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We won’t mince words - this summer is the ideal time to sell your home fast in Denver. Like the rest of the country, Denver’s real estate market strongly favors sellers, and there are a few reasons why the future looks bright for folks contemplating selling.
Let’s examine the four driving forces behind the booming seller’s market.
Inventory can’t satisfy demand.
Despite a 14% increase of new listings as of the end of April, more buyers are entering the market, and inventory can’t keep up. The reason why there’s an influx of buyers is mainly in part due to the low interest rates - even if they’ve risen slightly in the past month or so.
Home prices are increasing due to bidding wars.
At the start of the year, houses spent 17 days on the market before the offers started rolling in. In that short time frame, sellers are likely to receive multiple offers, and they could take their time weighing the pros and cons of each. Potential buyers are so eager to get their offers accepted they’re skipping the usual contingencies like home inspections, and they’re even offering above asking. Some properties even see bidding wars break out, which drives the price!
Ready to find your dream home in Denver?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents.
Sellers can close faster when they receive multiple offers.
Along with multiple offers, bidding wars, and increased demand, sellers can also expect their houses to sell a lot faster than when the market is balanced. Usually, a transaction will take about 54 days, but it could go a lot faster. This is especially true if a buyer is paying cash or if they’re preceding the usual contingencies, such as getting the home inspection done, securing financing, or needing to sell their home first before they could close on the new one.
Relocation could be a possibility.
It’s expected that of the 40% to 60% of remote workers, at least 25% will be able to do so permanently. If this does become a possibility, people will probably look into relocating, especially if they currently live in a large city on the more expensive side. Relocating means sellers can move to a suburban neighborhood that’s less congested and more affordable, and their money can get them a larger property. Plus, if they own a home in the city and decide to sell, they could make a decent (or significant!) profit if they sell.
2021 summer’s seller market is on fire
Deciding to put your house on the market can leave you with a whole array of emotions ranging from excitement at the prospects for the future, sadness because you’re leaving behind years of memories, and even apprehension because… Well, change can be challenging to embrace.
Ready to find your dream home in Denver?
Let us help you. Call or Text Kenna Real Estate Group at 303-955-4220 to get personalized assistance from our expert real estate agents.
However, if ever there was a time to sell, now would be it. The Denver housing market is on fire, and there are plenty of qualified buyers who want to find their perfect home - no matter what. Some people are even willing to buy a house sight unseen! You can always increase the buyer pool by asking a real estate agent for home improvement tips for sellers that’ll help increase the value of your home.
We know what you’re thinking: “I’m trying to make money, not spend it!” But you know how the saying goes: “You have to spend money to make money.” Once those offers come rolling in, you’ll be glad you decided to sell.
