When’s the Right Time is To Sell My Northern Colorado Property?
Realtors® get this question almost every time we meet a new client. Homeowners want to know what the market is doing and with all that’s happened in 2020 you can’t blame them. We put together some information to guide you through this thought process. How do you know when the right time is to sell your Northern Colorado Property? Read on to find out more.
Has a life event changed your outlook on being a homeowner?
During the last week of July, the Northern Colorado housing market may have revealed one of the strangest times in Real Estate history. Why, you ask? Mortgage rates hit an all-time-low and regardless of Covid19, sales went out the roof for single-family homes and condominiums. Many would assume a pandemic would make it harder to buy and sell a house. On the contrary, seems it was an excellent time for shopping online for a new home. However, outlook for many homeowners change during life events. While many buyers are jumping on the opportunities (Even with a shortage of inventory), others are finding a need to move out of rental situations. If you’re looking to sell your property and want to know if NOW is the right time, consider this: The National Association of Realtors reported a 20.7% increase in home sales.
“The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown,” said Lawrence Yun, NAR’s chief economist. “This revitalization looks to be sustainable for many months ahead, as long as mortgage rates remain low and job gains continue.” Lawrence Yun, NAR Chief Economist
Thoughts on Vacation Properties
Whether it’s in Florida or Loveland, Colorado vacation properties are a wonderful asset. On the other hand knowing timing to unload a property has many factors. Ask yourself how often you visit? When you spend time there, do you stay for days, weeks or months? Are you using the property as a tax write-off or some other way to save and invest? If you still use the home as a secondary place to live it maybe sensible to keep your mountain or lake home. Basing your decision on how much time you spend could be a viable solution. However, the only person who knows when the time is right to sell your home… is you.
Selling During the Right Time of Year
Occasionally, homeowners will pick a select time of year to list a property. Because Colorado has some snowy months, many people will wait till Spring-Summer to put the home on the market. During winter, there’s less competition with people dreading to move in the cold. Not to mention, moving during snow and ice is never fun. This could be another reason for the spike in home loans and buying. It’s really what you’re facing and your planning bearing the task of selling.
Cost and Budget Solutions
There are a small amount of Colorado homeowners moving to other states or towns because of budget. Cost of a home can often become difficult to meet especially with the economic burdens. This is a good time to seek alternative solutions such as refinancing taking advantage of the ultra-low rates. Many of residents are moving to find work elsewhere. These seem to be rare cases in Larimer County, where it seems normal. But these folks exist. If you are one of them and need to sell your home seek a realtor® who knows the market and has a strong list of contacts to sell. Many of the Northern Colorado agents are fearing a lack of inventory but have tons of buyers. If financing has become overwhelming, it sometimes makes the most sense to do a quick sale rather than filing bankruptcy. No matter the scenario, there’s always a solution.
Selling or Refinancing
Many folks struggle making decisions on whether to sell or refinance. Covid has added yet another layer to your decision making. Speak to a loan officer first; to see where things stand and if you might qualify for another loan. There are some homeowner who decide to sell, then buy their next home while rates are low. In many situations the sell-buy method creates a win-win situation. You could have a HUGE boost with credit scores amongst other benefits by selling your current home and upgrading or downsizing to the next. Best to weigh out all your options.
Talking to a Realtor® About Your Future
Chatting with your real estate agent or broker associate can help you with making plans. An experienced realtor® know the market, can offer suggestions even if it means not selling now. You’re the one who knows what’s best for your life and family’s well-being. But having a trusted voice and ear to listen can help.
Who Determines Your Plans?
The person who determines plans are you and your partner. By having a list of professionals such as a financial advisor, loan officer or mortgage contact and your agent provides additional insight. That intel is always good to carry in your back pocket in the event your plans shift or a change is necessary. Nonetheless, getting a plan ‘B’ in order provides you with an alternative and peace of mind.