The Best Times to Buy or Sell a House in Colorado
Buying a new home or selling your current property is one of the biggest decisions you'll ever make. One of the first choices you'll have to make when you're buying or selling is when you want to move. Getting the timing right can make a big difference whether you are buying, selling, or both. Kenna Real Estate can help you to choose the best time to buy or sell in Colorado. We'll also be here to support you throughout the process.
When is the Best Time for You to Move?
The most important considerations when deciding when to buy or sell your home will usually be your personal circumstances. Moving home is a big decision, so you need to be sure that now is the right time for you to relocate. You might want to consider the following points when deciding whether now is the right time to buy or sell your property.
- How Quickly Can You Move? Homes can sell quickly in Colorado, so it can be helpful to have a new place lined up when you put your home on the market. You might want to consider renting or staying with family temporarily in order to ensure you can sell quickly.
- When Does the School Term End? If you have children who are in school then it can be a good idea to time your move according to the school year. Moving in summer will enable your child to complete the year, but you could also try to move at the end of the term to reduce the disruption.
- Are You Changing Jobs? If you have a new job lined up or you're transferring to another location, it can be best to sell your home before you start. However, your realtor can still handle the sale on your behalf even if you're moving out of state and won't be here to manage things in person.
- Will Moving Now Be Right for Your Finances? Buying or selling a home is a major financial decision so it's important to get your finances in order and consider your options before committing to it. Get your finances in order, talk to some mortgage lenders to find out how much you can borrow and under what terms, and take a look at the local real estate market to see if prices are rising or falling. If there are any potential issues then you might want to take some time to address these before you take the next step.
- Are House Prices Rising, Falling, or Keeping Steady? Taking a look at the local market or asking an experienced realtor for advice on trends in property prices can be a good idea. Property prices are generally rising in Colorado as there are many people looking to buy, but they are rising faster in some neighborhoods than in others. Waiting just a few months could make a big difference to how much you have to spend to get your dream home or how much you can make when you sell.
Everyone's circumstances are different and the right time to buy or sell a house can depend on many different factors. It's important to be sure that now is the right time for you to move, but it can also be a good idea to consider which times of year are best for buying or selling property in Colorado. If you can be flexible about when you move then you can time your purchase or sale to ensure you get the best possible deal on your home.
Why Does the Property Market Fluctuate Through the Year?
Many of the factors that you will consider when deciding when to move will also affect the other people who are planning to buy or sell homes. A lot of families will be keen to move at the end of the school term and most people would prefer to avoid the disruption of a move during the holiday season. Since many of these factors occur at the same time every year, they generate predictable patterns in the market. More buyers will be looking for homes in Colorado at some times than at others. The number of properties on the market will also change during the year depending on when people decide to sell their homes. The experience of buying or selling property can therefore change depending on when you decide to move.
When is the Best Time to Buy a Home in Colorado?
Buying a home in Colorado can take longer than selling a property here. Colorado is a sellers' market and there is often a lot of competition for properties in the state, especially in the Denver metro region. It can therefore be a good idea to start looking early, rather than waiting until you need to move. However, you will be at a big advantage if you can be flexible about completion dates when you find the right home. Sellers won't want to wait around for you when there are many other buyers who are interested in their property. You should be ready to act quickly, even if you find your dream home before you actually need to move in. It is also a good idea to get pre-approved for a mortgage before you start making offers. Having financing in place will speed up the process and make you appear a more reliable choice to sellers.
If you are deciding when to start looking for a new home in Colorado, then there are some times of year that can be more advantageous for buyers. You might want to consider buying your home at one of the following times:
- May to August: the late spring and summer months can be a good time to buy in Colorado as there tend to be more homes up for sale at this time. A lot of families will be particularly keen to sell up at this time as the end of the school year is approaching, so you should see a lot of listings for single family homes in the suburbs. Since there are more homes on the market, there is less competition between buyers, and the listing prices also tend to be a little lower at this time of year. However, Colorado is still a competitive market, so you can still find yourself going up against other buyers when you make an offer on a property.
- December: the end of the year can be the best time to apply for a mortgage as many lenders will offer lower interest rates or other special deals over the holidays. Fewer people are buying homes over the holiday season, so mortgage providers are keen to attract applications. As soon as the new year starts, these offers can begin to dry up as many people decide to make a move once the year changes.
The best time of year to buy property in Colorado will depend on your priorities. If you're looking for the best prices or you want to have as much choice as possible, then summer could be the right time to find your new home. However, if getting the best deal on your mortgage is more important, it might be worth arranging your mortgage in December and then finding your property at the beginning of the year.
When is the Best Time to Sell a Home in Colorado?
Homes tend to sell quickly in Colorado. In the most popular parts of the Denver metro area, the average time on the market is only a few days. It is common to find a buyer within a few weeks of listing your property, but the number of people who are looking for homes like yours can vary during the year. When demand is higher, there will be more competition for properties, which can drive up prices. You are also likely to achieve a quicker sale when there are more people looking for homes in Colorado.
Sellers in Colorado are generally at an advantage at any time of the year because there are many people looking for homes in the state, especially around Denver. However, there are certain times of year where you're more likely to get a good price for your property or to sell your home faster.
- The New Year: Inventory tends to dip at the beginning of the year, so putting your home on the market in January or February can work well as there will be less competition from other sellers. Many buyers start looking at properties in the new year when they start making plans for the future. You could therefore get a lot more attention from potential buyers at this time of year.
- Springtime: Although the new year can be a good time to sell in Colorado, the best time of year to put your property on the market is usually the spring. The spring months of March, April, and May are particularly good for sellers. Fewer homes are on the market at this time of year than there will be over the summer. You won't have to compete against as many other sellers to get attention from potential buyers. Since there is a lot of competition between buyers, you might also get better offers for your home. Properties in the Denver region will often sell above the listing price, especially at this time of year.
- Summer: Although there are usually more homes for sale over the summer, there can be some benefits to selling between June and August. More homes are on the market at this time, which can result in slightly lower sales prices. However, it is possible to get a quicker sale because there are also a lot of people looking to move at this time of year. The summer can be a particularly good time to sell a family home as many buyers with children will be hoping to move before the new school year begins.
The worst time to sell your home is usually over the winter. Fewer buyers are looking for properties at this time of year. Buyers don't want to go out looking for properties when the weather is at its coldest or to endure the stress of moving home over the holiday season. If you're thinking about selling during the winter then it might be worth taking some time to improve your property and waiting to list it in the new year or spring. You could add value to your property by redecorating, renovating, or getting some repairs done. You're also likely to get a better price and a faster sale if you can hold off until the spring.
However, Colorado is generally has always been a seller's market, especially in the Denver metro area. If you have your own reasons for selling at a particular time of year, then you should still be able to get a good price and a quick sale, especially if you have the support of an experienced local realtor. The most important factor will be when you need to move, especially if you have a new job waiting for you or you've already found your next home. Since properties generally sell quickly in Colorado, it will be a big advantage if you already have your new home lined up as you'll be able to act quickly once you start receiving offers.
Get Advice On When to Move Home
If you are unsure whether now is the right time to buy or sell property in Colorado, then you can always talk to us. Kenna Real Estate has helped many people to find their new homes in the Denver region or to get the best price when selling their properties in Colorado. Our experienced realtors are very familiar with the local real estate market, so we can advise you on the best times to buy or sell in each area. We will be here to help you through every step of buying or selling homes in Colorado.