Selling Your home in Colorado

We understand there is more than just one way to sell real estate. Therefore, we strive to provide a variety of tools, techniques and concepts to assist our Realtors in creating and implementing the best marketing plan available to help you accomplish your real estate goals, while keeping your needs and your home specifically in mind. There are many fine details that if overlooked, could result in a lower sale price. To maximize the sale of your home, you need a professional and qualified Realtor.

Sterling Real Estate's expert realtors strive to stay on the pulse of changes in the industry and use the most effective and cutting edge marketing and sales techniques. Our knowledgeable realtors are here to answer all your questions and to get your home sold in the shortest amount of time and for top dollar.

After you hire a Sterling Real Estate Group agent to list your home, the first step is to determine pricing. The listing price is one of the most important factors in asuccessful home sale. Many people tend to list too high and they either have to reduce the price, or it takes much longer to get any offers. We will determine the right price with a comparative analysis in your market.

Next, your agent will help you prepare your home for sale with cleaning, repairing, and staging the home to make the best impression and maximize your return on the sale. We will then photograph, list, and begin marketing the home. Buyers will tour at open houses and showings. Depending on the state of the market, you might receive multiple offers. We will advise and advocate for you to negotiate the best possible deal. Once you accept an offer, the home will go under contract. The home must then pass inspection, title search, an appraisal, sometimes a property survey, final loan approval, and a walk-through by the buyer. Once everything is clear, it's time to close!

Closing is the final step in your home selling process. During the closing, the deed is delivered to the buyer, the title is transferred, financing documents and title insurance policies are exchanged, and the agreed-on costs are paid. Some of the final documents are signed. Keep in mind that you may be required to pay at closing, including agent commissions, loan fees, title insurance charges and recording filing fees. These costs typically come out of the profits realized on the sale of the home.

Where to start? In May of this year, housing data for the Denver Metro area market had more homes actively available for sale than we’ve seen in nearly five years. The number of new listings rose 27% year over year with existing inventory, jumping 65% year-over-year to 9,029 units. That was a notable milestone, as it signified a return to pre-pandemic levels of active listings. So you would think with more homes on the market, you would have more sales. Well, it didn’t work out that way. For the month of June there were only 3,618 listings closed, which was nearly 500 fewer than the month of May. There are fewer homes under contract too with 3,919 currently pending. This July isn’t looking any better with typical slower activity for the month, as home buyers try and get that last summer vacation in before school starts in August.

The median price did increase by $5,000 year over year, to $600,000 but again most of that was due to the increase in home sales in the $1-2 million dollar price range, not due to an increase in prices in the median price point. Sellers are dropping their prices, days on market are increasing and inventory has increased by two months worth and now sits at 10.8 weeks of inventory. Expect to see prices drop even more for the month of July and inventory continue to increase.

Affordability is still the major reason for the decline in sales. In the Metro area, not only are buyers dealing with continued higher interest rates, they are also dealing with much higher homeowner’s insurance costs as well as property taxes. The affordability factors are real, especially with other inflationary pressures on just about everything else the consumer needs to purchase too. Overall, the Denver Metro housing market is definitely transitioning towards a more balanced market. While buyer activity remains healthy, in the upper and lower price points, the significant rise in inventory suggests a potential cooling off period for the previously seller-dominant market. From what I’m hearing on the “streets”, people are holding off with the hopes that interest rates will decrease as we near the 2024 election. Regardless of the price range, pricing homes correctly is fundamental to successfully selling your home. However, if you take the time to prepare your home for market by de-cluttering and making minor repairs and staging as needed, you can still anticipate getting a good offer for your home. The agents at Sterling Real Estate make it their mission to make sure your home is prepared properly and advertised in the best light possible.