Selling a home is like any other business venture. It all comes down to supply, demand and timing. But when you add to this equation the fact that the mile-high city of Denver, Colorado receives an average of 52.8 inches of snow, it doesn’t take a titan of industry to deduce that the best time of year to sell isn’t during the long, cold, snowy winter. That being said, much of the appeal of Denver has to do with the weather, since the city receives more than 300 days of sunshine per year.
While the snow-capped Rockies are the thing that draws tourists to Denver, it’s the outdoor beauty of sweeping mountain vistas and alpine meadows that made more than 8,000 people move to the city in 2019. That’s good news for sellers, particularly those with homes selling for less than $400,000. In fact, REcolorado reported that lower priced homes were selling in as little as two weeks in the Denver metro area. While it may take a bit longer to sell a higher priced home, that doesn’t mean a property needs to languish on the market if you know what to do.
Rocky Mountain High
When it comes to housing markets, Denver is considered pricey. In a National Association of Realtors study, millennials could only afford to buy 6% of the homes listed there, as opposed to the nationwide average of 23%. That despite being paid substantially higher wages in Denver than in other parts of the country. Even more mature, more affluent people who relocate to Denver find the price of real estate to be high compared to many other cities. That’s why the local growth rate has halved from 2.8% in 2015, to only 1.4% in 2019. That also means if your home is valued in the $500,000-$1,000,000 range, you have to sell smarter, not harder.
If you’re looking to sell fast, timing is everything. The hot time of the year to sell in Denver is between April 1 and June 30. This is the time of year when homeowners have the best success selling their properties at prices at or above market value. That time of year also coincides with the area’s best weather, which makes it much easier to show a property. During the spring, it generally takes about two months to close on a property on average. This means the earlier in April you list your home, the better the odds it will sell quickly.
Here are a few more metrics you need to understand:
- The best day to list your home is Saturday. The NAR reported that homes listed on Saturday received 20% more views in the first week than those listed on Tuesday. The second-best day is Thursday, which is a couple of days before realtors schedule their weekend tours.
- Buyers have more money in their pockets in the spring than they do during the summer due to tax refunds and the fact that they have yet to spend the money on their summer vacation.
- Know what the comps in your area are before you set the asking price. If you want your house to sell fast, you don’t want to guess at how much to initially price it.
- A little spring cleaning wouldn’t hurt either. As soon as winter fades away your property and your yard could use a little sprucing up. Snow and frost take their toll in the mountains. Tree limbs snap, shingles warp, and the lawn needs to be raked. If you’re motivated to sell, you need your property to look picture perfect.
Location, Location, Location
While home buyers appreciate the beauty of the great outdoors, they also crave nearby amenities. That’s why ten of the hottest neighborhoods in Denver offer a balance of both. These include Central East Denver, Cherry Creek, Golden Triangle, Highland, Lodo, Park Hill, Southeastern Denver, Stapleton, and Washington Park. While it’s true that many of Denver’s hottest neighborhoods are also some of its most affluent, the added amenities ramp up buyer appeal.
How Old is Your Home?
If you’re selling a home, one tenet that does not apply is, “Age before beauty.” Another factor that many buyers look for is how old a home is. While stately homes have a certain appeal for some, most homebuyers are more interested in amenities as opposed to antiquity. Face it, older homes tend to have issues that newer homes don’t. Newer homes have less wear and tear, they’re easier to finance and a potential buyer doesn’t have to worry whether the roof on a newer home is going to need to be replaced in the next few years. That being said, if you’ve spent the time and money to retrofit your older home with a gleaming modern kitchen and have recently upgraded such things as your homes roof, HVAC system, electrical system and windows, then it’s as if old has become new again.
A Little Local Knowledge Goes a Long Way
If you happen to run into a new transplant to Denver who’s looking to stay for keeps, it doesn’t hurt to take them under your wing to extol the virtues of Mile High City. While Denver could be considered a little bit city and a little bit country, many newcomers aren’t familiar with Rocky Mountain culture, cuisine and festivities that locals know like the back of their hand. If you’re looking to seal the deal with an out of towner, let them know that Denver’s a laid back, bike-friendly town that loves its sports (Go Broncos!), cherishes its surprisingly mild mountain climate and lives to embrace the great outdoors.