It is mid December and there are tons of homes being removed from the MLS or expiring this month. Real estate agents see this happen every year. The reasons for this are many. One of the big reasons is that it is inconvenient for people to be getting ready for the holidays to have people walking through their home. This is true but also sellers need to look at it this way, the buyers are also busy with their lives and preparing for the holidays. So if buyers take time out of their busy schedule you can be pretty sure they are serious buyers. Not like the tourist in the summer that is sitting on the patio at Cactus Jacks and thinks “wow I love this town maybe I should quit my job, sell my house in Boston and move to Colorado” then they Google real estate agents in Colorado and look at homes the next day. These buyers rarely turn into anything. Although it makes sellers feel better because people are seeing their home. As a real estate broker I can tell you that it is way more important to get 5 winter time showings than 10 summer time showings. To use a real estate sales term, the winter showings convert way better than summer showings.
There is Way More Competition in the Summer
“I will just wait until spring to list when there are more buyers”
Quote by 85% of Sellers
Now in theory this is a great idea. Unfortunately theory doesn’t always work out in practical applications. One of the challenges to this practice was mentioned above. Summer buyers rarely produce and you need twice as many showings to produce a desired outcome. Another issue is that 85% of the sellers are thinking the same as you. The market runs into a supply and demand scenario. The more products on the market (yes sorry to be so blunt but in all reality your home is just another product) the more your home will be just another stop on tour of buyers. The market has about 30% less home (that is the entire Denver MLS) than it did in July. This is very since this summer’s inventory was lower than normal as well.
Looking Into the Crystal Ball
Looking into the future there could really be a huge increase in inventory this spring. The reason for this is NAR states that people stay in their home only 5 years on average before selling and moving again. When did the Denver and Denver Foothills see the huge influx of people moving in start? Yep about 5 years ago. Back then people really wanted to move to Colorado. So what buyers did was settle for homes that weren’t really what they wanted. Homes that only checked off their partial wish list. Add to that the crazy appreciation over the last 5 years and that is the perfect making of people wanting to sell this summer. For anyone planning on selling this summer most real estate agents would recommend getting a jump on listing your home. There is really no “selling season” per se in Colorado anymore. However there are better times to list to achieve better results. If a seller is serious about selling the winter is the best time to list. Last summer we saw longer average days on market than the 4 previous summers. If you home is priced correctly it will sell any time of the year and on the flip side if your home is priced incorrectly it will sit on the market be it winter, spring, summer or fall.