The average days on the market from contract to close in February 2018 was 51 days. As of February 2018, there was only six weeks of inventory. This is wonderful for sellers.
DENVER (PRWEB) April 11, 2018
The Denver real estate market is synonymous with high prices and low inventory. “There are not enough houses on the market to keep up with demand,” said Madison & Company Properties broker associate Ryan Dillon. “In fact, in one year the average purchase price from February 2017-February 2018 went from $402,771 to $453,788 -- a 13% increase. The average days on the market from contract to close in February 2018 was 51 days. As of February 2018, there was only six weeks of inventory. This is wonderful for sellers”
To help sellers prepare for the hot Denver real estate market, Dillon shares the following three tips:
No. 1: Leave the weekend you list to be prepared for traffic. “Strategize the time and day of the listing to capture the most attention. We always suggest that the seller go on a mini vacation the first weekend to allow showings to be easy. The more eyeballs on the property the better!” stressed Dillon.
No. 2: Prepare for multiple offers. Navigate what makes an offer better than another, whether it’s cash, financed, etc. “You should also remove emotions from the process,” added Dillon. “Ask yourself where are you going knowing there isn’t a lot of inventory, contingent offers, tax implications on sale price and gains.”
No. 3: Work with a reputable real estate agent. The real estate professional one works with should have a proven track record. “It is crucial they have the knowledge and creativity to make their clients’ offers stand out,” concluded Dillon. “A lot of time it’s not about being the highest offer on the table, but showing the strength of our client's offer. That being said, Denver is a ‘cash’ market, and sometimes ‘cash’ is going to win the home.”
About Ryan Dillon, Madison & Company Properties, Ltd.
Ryan Dillon was born and raised in Denver. His familiarity with the city, its neighborhoods, lifestyle and people gives him an in-depth understanding of the central Denver real estate market and surrounding communities. Ryan has been helping people buy and sell real estate throughout Colorado since 2002. In 2016 he added a Transplant Broker, Andrea Buettner Wardell, to his team to serve the growing population. The two have combined experience of 25 years and give natives and transplants the best of both worlds. For more information, please call (303) 489-3211, or visit http://www.ryandillonproperties.com.
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