According to the latest data released by REcolorado, the Denver area market is changing, including more price reductions and longer days on market. What does this all mean for you?
First let’s take a look at The ShowingTime Showing Index® for more clarity. This methodology measures showing traffic per residential property for sale by agents and brokers utilizing ShowingTime solutions for property-access management. A higher number means that an average home receives more buyer visits in a given month. (All index values are scaled relative to initial index value set to 100 for January 2014.)
Currently, the Showing Index for REcolorado® for July 2018 is down 12 percent compared to the same time last year. Although the summer months typically post fewer numbers, that dip is staggering.
With fewer potential buyers looking at homes, it’s important to work with a seasoned professional to make every showing count. It’s also critical to launch your property using trademark secrets only the pros know, so even if you are in a down market, you’ll have a better chance of selling. Other data points of note show consistent decreases from 2017 to 2018, demonstrating an overall slowdown in the market. My advice?
For Sellers: Price your property right the first time so your listing gets the attention it deserves. Stage the home to allow its best attributes shine. And above all, work with a proven expert who can get your home in front of the right buyers by executing a custom tailored marketing plan.
For Buyers: Make the most of your home search by implementing a streamlined approach. Take advantage of the market conditions and allow your broker to do the work for you. They have resources and tools to help you find of-the-minute listings and can also come up with a solid negotiation strategy when you’re ready to act.
Looking for more detailed information on what today’s market conditions mean for your home? I would be happy to share our latest micro market reports which break down area neighborhoods and give a clear picture of price analysis, days on market, and a thorough market landscape. I drill down the data so you don’t have to! Give me a call and let’s talk.