in recent years, causing home values to increase. Due to this exponential increase, you may want to sell your home to capitalize on the equity you built so you can use the proceeds for other investments. If you purchased this property as an investment, right now is a good time in the market to sell your house to cash out your investment.
The Bottom Line
Deciding to sell your home is a considerable choice; despite specific patterns emerging in the real estate market, the best time to sell your home will depend on where you live. For example, in Denver, the luxury house market exceeded expectations, with more homes being listed and sold, even though it was during the slower winter season. Since the real estate market is constantly changing, working with a local Denver realtor helps give you an edge when selling your home. A local expert will provide personalized advice on when you should sell your Denver home based on the current market conditions.
Selling your Denver home
As you begin selling your home on the Denver real estate market, contact Trish Bragg and Maggie Armstrong
today. With both realtors having almost 20 years of experience in Denver real estate, they can provide insightful advice on whether now is the best time for you to sell your home. Whether this is your first home or you are looking for another property, the Trish and Maggie Team can find the best home for your lifestyle.
*Header photo courtesy of Shutterstock