To Sell or Not to Sell in 2019? That Is the Question
Could 2019 be the ideal time to sell your home? Today I’ll discuss.
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Is 2019 the best time to sell your home?
We’ve had a really strong market in the Denver metro area for the last several years. Considering the market crash in 2006 and 2007, as well as the resulting decline up until 2011, we’ve since been in a positive climb. In fact, the market between 2012 and now has been the longest upward-trending market that the Denver metro area has ever seen.
Does this mean we’re due for another crash?
Not necessarily. It does mean that we’re in a situation where conditions are becoming more favorable to buyers than they were before, and though ours is still considered to be a seller’s market, there’s just not the same level of insanity that there was only a year or two ago.
What does this mean for sellers? Does that mean you can sell your home for less money right now?
Actually, that’s not the case. In the past couple of weeks, we’ve had multiple properties we’ve set all-time highs for in their respective neighborhoods. Right now could be a great time to sell.
Over the last couple of years, we’ve had homeowners who have wanted to sell but couldn’t because they failed to find a replacement property. Our current inventory is up 20% to 30% depending on which part of the city you’re in. This means that there are more options for home sellers to find replacement homes.
These factors all indicate that sellers in our market have some good opportunities to pursue.
We’re also seeing that homes that are in good condition are still selling with multiple offers on the table. Now, there are more homes that have had price reductions on them; you can no longer just list a house that’s in need of a lot of work and expect it to get multiple offers. That aside, now is still a fantastic time to sell.
Another factor to consider is our interest rates. Last year, they shot up, but they’ve since come right back down even lower than they were before. Nationwide, rates hover around 4% for 30-year fixed mortgages, meaning that buyers can afford to purchase homes.
These factors all indicate that sellers in our market have some good opportunities to pursue. While we can’t predict what will happen in the future, we certainly aren’t predicting a crash here in Denver, and we do expect conditions to become more favorable to buyers over time.
If you’re thinking of selling your property and are curious about its value, reach out to us. We’d be happy to let you know if now is truly the best time for you to take advantage of the 2019 market and sell your home.