By Lance Fleming
Market & Main Realty, 303.710.7900
Even if the weather doesn’t seem to know it, it is now the coolest time of year. Many things attribute to the fourth quarter cool off in real estate. Families are settling in for the school year and less likely to move. Holidays happen the the end of every month, including big family gatherings in November and December. Money that may be saved for down payments, inspections, and the other costs of buying are spent on presents, travel, and food through those holidays.
Whatever the reasons, historically, the fourth quarter cools off with less new listings, less buyers buying, which also has led to average prices dropping anywhere from one percent to four percent less than the third quarter. We did see a drop in the interest rates in September, leading to more closings. More closings did not lead to higher prices though as prices were actually down a little more than $30,000 on average in northern Colorado. And looking ahead at the fourth quarter, the expectation is that buyers are going to continue to enjoy buying power in a market that continues to have high inventory and sellers eager to get a contract.
So what can a seller do? If they have to sell their home, what can they do to set themselves apart from others to sell in a slow time? A couple of things will help. First of all, pricing and understanding of what the market is doing is crucial. Marketing your property at a price that makes sense for what the market is doing right now and understanding that that number might be fluid as time goes by. Also understanding the market and setting expectations based on now versus three or four years ago. It is very different.
Second, your home in the best light to buyers will affect the time that it is on the market and how much you are able to sell it for. “Cleanliness is close to godliness,” they say… well it also helps sell houses. This is inside and out.
Outside the home, curb appeal of a home still matters. Cleaning out the leaves and out-of- season flowers gives a clean look. On the inside, de-clutter, touch up, purge and organize. Clean open spaces give buyers the opportunity to see the home as it is and picture what they will do to make it feel like home. Touching up the paint, trim, and flooring shows that the pride in ownership by the seller. Most buyers want to buy a home was taken care of. And finally, getting rid of the extra ‘stuff’ and getting the home organized will stand out, in a market full of homes. Personally, I have done this purge, renting a dumpster. It can be a little cathartic. Renting a storage space is also a
good way to get the unneeded stuff out of the way to show your home in the best light.
