“How can I sell my house fast in Telluride, Colorado?” If you’re asking this question but still can’t find the answer, then you’re likely not doing it the right way. Selling a property doesn’t just involve putting up a “for sale” sign on the lawn or listing on websites for Telluride houses for sale. The process takes a lot of time, patience, and preparation, as well as a keen understanding of the market.
There are important things to know to make your home-selling endeavors more effective. Continue reading below for tips and insights on selling your home faster in the Telluride real estate market.
AN OVERVIEW OF THE TELLURIDE, CO REAL ESTATE MARKET
Understanding the dynamics of the Telluride real estate market is crucial in selling your home for top dollar. Just like many other communities across the country, the Telluride real estate market benefitted from the impact of the pandemic. Low interest rates, low inventory, and strong migration to remote leisure communities combined to raise home prices in Telluride amid increasing demand. But in 2022, home sales in the town and other mountain communities in Colorado are finally showing signs of slowing down.
Between 2019 and 2021, sales volumes and home prices went up more than double compared to the preceding year. In May, 2022, however, six Colorado counties experienced a decline in home sales. San Miguel County–where Telluride is located–recorded $547.6 million in sales compared to $604.8 million during the same period in the previous year.
Nevertheless, home prices have remained high throughout 2022. They even reached record levels, which has kept the overall sales volume high. From January to June this year, the average home sale price in Telluride was $2.985 million, 36.2% higher than for the same period in 2021.
Another key factor to consider when selling property in Telluride is tourism. Due mostly to capacity limits imposed during the pandemic, the town’s tourism slowed down in 2019 and 2020. But in the 2021-2022 ski season, the Telluride Tourism Board has noted that the numbers looked similar to pre-pandemic winters. For example, the average daily rates for lodging increased to $902 from $530 in the 2018 and 2019 seasons.
Why are these numbers important? Tourism, together with leisure economic sectors, has great impact on a resort town like Telluride. As the town accommodates more tourists, the amount of business generated for the real estate industry increases as well.
Visitors who experience the beauty of Telluride may lead to conversions. Directly or indirectly, people will consider moving to Telluride or buying a secondary home here. Additionally, tourism boosts the local economy by generating new jobs and opening development opportunities.
However, prospective homebuyers should still be careful even when things are starting to look up. Conversely, sellers shouldn’t just accept the first bid on their property. To maximize your investment, it is best to seek proper guidance from a reputable real estate agent before closing a deal.
THINGS TO DO BEFORE SELLING TELLURIDE REAL ESTATE
“What can I do to sell my house in Telluride, Colorado quickly?” The answer to this question can be broken down into two aspects. The first is physically preparing your home and the second one is knowing when to sell it.
Putting in the work before selling your house in Colorado
The first aspect to consider before selling your property is the actual preparation of your home. Depending on when you’re putting it up for sale, there will be different tasks you’ll need to accomplish.
During the summer:
- Prep your home’s exterior
Start with raising your property’s curb appeal by fixing your home’s exterior. A house with poor curb appeal will take longer to sell. Begin with your lawn by mowing and watering the grass. Trim shrubs and bushes to keep them from being visual obstructions. Examine the flower beds and take out all the weeds.
When was the last time you repainted your home’s exterior? If you can no longer remember, then your house is probably due for one. Consider giving your front door a fresh coat of paint as well.
Keep in mind that the colors you pick can make a significant impact. But if your objective is to sell your home fast, it’s best to stay with neutral colors to appeal to a larger number of potential buyers.
- Declutter, declutter, declutter
Get rid of all the clutter, especially the personal ones. One of the secrets behind effectively marketing a home is depersonalization. You want prospective buyers to easily connect with the house. Having your family portraits and other personal effects can only cause distractions, so it’s best to put these away during home viewings.
When decluttering, remove excess knickknacks and keep small appliances hidden from view. Give your home a deep clean and make sure it’s free from dirt and dust.
- Complete all quick fixes and minor improvements
Make sure all faucets, sinks, toilets, and other fixtures are in good condition. Replace light bulbs that are no longer working. Revisit your furniture and replace the ones that make the interior look cramped.
Additionally, you should check the condition of your carpets, as old and dilapidated ones can turn away buyers quickly. Spray air freshener to keep your home smelling good.
During the winter:
- Lighting matters
When selling your home in the winter, use natural light to your advantage. Pull the blinds up and push the drapes back. Use spotlights and additional artificial lights if needed to brighten dark rooms.
- Mind the temperature
Just like in the summer, you need to keep things comfortable for prospective buyers during the winter. Turn your thermostat a notch higher. Light up your fireplace but make sure to open the damper.
- Work on your paths and driveway
Prepare the paths by clearing all the snow. Take note of freshly fallen snow as these could turn into ice, especially at night. Sprinkle some salt or sand over the snow to prevent ice from forming. Make sure your driveway, decks, and patios are snow-free as well.
Staging your home
Whether you’re selling during the summer or winter, consider staging your home. Studies have shown that home staging can help you sell your property by around three to thirty times faster. Moreover, it can boost the property’s price by an average of 20%.
WHEN IS THE BEST TIME TO SELL YOUR HOME IN TELLURIDE, CO?
The key to determining the best time to sell your property is to understand the market’s seasonality. Some months favor buyers while others give the edge to sellers.
The advantages of selling during winter
In a skiing community like Telluride, winter is the time when renters and vacationers are out in full force, and many of them are likely on the hunt for homes for sale. Since they’re already in town, scheduling showings is easier. There’s also generally less competition among sellers as inventory is relatively low during the season. This gives you an advantage during negotiations and more opportunities to sell your property at a higher price point.
Additionally, transactions close faster during winter especially if you have a competent real estate agent by your side. With fewer transactions happening, home inspectors, escrow companies, and lenders will have fewer documents to work on. This allows them to deliver faster turnaround times without compromising quality and accuracy.
Lastly, selling during winter is an excellent opportunity to showcase how cozy your home can be. Aside from lighting the fireplace, complement the snowy outdoors with some warm holiday indoor decors.
The advantages of selling during summer
While winter may bring interested buyers to your doorstep, many of them may just be looking around. People troop to Telluride during ski season to enjoy snow sports. Though buying a home may be in the minds of many, not all of them are truly ready to acquire one.
On the other hand, summer gives you more quality and qualified buyers. Buyers who travel to Telluride do so with closing a sale in mind. They schedule dedicated trips to Colorado primarily to view available houses. During the summer, you’ll find more prospective buyers who have already organized their finances and are likely ready to put an offer after the second or third viewing.
Additionally, because of the friendlier weather conditions, access to your property is easier. Prospective buyers can drive to your place without worrying about thick mud and heavy snowfall. They can also enjoy the greenery while driving and get a clearer picture of what Telluride looks like outside of skiing season.
Finally, summer appeals to buyers who want just enough time to prepare the house for the upcoming ski season. Generally, buyers during winter wait up to 12 months before they can use the property. Summer buyers, on the other hand, only need to wait three to four months.
With the current trend in Telluride’s real estate market, now appears to be the best time to sell your property. In August 2022 alone, the median home listing price was $3.5M, up 44.8% compared to August of the previous year. Inventory has decreased by 29% from 2021 to 2022, making the competition for homes more intense and increasing the chances of a bidding war.
In addition, as the town continues to lift restrictions imposed during the COVID-19 pandemic, more people are coming to Telluride, including buyers who had to postpone their home buying activities in the last two years.
If you wish to sell as quickly as possible, aim for buyers who will pay in cash. Cash buyers look to seal the deal in a matter of days.
Ask your real estate agent to show the current market metrics in the area. This will give you an idea on any seasonal patterns and fluctuations in the value of homes in Telluride.
Your personal circumstances
Seasonality is only one of the elements to consider as far as proper timing goes. You still need to make sure that you’re listing your property only when you’re truly ready. It means being at peace with the idea of parting with your house.
With home prices looking to remain stable throughout the remainder of the year, selling your house is a relatively good decision. But don’t get ahead of yourself without having a game plan. It is best to find a trusted Realtor who can help you with all the nitty-gritty involved in marketing homes for sale in Telluride, CO.
With professional guidance, you can sell your home anytime as long as you employ the right strategies. You can also manage the risks better regardless of the season.
WORKING WITH A PROFESSIONAL: THINGS TO LOOK FOR IN A REALTOR
- Experience – The first thing to look for in a Realtor is experience. How long have they been working in the industry? How many real estate deals have they closed through the years? If it is your first time buying or selling a property, partner with an experienced Realtor to cover your bases.
- Knowledgeable – A good Realtor should have unquestionable knowledge about the ins and outs of the local real estate scene. They should be able to answer all your questions and help you navigate through complicated deals. Their knowledge should also be backed by a license and certifications.
- Tech-savvy – Buyers of homes for sale in Telluride, CO often go online to house-hunt. A good Realtor should know how to use technology to your advantage. From communicating with clients to marketing properties online, they should use the most effective tools possible.
- Honesty and integrity – Find a realtor who has your best interests in mind. You want a real estate agent who is honest enough to tell you if a deal is worth pursuing.
- Reliability – An ideal realtor is someone who knows how to get things done, especially during high pressure situations. They should be able to deliver on their responsibilities in a timely manner. Also, they should showcase consistency and accountability for every service they offer.
- Availability – Real estate transactions are often time-sensitive, especially in a competitive market. A dependable Realtor or agent should be available whenever you need them. You should be able to get in touch with them easily via phone or email and they should be able to assist without delay.
- Reputable – Find a realtor who has a sterling reputation. They should be someone who has earned the respect of their peers. They should be in good standing in the real estate community as well as with the clients they have worked with. Check the Realtor’s website and look at the feedback and testimonials section. Find out what their previous clients are saying about the quality of their services.
WHY TD SMITH IS THE BEST REAL ESTATE AGENT TO SELL YOUR HOME
Why should you partner with Team TD Smith? We easily tick all the boxes of the qualities to look for in a real estate agent. As locals with a great love for our community, our team of experienced Realtors has the knowledge and the latest tools to help you achieve your Telluride real estate goals. We have six decades of combined industry experience and have worked with hundreds of homeowners and homebuyers alike in closing the best transactions.