Colorado Real Estate Stays Warm as the Weather Cools DownLIV Sotheby's
Generally, spring and summer are believed to be the hottest time to sell or purchase a home, however recent years have proven that fall is also a time that the market stays active. As warmer weather in Colorado continues to linger longer, buyers have an enjoyable climate to happily shop for their next home purchase. Climate and market trends in the Colorado resort market may differ from the Denver Metro, but similar trends do reign true with a balanced and healthy economy during the fall months.
Buyers have a unique advantage during the fall-buying season compared to those entering the market in spring or summer as inventory remains relatively the same and average days on market customarily increases. However, with Denver continuing to be a hot market, buyers may not have the same luxury of time as in previous years. Data gathered by LIV Sotheby’s International Realty shows an average of only 25 days on market for all price points in the Denver Metro during September and October in 2017. A fair prediction is that 2018’s fall season will progress with high volume, rolling off the summer months.
In the resort market, the shoulder season used to dip in real estate activity, however recent years have shown a healthy market year-round. Some buyers tend to actually purchase a home in September and October, that they already viewed during the summer months.
For those contemplating selling a home this fall, the data proves that sellers can also benefit. Last year, average sold price increased year-over-year for 2017 compared to 2016 during the fall months, with a 7% increase in September and 10% increase in October. In addition, average close-to-list price ratio for fall of 2017 was near 100%. As a seller, fall is a wonderful time to list your home as buyers are traditionally still actively shopping and have a lower amount of inventory to choose from.
Three easy tips if you’re planning to sell your home this fall:
Focus on Your Exterior
While the grass may not be growing as rapidly, the leaves are changing and possibly starting to drop, which means exterior cleanup is necessary for showings. Make sure to cut trees and limbs, brush away leaves, and trim down dead flowers.
Welcome Fall Colors and Smells
Throughout your home, take advantage of the beautiful fall colors with décor. Fill mason jars with cinnamon sticks or assemble fall-scented potpourri in decorative vases.
Check Your Indoor Systems
As the weather cools, making sure your HVAC is clean and your heating systems are functioning properly are critical to potential buyers feeling cozy in their new home.