There’s a general consensus across the country that spring is the best time to list and sell a home, and that consensus has caused some behaviors that make it an even better season to do so. In Northern Colorado, the national patterns ring true and for many of the same reasons, but we want to help you understand why because we don’t want you to stress out about selling your home.
And you really don’t need to! Fort Collins, Longmont and Greeley all made WalletHub’s September 2018 list of Best Real-Estate Markets, which considered factors that aim for long-term growth, equity and profit. This means our Northern Colorado communities are great markets for both buyers and sellers. And on a different WalletHub list — the Best & Worst Cities for First-Time Home Buyers — you’ll find Greeley, Longmont and Fort Collins, again, ranked in that order.
But we know, in our strong and quickly moving market, navigating the ins and outs of real estate can be difficult. When do you list and at what price? When do you accept an offer? Luckily, you don’t have to do any of this alone.
Today, we’re rounding up a few of the top reasons to sell your home in the spring and we’ll be considering both local and national factors. When you are ready to begin the process, please contact us directly so we can connect you with our team of local experts.
Following national trends, our local housing inventory, sales and prices tend to peak in March, April and May. And across the United States, May through mid-June sees the highest average boost to sales price with homes selling at higher prices with boosts between $1,600 and $1,300.
But why does this happen and why does it happen here in Northern Colorado? Well, as housing inventory increases, buyers are motivated to start house hunting because they have more options, from budget to size to location. And as more buyers enter the market, competition between them gets fierce — especially in Larimer and Weld Counties where our populations continually and steadily increase in conjunction with demand for housing. As we discussed in What to Expect in the Northern Colorado Real Estate Market for 2019, Larimer County added 5,226 residents between 2017 and 2018 and Weld County added 9,925.
And in a strong housing market, as we have throughout Northern Colorado, the competition between buyers far outweighs seller competition during the spring. As a result, buyers are motivated to make higher offers, and that’s why homes typically sell at the greatest percentage of list price during this selling season.
Another result of high buyer competition during the spring is that homes can spend fewer days on the market. Because buyers are making better offers as they compete amongst each other, sellers may spend a shorter time waiting for the perfect offer. This makes sense when you consider all the same factors we discussed above, plus key factors in seasonal buyer motivation, which we’ll elaborate on below.
One of the main reasons homes sell quickly and at higher prices during the spring is because buyers are motivated by several seasonal forces. The most obvious of those is the weather: days get longer, the temperature rises, and the snow melts, which motivates many people to simply be out and get more active during the spring and summer. And that population includes buyers! During the spring, they’re more likely to attend open houses, more likely to reach out about visiting in person and more likely to want to move.
The other main reason—particularly for families—is the school schedule. Both spring and summer break offer great times to visit homes, and many families begin house hunting and buying during the spring so they can move and settle into a new home while the kids are out of school.
You only get one chance to make a first impression, and during the spring that impression can include blooming gardens, green grass, lush landscaping and bright, sunny spaces both indoors and out. We encourage sellers to take every opportunity to make their homes shine, and spring makes many of these processes much easier.
As people get more active around Northern Colorado—thanks, again, to the weather, the season and school breaks—communities get more active, too. During the spring and summer months, Fort Collins, Loveland, Greeley and other communities throughout the region celebrate with frequent events covering everything from concert series like Lagoon Summer Concert Series and Downtown Greeley Friday Fest to larger, annual events like FoCoMX, Greeley’s Cinco de Mayo Celebration and the Old Town Car Show.
Need ideas on how to show off your community? Check out The 26 Essential Spring 2019 Events in Northern Colorado. And for even more events in all our surrounding communities, go to our event calendar, NoCo Happenings.
Because the spring market is so active, sellers can enjoy a faster turnaround from selling to buying, and ultimately, moving into a new home. And because the spring season is active all across the country, this applies whether you’re staying in Northern Colorado, relocating within the state or moving somewhere else.
The Group, Inc. has been a driving force in the Northern Colorado real estate market for decades. That means our team has tons of experience living here, buying homes here, and selling homes here. If you have any questions about the process, the market or the community, please contact us directly.