November '22 Market Report
November 2022 Real Estate Market Report For Denver Metro
Closed homes in the Denver Metro area were down in October from September by around 24% from the prior month and around 40% year-over-year. To put that simply, 1 in 4 homes are not selling. Let's take a look at why this is, what opportunities this may be creating as well as what you, as a home owner can do about it.
Here what to know about investors:
When sellers started to struggle to the market transition, investors took this as a sign of a sure gold rush where they could snap up these houses that are "sitting on the market" and do their infamous turn and burn. This has ignited the already existing fear in seller's minds when the driving force with them are not the market rather tha opportunity to find "a good deal." Don't let these low offers shake you and just know as a seller in todays market, you can almost count on getting them after the first week or two.
The average days on market is up to 28 days so rest assure when these offers come in, they are hoping you only know that your house has been on the market longer than you may be accustomed to but not longer than the average. It may be tempting to take it and call it a day however in most situations you will be leaving money on the table.
Investors: have a heart please. Yes, there are great opportunities out there however intimidation and low ball offers on homes that have been on the market a few weeks is not the way to secure them. If you are looking to invest in real estate, schedule a time to meet with our experts and let's go over an acquisition strategy that works and that you can feel good about.
What you can do about it:
It has been proven time and time again that it's much more effective to focus on what is in your control than what is not. With that said, here's a few things within your control that you can do this fall to improve how your home sells when it comes time to sell.
Fall is the perfect time to paint the exterior of your home. This doesn't only improve the curb appeal however this also protects it from any water penetration as we enter winter. If you would like to get some quotes, give us a call and let us send you a few referrals for painting companies we've come to trust through first hand experiences.
Aeration and over-seeding is also another small thing that makes a big impact. Your lawn and yard are a representation of the rest of your home and it's the easiest to see. An unkept yard showing years of neglect just tells buyers that that's who you are and that's what to expect with the home too. This isn't only for the health of your lawn but if you haven't noticed, an unwatered and non-cared for yard turns to a mud pit very quickly here. Aerating and overseeding is the easiest way to manage your lawn even before you start with the fertilizers and chemicals. And for those of you who haven't gotten there yet, get those sprinklers blown out soon if you haven't already. If you need a contact for either of these, reach out and we'd be happy to get you in touch.
Now that we've had a little taste of cold air, the idea of lighting your fireplace might've crossed you mind. Before you do, please have it inspected. It's a good idea to do this every year to make sure it's venting gases properly and that there aren't any potential fire hazards. Nothing ruins a holiday season like a burnt down house so don't be lazy, don't take your chances, just do it before you light it for the season.
What has changed for homeowners:
I don't need to tell you things have changed however what has changed most is the approach you and your real estate agent need to take to sell your home. It's no longer about the best pictures and latest virtual tech. It's about proper and effective implementation of these tools and techniques. It's been said that people don't make decisions with the logic and reason rather with emotions. Yea I know you'll hear me say a million times not to make a decision with your emotions however as human beings, the logical part of our mind is there to analyze and gather data not to act on that data. It's our emotional response to that date that determines how we make our choices.
What it's going to take to sell you home in this market and the market we're going to need to become used to is an agent that is able to tell your homes story, in a way that connects with the story the buyers are looking to write for themselves. They have a vision of their needs and wants and as a listing agent we need to present your home in a way that they can see, taste and feel their future in that home. Once you have that connection, that buyer will do whatever it takes to acquire that home, of course within reason.
So how do we do this? Is it about using a ton of adjectives in our descriptions? No, not at all. okay well maybe a little however what its about is getting to the core, to the essence of your home. What made you fall in love with it and pick it? Over the time you've spent there, what have you learned to love about it? Are they they same or are they different? A home is more than a collection of walls, its a vessel carrying our dreams and memories and it's alive just as much as those who reside inside of it. So some sage advice, stop asking agents what pixel ratio they are using and start asking them what they see when they see your home. Listen and see if they can tell it's story because we can.
Make this month a phenomenal month and if there's anything we can do to better support you, as always don't ever hesitate to reach out!