The numbers are in! If you’re a homeowner who’s considering putting your home on the market, your opportunity is now! Competition is down by 24%!
The holidays are in full swing and it's a time that allows us to give to others, spend time with loved ones, indulge in foods we know we shouldn't, as well as a time to reflect on the year that was.
It's also one of, if not the most, busiest times of the year. From shopping for gifts, arranging travel plans and attempting to attend all of those Holiday parties, it doesn't really leave much time for everyday life.
The fact of the matter is, LIFE GOES ON!
Let's face it, moving in the Winter isn't most's vision of an ideal time. A greater number would like to wait until the weather is picture perfect, the kids are out of school and the inventory of homes on the market increases.
The problem with that scenario is that you're not the only one with that plan. The majority of people are in the same situation as you and they are waiting until the Spring or Summer months to start thinking about making a move.
If everyone has a similar plan, that means as a seller your competition will go up and there will be more homes on the market to compete against.
As a buyer, yes, the inventory is higher in those months, but so is the number of buyers. The demand for those looking to purchase increases, which can typically lead to multiple offer situations and increases in sales prices.
The good thing is, if you think outside of the box you can get ahead of the curve and take advantage of the moderate market.
Sellers will have less homes on the market to compete against, with a buyer pool that consists of buyers that are motivated and ready to make a purchase.
For buyers, although inventory is lower in comparison to Spring and Summer, Winter is a great time to fly under the radar and avoid the Spring frenzy.
Don't just take my word for it. Take a look at the statistics from the month of November and you can decide what your best move is.
November Statistics courtesy of ReColorado
Home Sales took a slight dip from the month of October, down 6%, which is pretty typical for this time of year.
Compared to this time last year, the number of New Listings stayed fairly stagnate, with a slight decrease of 1%.
The most impactful statistic from November is the number of Active Listings, which plummeted by 24% from October.
The average days on market saw a slight increase of 3 days, but is still very low at 32 days.
Inventory is down by two weeks in comparison to this time last year.
The best news of all is the Average Sold Price is still increasing, as we see a 9% increase from this time last year.
Everyone's situation is unique, so if you've had any thoughts of buying or selling, call Chad Schneider at 720-767-2423 (CHAD) or Matt Thomas at 303-269-1617 to discuss what's best for you.