We all want to get the most money for our home and sell it in a short amount of time. Statistically, when is the best time to put your home on the market? Spring is the prevailing opinion. Looking at the data from the Multiple Listing Service, Average Sales Price goes up, the Sale Price vs. List Price percentage goes up and the Days on Market figures go down between March and June typically.
If you have the option to time the sale of your home, Spring is the best time to do it. As an agent I would look at the hyper local data (i.e. local neighborhood) to see when homes start selling in your specific area. However, not everyone has this luxury. There are many other factors involved that don’t allow you to “time the market”. Job transfers happen at all times of the year, family changes occur unexpectedly and sometimes you’re just not ready to make a move in the Spring. Not to worry, most markets have another spike in home sales in the Fall. Along the Front Range of Colorado that is typically in September and October.
It is important to note that we are in a shifting, or normalizing market here in Colorado. This is evidenced in flatter price appreciation of homes, more days on the market before going under contract and more price reductions. While the market here has greatly appreciated in recent years, buyers are pushing back on what they are willing to spend. If they have to spend $500,000 on a home, they want nice amenities such as backing to open space, nicely remodeled, a great yard, etc. In other words, they will pay the price for the best homes in the neighborhood but not so much for the average home on the block. As a seller, this is important to know so that you’re expectations of the market are on target. You may need to price your home more conservatively depending on the circumstances.
IRES Multiple Listing Service https://ires-net.com/
About the author: Sean Gilliam is a Realtor® with RE/MAX Alliance in Northern Colorado. Sean can be reached at firstname.lastname@example.org or by phone at 970-313-6706. For additional articles see Sean’s blog or to search for properties see his web page.
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