What is the best time to sell a house in Colorado? This is a question Colorado real estate agents get a lot.
Colorado real estate is on the rise, with an average listing price of $415,000, and the average sale price of $351,600, according to Zillow. Single-family home inventory has dropped 15%, while condos have dropped at a 22% rate year over year.
While data on the Colorado housing market continues to change at what seems like the drop of a hat, here are the facts based on the data we have available from 2014-2017.
Best Time to Sell A House in Colorado
The Colorado market is finicky. Inventory is down and demand is high which continues to raise prices significantly. No one can clearly predict the market evening out anytime soon– which is good news for you sellers!
Colorado homes continue to be in the running for the lead position of selling prices in the nation. Let’s take a look at when the best time to sell fast and for a profit is.
Best Time to Sell for a Profit
The old adage of listing in the spring seems to ring true for Colorado. Listing your home in April or the beginning of May for a June sale shows an average of 4.87% increase in sale price over the annual average.
With house inventory down, that profit is on the rise. While it’s not a good idea to predict the market, you can bet that even listing your single family home in October will net you a pretty handsome profit.
In fact, according to the data, homes listed in October and sold in December netted an average of 3.31% more than the state annual average. That might not be the 4.87% that June will get you, but it’s definitely an acceptable second.
The market has some pretty tight boundaries though. Closing on your house in January will net you an average of 5.77% less than the yearly average. Those numbers are followed closely by September closings and February closings.
Best Time to Sell Fast
Want to sell your Colorado home fast?
If so, aim to close in June. Homes sold in June sold an average of nine days faster than the yearly average. If you’re looking for a range, aim to sell anywhere between May and September for the quickest close time.
Remember, you should plan on listing your house about two months before the day you want to close on. Give your house plenty of time to be viewed and snatched up by that perfect buyer.
Avoid the closing months of December, January, and February if you can. January boasts an extra 17 days longer sell time than the yearly average. February’s not close behind at 15 day, trailed by December at 10 days longer than the yearly average.
Best time to Sell Fast for a Profit
It’s pretty clear that the month to list in is April and sell in June. June saw the highest profits and has the fastest sale time out of the entire year.
The two months to avoid are definitely January and February. No one really wants to look for a house throughout the holidays, and the market reflects it in a bad way.
If you must sell your home around that time, try to close in December. At least you’ll make up for your 10 extra days of wait time by making an average of 3.31% more than the yearly average.
Tips for Selling Your Home in Colorado
1. Consider the Area
Many parts of Colorado are knee-deep in a seller’s market, while other spots are struggling to sell. Evaluate the area before listing your house to make sure your house can compete with the other houses within your sale price range.
2. Repair and Renovate
If your house is unable to compete with the local market, you may want to consider making some repairs. Try to stick to renovations that will add value– such as a kitchen or bathroom update– rather than focusing on things homebuyers aren’t really in the market for.
You may consider walking through neighboring open houses to see what shape their home is in compared to yours. Keep features such as paint colors, flooring types, and the state of the kitchen in mind when setting a sale price.
When in doubt, talk to your real estate agent about your listing price.
3. Find the Right Real Estate Agent
Selling your home in Colorado is about more than timing the market. In this fluctuating market, you’ll need an expert on hand to advise about setting a price and the best time to list. Hiring a real estate agent who knows the area well and is an expert in their field can help you beat the market averages any day of the year.
If saving money is important to you, hire a discount real estate agent like those at Clever. Clever agents are local experts and full-service, which means you can expect nothing less than high-quality marketing, pricing, and service from them.
Timing the housing market can be tough, especially if you want to sell quickly for top dollar. By listing in April to make the most money, May to sell the fastest, or June to meet in the middle– you’ve got a pretty safe bet of meeting your goals.