According to the Denver Business Journal, last month Denver was the fastest selling housing market in the nation, with nearly half of homes on the market going under contract in just 6 days, down from an average of 11 days from Listing to Under Contract at the same time last year.
If you are listing your home for sale and staying in the Denver Metro Area, you may want to consider putting the cart before the horse, and pursuing your next home before you sell your current home.
Things to consider as a Seller in a fast-paced market:
- Talk to your Realtor about including a contingency clause in your Contract to Buy & Sell; the Closing Date on the sale of your home will be determined by the forthcoming Closing Date on your next home.
- Even if you aren’t comfortable making an offer before your home is Under Contract, begin searching for your next home (if you’re staying in the area) as soon as you begin preparing to list.
- Have a Plan B — and maybe a Plan C for good measure.
- If your home sells before you secure your next residence, can you stay in a residential hotel, or crash with a friend for a bit?
- If you need to rent while you continue your search, what will this cost?
- Where will you store your stuff if it takes time to land your next home?
- Will temporary housing affect your commute?
- Will you be able to rent within your current school district, if it takes time to find your next house?
As a Seller, the Denver housing market is highly in your favor, and it’s an exciting (and potentially profitable) time to sell your home. If you’re staying in the area and looking to upsize, downsize or transfer to another area of the city, you’ll want to work with your Realtor to plan the details of your “next” so every aspect of your sale, and the transition that follows, is as close to ideal as possible.
Thinking about making a move? In this marketplace, you’ll need an expert guide! Let me know how I can help.