The Denver real estate market is booming and it's a definite sellers market. As of July 2014 Denver only has 23.2% of the required inventory to have a balanced market. This means that houses on the market are going very quick. In July, detached homes under $400,000 went under contract on average in 18 days- the historical average is 89. This is a market that we have not seen in quite some time and it can take sellers by surprise. When I work with sellers I try to explain what they may experience could be very different that was occurred when they sold their last home. Sellers should be prepared for:
- Multiple showings. The house I just listed had 82 showings in three weeks. Luckily the home was vacant so the sellers were not put out but there could be a number of people walking through your home.
- There may be multiple offers depending on how the home is priced.
- The market is moving quickly which means decisions needs to be made rather quickly.
- Depending on the price point- investors may take interest in your property.
In this market if your house is not getting many showings or has been on the market more than 2 weeks without an offer, you may want to discuss with your agent what the cause might be. As a listing agent, I always have a conversation with sellers about how quickly the house needs to sell when we are determining a price.
In addition to writing for Daigle's Digs, Elizabeth works full-time as a Real Estate Agent with Keller Williams Realty Downtown, LLC. Elizabeth's expertise is in buying and selling a home, first time home buyers, short sales, and investment properties. Contact Elizabeth for any real estate needs. Cell 303-819.73.71. Work 720-314-8352.
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