With the holiday season, the real estate markets slows way down in the 4th quarter, for both demand and house inventory decreases. This slowdown means an increase in days on market, seller concessions, and price reductions. Because of these market conditions, buyers and sellers must work together to make a deal and get homes under contract.
Megan Aller, Senior Data Analyst at 1st American Title, explains, “In October of this year, 59.3% of home closures had a concession associated with them. The average size of that concession was $9,300.” Along with seller concessions, price reductions are more common. In a week’s snapshot of time this year, Aller noted that 49% of sold homes had a price decrease of 5.5% off the original price on average.
This time of year, having a trusted and qualified real estate agent is more crucial than any other time for buyers and sellers. Buyer agents can help negotiate the best deal, and seller agents can help get that home sold in a challenging market.
For more information on market data and house titles, please contact:
Megan Aller
First American Title - Greater Metro Denver
Phone: 720.229.6641
Email: Maller@firstam.com
If you have any questions about selling or buying a home, don’t hesitate to contact Chadwick V.R. Williams at Denver Real Estate Professionals. We are happy to be a free resource for all your Colorado real estate needs.
Chadwick V. R. Williams, SRES, CRS, GRI, SRS, Luxury Certified
Broker | REALTOR® | Property Manager
720-666-9805