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If you sold a home in Colorado in the last few years, you may not even know what seller concessions are. However, with today’s market conditions, seller concessions are very common; in fact, I would venture to say it’s not a matter of if a seller is giving seller concessions but a matter of how much. Seller concessions are used for many things. They are most commonly used for paying for closing costs, buying down interest rates, or covering repairs to the home. Seller concessions come out of the seller’s net proceeds, so it is very important to understand how much seller concessions are being given to the buyer. It is also important to remember that seller concessions are 100% negotiable.

Like concessions, previous Denver sellers might not have had to worry about what color their walls were painted, how dated their carpet was, or even if the roof was certified or not.  There were so many buyers in the market that any home for sale might have received 10+ offers within hours or at most, days of being on the market. This caused many buyers offering to buy a home as-is to be more competitive. Now that buyers have more options and typically are not competing with other buyers, the condition of the home is more important. If a home is in need of repairs, whether cosmetic or differed maintenance, the price is now going to reflect this by either a) selling significantly lower than comparable homes in better condition or b) by having repairs made prior to selling.

This old phrase might not have had much meaning in most recent years for the same reason the home’s condition didn’t. However, this old phrase is now back in full force as buyers no longer must fight over the inventory that is available and have choices. This means things like being next to major roads, overhead powerlines, commercial spaces, railroad tracks, or any other negative environmental aspect will once again affect a home’s value. How much value you ask? This is more subjective and will depend on each potential buyer, but the simple truth is the price will have to be low enough for a buyer to justify not buying the home that isn’t sitting next to one of these items. In many cases, I have seen appraisers use a figure of $15,000 or even more when adjusting for major roadways, railroads, and the like.

No one can disagree that it was very convenient to be able to list your home on a Thursday, plan a fun weekend getaway, and come back home on Monday having multiple offers on your house. Those days are indeed gone unless you’re willing to price your home aggressively and give up net proceeds in order to sell it more quickly. In most cases today, homes are on the market for an average of 43 days before going under contract. This is very important to know so that you’re able to plan your home sale accordingly. If you know you need to be making a move in April or May, getting your home on the market in the next month is going to be your best option. This will ensure you have enough time to properly market your home and maximize your sales price.

Indeed, being a home seller in Denver is not as easy as it might have once been., but it is not all bad news for home sellers. Values are still at historic highs, and demand does still exist across Denver. Working with a professional real estate agent will make the difference between the successful sale of your home or having it sit on the market wondering what happened.

The best news is you don’t have to look any further for that expert real estate agent. At TK Homes, we take market research seriously and understand today’s market conditions to provide real solutions that work in today’s market. This all starts with a real valuation based on comparable nearby homes, then making adjustment on price, and also taking today’s market conditions into consideration. We have real marketing strategies that put your home in front of potential buyers ready to make an offer. Once under contract, we have the firsthand experience to negotiate throughout the contract to ensure you maximize your net proceeds at the closing table.

If you want to sell your Denver area home, take the guesswork out of the market and work with TK Homes, we will put our real experience to work for you. Contact us today, to see the real TK Homes difference! 

~ Written by TK Homes CEO/REALTOR®, Trevor Kohlhepp