With just days remaining in 2020, many consumers are getting ready to begin 2021 with a fresh start by searching for a new home. Momentum from the rise in real estate markets across Colorado earlier this year has managed to maintain through the end of the year and continues to create opportunities for buyers and sellers to achieve their real estate goals.
Preparing to enter the real estate market can be an intimidating task for anyone, from the most experienced sellers to first-time buyers. LIV Sotheby’s International Realty (LIV SIR), Colorado’s leading luxury brokerage that prioritizes lifestyle and helping clients live a life they love, has real estate professionals that can guide you through each step in the process.
Over the course of this year, a few trends within Colorado’s real estate market have made a difference in the way consumers approach buying and selling. One of the trends that consumers should be aware of is the accelerated pace of the market. Homes in Denver Metro, and other communities across the state, have been flying off the market. Thanks to extremely low-interest rates, more people have the buying power to purchase homes, which has contributed to the majority of homes spending less time on the market than usual. In fact, in a year-over-year comparison, the average days on market for homes in Denver Metro has decreased by 9%, leaving listings on the market for an average of just 31 days, according to LIV SIR’s Monthly Market Report. What’s more, homes in the luxury sector of the market have picked up even more speed. Through November of this year compared to the same time frame in 2019, the average days on market for luxury homes has dropped by 11%, bringing the average time on market for this sector of the market to 57 days.
“Buyers should be prepared for Denver metro listings up to $1.5 million to move quickly. In order to compete, it’s important to have a broker who is experienced, focused, and a creative dealmaker,” explained Stacie Chadwick, broker associate with LIV SIR.
While homes across Colorado are selling more quickly, with buyers competing against each other for available listings, it is still important for sellers to present their home in the best light possible to take advantage of the activity in the marketplace. Sellers who do not make the effort to present their home at its best run the risk of sitting on the market too long or selling their home for less than it is worth.
Decluttering the home and making small updates, like painting select rooms in neutral colors, will help potential buyers better envision themselves in the home. Home improvements such as these can be done over a weekend and will result in a better outcome for your home and your wallet.
“Virtually every new listing requires preparation to show the property in its best light for selling,” commented Malia Cox Nobrega, broker associate with LIV SIR. “You must consider both how it will present online and how it will feel in person. Sellers should be ready to make changes to wall color, lighting, and other minor tweaking and repairs including home staging, depending upon the circumstances. Having things that distract from the appealing elements of the home should be removed when financially feasible to do so and will likely result in a higher purchase price that exceeds the cost of the work.”
With these items in mind, both buyers and sellers can confidently begin their 2021 real estate journeys in Colorado. As demand for homes across the state remains strong and interest rates continue to hover around 3%, it appears as though much of the success consumers found in the 2020 real estate market will carry over into the new year.
“The momentum of the seller’s market from 2020 feels like it will continue through 2021. If anything, it only seems to be accelerating,” said Chris Bouc, broker associate with LIV SIR.
To learn more about the real estate market in your community, or to speak with an experienced real estate professional, contact LIV Sotheby’s International Realty by calling 303.893.3200.
The news and editorial staffs of The Denver Post had no role in this post’s preparation.
