Are you thinking of selling your home? Figure it’ll be better to wait until spring? You’re not alone, and that can be a huge problem. One of my colleagues recently made this analogy, and it made so much sense to me I figured I’d steal it. As I talk to home owners in Ken Caryl and the surrounding are, many of them say that they are considering selling their home, but they’d like to wait until spring. There are more people out shopping then, right? Right. And that’s not necessarily a good thing.
Many of you enjoy driving on C470 at rush hour. You get a gorgeous view of our sunrises sitting on the freeway along with 1000’s of your other friends. And you get to do it again at the end of the day, only this time enjoying the Bronco sunsets. Sitting in Denver rush hour traffic is the same as putting your home on the market in the spring. It gets the job done, and it can create some frustrations.
Typically, April through August is considered the peak selling season for homes in Ken Caryl. Just like rush hour, that can vary. Rush hour can be a bit earlier or later one day than it was the day prior; similarly the peak selling season can alter a month or so. Take a look at the number of new home listings in Ken Caryl by month.
Now, compare those numbers (that is new listings to hit the market each month) with the number of home sales per month. Keep in mind that a home typically goes under contract a month or two prior to actually selling, so home sales in July are indicative of homes that were shown and received offers in May or June.
What do you notice here? I’m seeing the number of new listings take a big jump in the spring months, while the number of actual sales staying relatively consistent? So what does that mean for you if you’re looking to sell your home? The buyers are out there all year round. Selling in the peak selling season doesn’t mean you have more buyers, it means the buyers have more choices and can be pickier.
People who drive in rush hour traffic generally have to. They don’t have a choice. And they can’t really be picky about which lane to be in, because they’re all crowded. People who drive when less people are on the roads have a lot more flexibility. They can choose their lane, their speed, their route, and they generally get where they’re going faster.
It’s the same thing for home sellers. If you’re selling in the peak spring season, you’re caught in traffic. You can’t be as picky, buyers have the upper hand (to an extent…it’s still a seller’s market here) and you don’t get where you’re going quite as fast. Sellers who sell in the off months (now for example) get to have a bit more flexibility. The buyers are still there, and those buyers don’t have as many choices so they can’t negotiate on price, inspection items, etc nearly as much as the spring buyers to.
If you’d like to explore this idea further, and learn what your home is worth right now, please either call me or get your home’s value online right now!