If you’ve been considering putting your house up for sale during Home During COVID-19, now could be the perfect time given the current market conditions.
While some people have been concerned about listing their home during the COVID-19 pandemic, the latest numbers coming in on summer home sales in the Denver metro area should relieve some of your anxiety.
Denver Homes Hits All-time High Prices, Low Inventory
The Denver Metro Association of Reators reported that the average Denver home price is now at its highest level ($601,863 for a single family home) on top of home inventory being 31 percent lower than at this time last year. A total of 6,664 homes sold in July (an all-time high) compared to 5,415 in July of 2019.
“Buyers were not slowed by the pandemic as June’s record number of pending sales converted to an all-time high in the number of closings in any one month on record,” said DMAR Market Trends Committee Chair Jill Schafer. “Nearly seven percent more properties closed in July than our previous high in June 2017.
Furthermore, the number of homes pending (under contract) in July was a whopping 7,122, but less than the previous month’s record of 7,381.
Across the Country, People Looking to Buy
The Denver populace is not alone in its desire to own a home. Across the country, Americans are desperately trying to purchase homes. According to a recent article in MarketWatch, “Demand for homes is high right now. Pent-up demand caused by the delayed spring home-buying season from Home During COVID-19 has combined with new demand created by low mortgage rates and a desire among many Americans to move to the suburbs in search of more space as people continue to work and to educate their children from home.”
The National Association of Realtors recently reported that the index of pending homes sales rose 5.9 percent in July compared to June. It marked the third consecutive month that “under contract” homes have risen coinciding with home sellers sealing contracts on their homes in record time.
All of this points to as strong of a home sellers’ market as you’re likely to see. If you’ve been on the fence, this might be the time to take advantage of the low home inventory and buyer’s desire to get into a new home.
Steps to Quickly Sell Your Home for Top Price
Regardless of the demand, it’s important to take the necessary steps to show your home in its best possible light. Contrary to some beliefs, homes do not sell themselves. Due to COVID-19, some people may not feel comfortable entering your home but may be very motivated to buy. As a result, it’s imperative to showcase the property with all the tools that are now at our disposal, especially online apps and features.
- Virtual Staging. Concerned about your worn furniture and the lack of style in your home? No problem. By using virtual staging, you can turn an empty room into a designer’s dream. This technology allows potential buyers to take the guesswork out of each room’s potential and saves you hundreds of dollars in physical staging. It’s been proven that homes that are staged sell and close faster than un-staged homes, and doing it in a virtual manner saves you time and money.
- Declutter. One of the biggest turnoffs for any potential buyer is looking at your tchotchkes and family photos adorning the walls. The goal in presenting your home is to remove your personal footprint and allow the buyer to see how it can be transformed into new living space. It’s hard to visualize the possibilities with clothes, toothbrushes, papers and other personal items scattered around the house. Clear off all the counters, including the bathroom, and remove the majority of hanging pictures and artwork to depersonalize your home.
- Professional photography/videos. The right photographers can make your home look more spacious and appealing to buyers by capturing the right angles and views of the rooms. Don’t spare this expense as photos and videos are typically the views into your home and determine whether the person will want to make an appointment to see your property. Smartphone and amateur photography just doesn’t cut it when trying to make your home show worthy. When you choose a Usaj Realty Realtor to sell your home, their listing process includes professional photography as well as professional videography.
- Paint. This is an easy and relatively inexpensive step to freshen up your home. It’s a great DIY project or one that can be assigned to a professional. Neutral colors are best and avoid any splashy or trendy colors that could turn off buyers. Again, the idea is to help the new owner see themselves living in the home.
- Curb appeal/landscaping. First impressions of your property start the minute pull into your driveway or up to the curb. An inviting front porch or door, freshly mowed yard and flower pots will provide a nice welcome to anyone viewing your home. Make sure any weeds in the sidewalk or path leading up to your home have been pulled and sweep the front stoop.
- Fencing/screening of backyard. Amidst the COVID-19 pandemic, outdoor space has become a key element in a home’s appeal. Critical to that is a sense of privacy so evaluate your fencing on your property. Solid privacy fencing is highly recommended; at the very least, have some landscaping or other screening so potential buyers don’t feel open to prying eyes.
- Price it right. Your Usaj Realty broker has resources to determine the best price for your home. Establishing the right price means the difference between selling your home quickly (and maybe having a bidding war) or allowing it to languish on the market. The last thing you want is to keep dropping the price or worse yet, pull the listing.
Finally, your home should be featured on a variety of social media platforms to gain optimal exposure. Usaj Realty has a full suite of marketing tools that will get your home on the radar of people looking to buy.
For more information on getting your home listed, contact us at 720-398-2999.