February Real Estate Market Trends

Jumping into January, buyers had more choices in the Signature Market ($750,000 -$999,999) as the months of inventory jumped to 4.21 months for single-family homes and 6.13 for condos. Even with more choices, buyers weren’t ready to buy as the number of single-family homes sold was down 32.17 percent from the prior month, and down 17.86 percent for condos.  

With more inventory hitting the market in the Signature residential segment, sellers are feeling the pressure of price reductions, longer days on market, more open houses, staging or needing to do more improvements to their homes. In January, the single-family segment actually had less average days on market, 52 days compared to December’s 68 days, but condos in the Signature Market saw a huge increase of days on market, going from 49 in December to 87 in January.


As we are hitting a more balanced market, we need to remember what it takes to sell a home: great professional photos (no smart phone photos please), videography, staging, pre-inspections and making your listing stand out from the rest of the homes on the market. Present your listing with excellence and don’t forget that buyers are still paying higher prices in Denver. In fact, Denver was recently rated the number one most competitive market by Forbes, so we need to make sure buyers are getting what they expect!

Brigette Modglin -DMAR Market Trends Committee member and Denver Realtor.     

 

The Open House Preparations Sellers Often Forget About

Preparing a home to sell takes a lot of work, and there are a lot of details to remember during the process. When it comes to selling quickly, it’s important to have an open house so potential buyers are able to see the house in person. However, getting your home ready for viewing is about more than simply cleaning.

There are many factors that go into making a home appealing to potential buyers, and while many of them aren’t too complicated, they often get overlooked. For instance, it’s always a good idea to do some research on the sale prices of homes in your community. In the Denver, Colorado area, the average price is around $414,000.

One of the keys to preparing a home for an open house is to ensure that no area gets overlooked. This is especially important if you have children or pets, as there may be spots in your home that need a little extra love due to stains or damage. Start by making a list of all the things you want to accomplish so you don’t miss anything, and enlist the help of your friends or close family members—especially when it’s time to move big items or when you’re purging and need assistance with finding a new home for some items.


Keep reading for tips on how to formulate a good plan for prepping your home.


Depersonalize

Many sellers forget the most important rule of staging a home: depersonalization. This can mean many things, but in general, it’s a good idea to remove family photos, collections, displays of dishes, or other small personal items, such as pet belongings. The goal is to make your home look like a model home so potential buyers can see themselves living there. So, put out your best decor and put away the personal items.

Remove odors

Often, a home has lived-in smells that the homeowner doesn’t notice because they spend time there every day. Go outside for a few minutes, and when you walk back in, make an effort to really smell your home. You might be surprised at how much of your pet you’re able to smell or how many cooking odors there are in your kitchen. Depending on the type of odor and where it originated, you may be able to get a fresher scent simply by opening up the windows to air things out a bit. However, you may have to do a deeper cleansing for things like pet stains on carpets. Your best bet may be to hire a cleaning company before the open house.

Clean up the lawn

The lawn often gets overlooked during open-house prep because the homeowner is so busy with the house itself, but it’s an important part of the sale. Make sure your home has curb appeal by mowing and trimming, cleaning up dead leaves, clearing the gutters, and touching up paint on the mailbox and front door. Take a good look at the driveway and garage floor, as well; any cracks can be sealed up or painted over

Have some treats on hand

It’s often the small things that will leave a potential buyer with a good impression. Bottled water, cool soda, and warm cookies are a nice touch that will help them feel at home. If you bake the cookies yourself, you’ll also be lending an amazing scent to the air.

Remember that if you have pets, you can put a towel or old sheet on the furniture to keep fur from sticking to the upholstery, and take it off before any visitors show up. Some homeowners find a pet sitter or boarder for the duration of the open house for the safety and comfort of everyone involved. With a good plan and some forethought, you and your family can set up a successful open house in no time.

Guest Blog written by Suzie Wilson

Photo by Skitterphoto  

Photo by Skitterphoto  

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