Homes are flying off the market way over asking price. Property values are soaring and people are paying top dollar for Denver homes. Buyers are desperate to find a home and need you to sell.
Denver homeowners are hearing all of this sensational messaging, and while many are likely intrigued, inventory remains incredibly low and people are hesitant to sell. Why do many opt to wait when it sounds like now is the ideal time to cash in? A few factors are at play. Mainly, people are nervous. How will they find a replacement home in this seller’s market? Will they pay too much for a new home? How complicated will the process be?
We wanted to address these common concerns and find out how people are successfully navigating this fast-paced market by getting incredible offers on their homes while at the same time achieving what seems to be the impossible – finding a new home to move into in a timely manner. We turned to our brokers to find out what has been working for them and their clients.
First, how does one mentally prepare for this seemingly chaotic real estate market? Trust in a good broker who will prepare you for what to expect and make sure you are able to move forward with confidence. RMCC broker Celeste Ballerino shares, “I dive deep into the consultation. Understanding motivating factors for their move is everything, and I set realistic expectations with data while supporting what’s best for each client’s situation.” Communication with your broker throughout the process is crucial, and utilizing them as your resource ensures you are aware of the entire process and the potential results. For example, a broker who has been through all types of markets can present options you may not have even known you have, such as bridge loans or rent backs.
Once you decide to sell your home, how can you take full advantage of the market and get the most return for your home (which in turn can help you land the home you want as a buyer)? First tip: “Stage the property,” advises RMCC broker Alex Brachfeld. Make sure your home looks its best, and when it hits the market, “plan to be out Friday through Sunday to allow for maximum showings.” That first weekend is an important time when interest is high and buyers are eagerly looking to get in first to snag their dream home. Once offers are submitted, your broker will review them with you to help you decide which works the best for your specific situation. With offers that could include rent backs and waived contingencies, you can set yourself up for success by negotiating what you need.
While all this is going on, remembering that you are also a homebuyer is of utmost importance. Alex recommends to “start monitoring the market,” and doing so early will set you up for success. Your broker will take the step of initiating up-to-the-minute email alerts of properties in your prospective neighborhood. Keep an eye on what comes on the market in the area, how fast it goes under contract, and what the sold price ends up to be. Your broker will be monitoring this as well, and when it comes time to make your offer you will have important insight. As Celeste says, “knowing our market inside and out is key.” Visit our recent market statistics report that delves into even more buyer tactics.
Looking for an inspiring success story? Take Celeste’s client who needed to sell but couldn’t find a replacement home. Their solution? “We found them a rental and then prepped and sold the home in record time over-asking – all conditions waived.” They are on track to buy their new home in six months, all with the assistance of a broker who will walk them through each step.
The biggest takeaway is to be confident, and know that selling your home shouldn’t be a daunting or nerve-wracking prospect. Consider enlisting a broker to crunch the numbers and see if the equity in your property may make it advantageous to sell in today’s market. With an experienced broker by your side, there are many strategic ways to navigate success.