Now that interest rates have increased, selling a home is very different.
Should I sell my house right now?
This is a personal decision that has to do with a lot of factors. The most important factor to consider is: do you need to sell your house right now? Because if you need to sell your house right now, than whether or not it is a good or bad time to sell a house does not matter.
What is selling a house right now like?
Since the fall of 2022, the experience of selling a home has been similar to a normalized market. What I mean by that is since 2017/2018ish, the sellers have had a lot of power and this has translated to homes going under contract in 4 days or fewer, sellers receiving multiple offers, sellers receiving offers above asking and contracts having a lot of contingencies. The seller experience the past 4-5 years has been an anomaly.
Currently, homes are selling but the timelines are longer and the conditions are more balanced between sellers and buyers. What this means is that homes may sit up to 3 months without offers, the homes need to be priced correctly and the buyer expects the seller to be reasonable on inspection. "Reasonable" is a subjective term but in the past buyers were forfeiting their rights to ask for an inspection to win the contract. Those days are over.
That said, as rates stabilize and summer approaches, we are starting to see buyer demand return and sellers are receiving offers.
Should I sell my house or rent it out?
Because I believe so strongly in the Denver and Colorado Springs' housing market, I advise my clients to not sell if they can avoid selling. Moving an existing home into a rental will likely do two things: allow you to receive cash flow on an existing asset, benefit from future appreciation on that asset. To the extent that a client is open to having renters and can afford a new property, it is my advice to hold on to all properties.
Best month to sell a house?
Should I sell my house right now? We are starting to see increased buyer demand as the rates stabilize and the hotter months are coming. Sellers traditionally make the most money in the month of May- however the Colorado market has been so hot for so long that we haven't seen a lot of patterns beyond increasing prices over time.
If you have questions, please reach out.