“For the seller, they’re giving up their home where they have all of these attachments. For the buyer, it’s about painting a picture of their new lives and then carrying them through the whole process to a positive result.” – Sally Foster Jones, SFJ Group.
The song “Let it snow” has the words, “Oh the weather outside is frightful. And the fire is so delightful,” but buying or selling a home during the holidays can be a good idea.
Here are a few things to think, whether you’re a seller or a buyer, during this holiday season.
With the hot market here in Colorado, many buyers are finding themselves frustrated and may decided to wait until Spring 2015 to purchase. Yes, you could wait, could there be more homes on the market? Possibly, or inventory could continue to be low.
What about interest rates? Yes, they could go up. With regards to interest rates even half a percentage could significantly change the price of the home you are qualified for.
What about prices, I want a deal. Prices could go up, and that can reflect the price of a home you are qualified for and change your monthly payment. Even a $200.00 change in payment could make some buyers uncomfortable.
The real estate market for April 2014 saw some interesting numbers for the greater Metro Denver area.
Here we go: 48.8% of sold homes went under contract in 7 days or less, and 52.3% sold for at or over their asking price.
Detached single family homes sold under $200,000 went for 101.3% of their last asking price.
Based on sold transactions in April there were 4,155 to create a balanced market we would need to have 24,930 active homes on the market with 6 months of inventory. There are only 5,654 active attached and single family in the marketplace. Which means we are short of inventory by 77.3%.
If you are thinking of selling this would be a good time, less competition and there are a lot of buyers out looking for houses.