Deciding to sell your home may stem from a variety of reasons, however the question always remains the same: When is the best time to sell in your area? Whether you are new to real estate or an avid industry follower, we all know location is one of the most crucial factors in this industry. However, this isn’t the only variable to consider. The current economic state can have a tremendous impact on your closing figures. But one thing that many people tend to overlook is the importance of selling your home during the right time of the year.
Though the real estate industry is continuous throughout the entire year, the cyclical patterns identify periods where selling your home is more successful than others. Below we take a look at these trends for Denver and how these might influence your selling timeline.
Which seasons are best for selling your home?
As you might expect, late spring and early summer are the optimal time of the year to sell your home. Houses that are put on the market in Greater Denver during these times will typically close for an above average price and also have a below average number of days on the market. Many sellers find between the months of March and May home buyers are out in full force leading to more buyers than inventory. This can lead to increased competition and offers.
Early fall and the middle of winter are the worst times to put your home on the market. Though there are obviously many variables influencing the value of your home, these trends can be seen year after year. However if events occur which require a sale in these winter months, although prices may have declined come September, buyers searching for homes during this winter period have a specific purpose in mind and look to make decisions quickly.
When is the best month to sell your home in Denver?
The best month to close on your home in Denver is June. In fact, between the years 2014 and 2017, Denver homes that closed in June went for 5.16% above the average cost of comparable homes. Though the best month for closings is June, this same set of data suggests that the best month for listings is May.
When is the worst month to sell your home in Denver?
One of the reasons the summer months create a “warm” real estate market is the fact that many parents move in accordance with the school year. Once school actually begins, the market cools down quite a bit.
The worst month to sell your home in Denver is September. Homes that close in September typically go for 5.66% below the average market price. January and February also fare quite poorly. Homes that are on the market during the winter will typically remain there longer and have fewer showings.
What are the consequences of these trends?
If you are planning on selling your home, the importance of timing the market is not something you should willingly ignore. If possible, you should try to take advantage of the clear benefits to selling your home in late spring or early summer.
Obviously, there are many other variables—such as your need to start a job in another city—that you will also need to consider. But by timing the sale of your home with the general trends occurring in the Denver real estate market, you can get a better deal on your property while simultaneously decreasing the total cost of closing.