A house isn’t just a collection of brick and mortar, frame and foundation. It also represents the dreams and aspirations of a person or family. So it’s not an easy decision to make to sell your house, and we at Walden Novak empathize with that fact. If you’re going to sell, you should make the process a little easier by getting the best price for your home when the market is at its peak. Sellers are constantly asking us… Is Spring the best time of year to sell a house?
While houses are sold all year round at various highs and lows, purchase trends in recent years in Denver and other major cities like New York, Philadelphia, Chicago, and Dallas show that Spring is the best time of year to sell a house hands down because the typical sale closes faster than any other time of the year.
With summer putting people in vacation mode and fall traditionally being a slow season despite the good opportunities, it’s very logical that Spring is the right time of the year to make the most bang for your buck on a home sale.
While selling your house might sound easy when you think of it, the real estate market is ruggedly competitive out there, so a good understanding of the real estate prices in the different regions of Colorado, especially Denver, is a must if you want to make the best deal out of selling your house. And for doing that you need some minimum understanding of the basic terms and traits of the market, so let’s lay them out for you!
If you ask why spring is the best time of year to sell a house, the answer will mostly lie in a combination of national, local, and seasonal factors:
Easy for buyers. Spring is the ideal time for families to move with the least amount of pressure with the upcoming summer breaks and the pleasant weather.
Aesthetic appeal. It’s the best season to give the best impressions. A full house-cleaning and some yard trimming makes a house more appealing this time of the year than any other, making it easy for you to put up listing with the least amount of effort.
A seller’s market. If you aren’t familiar with the term “seller’s market” in real-estate, here’s a short breakdown. It refers to the situation in the real estate market when the number of buyers are more than the available listings for sale, and chances are you’ll get better offers than you initially hoped for. And if you haven’t caught on yet, spring is the time when this happens, typically starting from late spring to early summer. This phenomenon again repeats itself for a short while in autumn also, but with traditionally slower sales.
Stable market. After the real-estate meltdown almost a decade back, the market is finally growing steady and the recent plunge in mortgage rates in the last couple of years have spurred a lot of buyers to buy houses again.
Incentives for buyers. Recent tax credits and tax incentives along with economic growth have been a big boon to the Colorado real estate market, especially in Denver. The Colorado Home Buyer Tax Credit has allowed a lot of unexpected real-estate opportunities to be fulfilled, so chances are that while you’re reading this, someone is actually out there looking to buy their first house.
When you’ll go through the various sources and listings to put up your house for sale, you’ll find a two terms thrown around a lot; ‘mean’ and ‘median’. ‘Mean ‘ indicates the average price of houses in the listings, usually the sum-total of the prices of all the houses in the listings divided by the total number of houses. ‘Median’, on the other hand refers to the probabilities of the prices fluctuating above and below the middle point.
According to an analysis from Zillow, 2018 saw an upward growth of 8.5% in home value over 2017. With growth opportunities forecasted to increase by another 4.7% in 2019, now is the best time to showcase your house at its best and sell it.
So if you think that you’re ready to make the big move and sell your house, it is probably in your best interest to wait until spring, the best time of year to sell a house and get the best price possible for it.
You don’t have to go it alone, though. Let the real estate professionals at Walden Novak help.
We believe that the best way to do business is through bonding with our clients, and we’re here to help you from the first step to the last in regards to anything in the Denver real estate market. Just reach out to us whenever you need. We’re always there for our clients.