TIPS FOR SELLERS IN THE DENVER REAL ESTATE MARKET
It's no secret that Denver home prices are on the rise and housing inventory is scarce. Although both of these factors seemingly create an ideal situation for sellers, the market isn't foolproof. Many homebuyers in Denver are cash-strapped and weary from searching, which can create problems for sellers who aren't aware of current market trends. Meanwhile, a slew of issues can crop up to make the selling process difficult, from unexpected inspection concerns to contract chaos. Here are some things to think about before listing your home on the market.
Buyers want the outdoor lifestyle. One of the main reasons people love living in Denver is because they can enjoy an outdoors lifestyle. If a home has outside areas like a yard, deck or even a small balcony, it's wise to spend some time and money sprucing them up with a fresh coat of paint or staging them with decorative items like plants and pillows. People who live here spend a great deal of time outdoors and, especially this time of year, it's a good idea to do a full spring cleanup to get the yard in good condition and make it fresh, because even if you don't have a lot of outdoor amenities, you have a nice blank slate to offer. If a home doesn't have a private outdoor space, try to bring the outdoors in by buying a few house plants, staging a sunny nook or updating window treatments to amplify natural light.
You're selling more than a house. People are not just looking to buy four walls and a roof; they are looking for friendly neighbors, a safe jogging route, a quick commute to work and an overall place they can call home for a while. One thing that is unique to Denver is we have several urban pockets that are awesome. People in Denver love their niche neighborhoods. Especially if a home is lacking in modern amenities or outdoor space, it's imperative to use neighborhood features as selling points. Part of this appeal is walkability, an aspect that is at the top of many buyers' wish lists.
Buyers want a finished product. Although it is common in Denver's competitive real estate market for buyers to submit offers waiving inspections and closing fees, most of them won't overlook a dated home that needs repairs or renovations.
There are several reasons why buyers are more likely to make an offer on a turnkey property. "One is that everyone works so hard they don't want to spend free time working on a house. They would rather spend their time mountain biking or skiing or hiking. Another reason is that buyers are maximizing available cash for a down payment and for purchase and they don't want to have to put extra money into a house after moving in." Moreover, turnkey properties are less likely to draw bids from investors. "The problem with the fixer uppers is that investors are competing heavily for them, and they have a lot of cash "Fixer uppers are selling at a premium so it can be difficult get a good deal in our market.
Bidding wars should last a few days. Sellers who want to get into a bidding war should list their home on Thursday or Friday. start showings on Saturday and review and respond to all offers on Monday by Noon. This will allow the Seller to full market exposure and receive the highest and best offer. While this method is great for sellers who want to be able to review several offers and pick the best one, it's possible that some of the offers will fall through because the buyer didn't think it through well enough. Buyers often hastily submit an offer without serious consideration. This is due to the fact that they have learned to act fast after losing bidding wars on other properties time and time again. If you're a seller you have to understand buyers and their psyche which is in a state of panic. If a property falls out of contract it can not only cause emotional strain for the seller, but it can have a negative effect on how other buyers view the listing. The fast sale isn't the goal the real goal is to find the best buyer and have a smooth transaction.
Working with an experienced Realtor that knows the market will make all the difference. If you are thinking of buying or selling call Paula Pantaleo with Re/Max Masters Millennium. 303-908-7088. Luxuryhomesbypaula@gmail.com