The Odds of Selling
If you've ever thought about selling your home, you have probably wondered these two (2) questions:
1. What price will my home sell for?
2. How long will it take to sell?
Well I can't answer #1 for you right here but I CAN help answer #2. The always fabulous Megan Aller with First American Title, my stats girl, has analyzed the numbers to determine the Odds of Selling.
In other terms, the odds of selling is a calculation of all homes available for sale vs those that resulted in a buyer and seller agreeing to terms of a contract in a specific month. In our Denver Metro area, the highest odds of selling is typically in the early spring as inventory is at it’s lowest and buyer activity picks up quickly. However, with our shrinking inventory and increased affordability (due to lower interest rates), this trend is balking typical seasonal trends making NOW the time with the HIGHEST odds of selling.
As seen in the above graph, the average for August from 2013-2019 was only 50.7% but for August 2020 it is 73.4%. Therefore, if you have the highest probability of selling now AND the interest rates are at incredibly low levels, why wait?
Are you now asking yourself, "well I know the probability now but what about my particular area?" Don't worry, Megan created a visual to go along with that data as well! Let's take a look at the Odds of Selling by zip code.
What does this show? It demonstrates that the downtown areas are taking longer to sell and providing better buyer opportunity (not as great seller opportunity) than the surrounding outskirt areas. Those "suburb" areas are selling faster and providing the best seller opportunity!
I hope this helps to better understand our current real estate market in the Denver Metro area and of course, if you EVER have any questions, please don't hesitate to reach out to me. I would LOVE to help you!
303-597-6550 or Kylie@KylieMcKay.com