Buyers and Sellers Both Win as Summer Real Estate Market Brings the PeakPosted on Jun 12, 2018
Some real estate experts say the summer real estate market will bring the much-anticipated peak. But if prices reach a high before declining in value, how can both sellers and buyers win in the situation? Because of rising interest rates, even buyers who buy the top of the real estate market could potentially save thousands of dollars in interest. But make sure you are willing to stay put or to turn your Denver-area home into a rental property if home values do really unravel because it doesn't make sense to sell if you are underwater on a mortgage. Of course, over the long-term home prices always bounce back. According to an article by The Denver Post, economists predict a real estate slowdown after a peak this summer. Economists anticipate a "mild" recession in early 2019. Consider a few sizzling tips for home-selling in the summer.
Preparing the exterior
To get ready for a summer sale in Colorado, start sprucing up the exterior of your home with exterior paint. Fresh paint makes a home appear clean and crisp. Reduce the risk of someone hating the paint color by sticking with modern neutrals such as gray rather than purples, oranges or browns. Other ways to boost curb appeal include adding native Colorado wildflowers and plants that don't require a lot of watering or special maintenance. Having a mini butterfly habitat or bird sanctuary in your backyard doesn't cost a lot to create but adds significant interest as far as a "wow factor." Outdoor living space helps sell a home in the summer so invest in outdoor lighting, hanging flower baskets and a pergola.
Addressing the important repairs
If potential buyers start to feel nervous about the housing market, the last thing they want to do is buy a fixer-upper that will cost them money if the market takes a downturn. Address all the pertinent repairs before listing your Denver-area home. Ask for advice from a professional plumber and heating and cooling technician. When the inspector checks your home, he or she will not noticed as many problems. Having your air-conditioning system maintained also keeps your home feeling cool as potential buyers take tours of the house. To save money on cooling down the home before a showing, turn on floor fans and draw the blinds to shut out the sun.
Other key actions to take to prepare for a summer sale include cleaning up clutter and putting away personal items. After cleaning up the clutter and packing holiday decorations, it's easier to stage the home to reflect the summer season in Colorado. Leave out cold lemonade and fill the home with bright, fresh flowers. Ask your real estate agent for a comparative market analysis. Then, work together to figure out a reasonable price from the start. It will be more important than ever to sell a home quickly this summer as no one knows for sure how long the peak will last. At Team Lassen, we help our clients buy or sell during any housing market. For more tips on taking advantage of a potential housing market peak and low interest rates, please contact us.