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Whether you're looking for homes for sale in Evergreen and are considering moving to our beautiful mountain community or just curious what you might be able to sell your Evergreen home for in the current real estate market - get the latest market news, things to do and find out what's happening around town by following my blog below. Enjoy!


Is Now The Right Time To Sell You Home?

Brad Eich - Tuesday, April 08, 2014

Is Now the Right Time to Sell Your Home?

My clients often ask me if now is a good time to sell their home.   The answer to the question depends on what is happening in your micro marketplace, how competitive your home will be once it’s listed, and what your motivation and goals are as a seller.

Looking at the math

It appears that there is currently a good window of opportunity to sell your home. As you can see by the attached illustration, the most dramatic effect in our local housing market is a lack of inventory. According to local MLS reports, Evergreen and Conifer have almost half the amount of houses available compared to the same period last year. As with any product, low supply and greater demand drives price.  Evergreen and Conifer show a 20% increase in average price and a median price increase of 15%. Although average and median prices will vary upon price point and subdivision, it appears that our little mountain community is having a good run on Real Estate values. 

Buyers are having a difficult time finding a place to live. My co-workers and I are seeking inventory for our qualified Buyers.  Buyers are willing to pay asking or close to asking if the home is priced appropriately. Interest rates are still low but they have ticked slowly upwards and I believe will continue to do so over the next 2 years. Rising interest rates allow buyers to afford less in a home than earlier in 2013. A buyer might be paying $150-$200 more per month on a $300,000 loan than would have been paid 12 months ago. If interest rates continue to rise, this will put downward pressure on housing prices.  However, currently the lack of inventory is still driving price. A recent survey by Redfin found 38% of home sellers believe now is a good time to sell, an enormous improvement from 22% in the fourth quarter of last year. Rising interest rates and more homes coming available for sale could slow our market.  Now might be the time to get out the Windex and clean up on the window of opportunity.

Determine how your home might compete in your particular micro-market

I heard a recent complaint from a lender that an appraiser from “down the hill” could not come up with the negotiated price between a Buyer and Seller. I don’t know the specifics but perhaps the appraiser was looking at values in Hiwan. Well, we all know there is a big difference in values between Hiwan, The Ridge at Hiwan and Hiwan Hills. An appraiser or Realtor providing values in a traditional subdivision in the Highlands Ranch market will most likely not understand the intricacies of determining value within the micro-market of our mini mountain community. It is imperative to have a competent mountain realtor do a market analysis for your property. Your Realtor will help you look at comparable sales (as an appraiser might do) to help you determine how realistic your desired price is given the condition of your home compared to homes that are most similar in location, style and condition. Keep in mind that banks scrutinize appraisals and if the price is inflated, then the buyer will be denied the loan. Having your realtor preview comparable listings (if there are any) will help you determine how your home will compete in the eyes of the buyer. Keep in mind that buyers are in and out of homes in approximately 10-15 minutes. If your home is overpriced or not staged appropriately, they will move on to the next.   Generating second showings generates offers.

Your personal motivation

It’s the most important factor in determining if now is the time to sell. The best time to attract an offer is within the first 30 days of listing. If you are motivated to make repairs, stage your home, obtain and pay for the proper marketing/expertise, price your home competitively and adjust to feedback from showings, your home will most likely sell in a timely fashion and within 96-98% of your asking price. If your motivation is to put your house on the market “as is” and to push for a higher asking price, it is likely that your home will spend more days on the market and will eventually attract lower offers or not sell at all.  Both of these scenarios hold true in any market.

Deciding whether now is the right time to sell your home is a very personal decision and is dependent on multiple variables.  Utilize the many resources available to assist in making and executing this important life decision.

Brad Eich is a Certified Mountain Area Specialist Selling Real Estate in Evergreen, Conifer and Golden for 17 years. For more information, you can reach him at RE/MAX Alliance Evergreen

303-674-6343, bradleyeich@yahoo.com, HomesOfEvergreen.com

 

                        Single Family Detached Homes 2012 Compared To 2013


Evergreen/Conifer

Highlands of Denver

Golden

Average Price

422K to 441K        +4.5%

399K to 437K

+9.5%

425K to 452K

+6.3%





Days On Market

121 to 89

(26.4%)

54 to 43

(21.4%)

95 to79

(16.8%)





List Price/ Sold Price

93.5% to 96.1%

97.8% to 98.2%

 96% to 97.5%





Homes For Sale

7196 to 5418

      (25%)

1114 to 455

     (60%)

5804 to 3625

        (38%)





           


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