It’s hard to know when it’s the right time to sell your home. You want to time it so it works within your own timeline, but you also want to make sure you’re listing during a profitable selling season.
If you’re thinking of putting your Broomfield home on the market soon, then you’re in luck: it’s the prime time for selling! Here are the top three reasons why you should consider listing your home sooner rather than later.
Mortgage Rates are Low
Currently, mortgage rates are the lowest they’ve been in years, hovering around 3.7% for a 30-year fixed-rate mortgage. Most experts predicted that mortgage rates this year would reach at least 5%, which isn’t too surprising considering rates were at 4.9% in November 2018.
With numbers lower than they have been in years, it’s prime time for buying—which means it’s also prime time for selling. More buyers than usual are likely going to be active, since these low mortgage rates won’t last much longer. For sellers, that means more action on the market!
Broomfield Homes Values are High
According to Zillow the average home value in the United States is $226,800, an increase of over 5% since last year. That’s a pretty big number, right? Well, in Broomfield, the average home value looks more like $438,100—so almost twice the national average—and has gone up 3.5% in the past year.
Even better news, as long as everything in the economy stays on track, those numbers are expected to go up another 2% in the next year. And since Broomfield is a competitive market, homes have been selling for more than the median value lately, coming in at $445,200. So not only are more buyers looking for homes, but prices are also higher and more competitive than usual—meaning major profits for sellers.
Timing is Ideal
In addition to the above average market conditions, the timing for selling is also ideal. Summer is the perfect gap between major holidays and the beginning of the new school year. Not only can the whole family come along for showings, but there’s also plenty of time to pack up and move in before things pick back up again.
As the seller, you can use that to your advantage. Since buyers are moving on a timeline, they will likely be more motivated to sell, meaning potentially quicker closings and better profits. On the flip side, buyers may guess that you’re also selling on a timeline and use that to their advantage, so be prepared to negotiate!
Ready to List Your Broomfield Home?
With low mortgage rates and high property values, the real estate market in Broomfield is booming. Take advantage of these benefits, and learn a little more about the selling process!