I have never liked this saying because I am not a fan of worms or birds, and especially dislike watching the act itself. And yet, the point of this saying is undeniably true – the earlier we do what needs to be done, the greater its chance of success. In the spirit of being early, I have begun to wake up 1 hour earlier (yes, in the winter!) to practice concepts of “The Miracle Morning” by Hal Elrod. I already had a morning ritual that involved chanting, meditation, gratitude practice and visualization. But the small tweak of starting it at 5:30 a.m. has made all the difference to my mindset.
Being early to “get the worm” is also proving to be true in real estate. After a sluggish 4th quarter, the Denver market has taken off in early February, a good 2 – 3 weeks ahead of historic schedule. Typically, we in Colorado spend most of January and early February looking for fresh powder, and short lift lines versus homes to live in. Once Presidents Day Weekend wraps up, buyers start prioritizing finding a home even though our inventory remains tight until mid-March. Not this year! Even with an epic snow storm the Saturday before a Super Bowl that promised not just a game, but Taylor Swift AND Usher moving and grooving during the half time show (swoon!!), well-staged homes listed under fair market value got strong offers within just a few days of being on the market. In some cases, these very homes were withdrawn last year, after several price reductions and no success underscoring the impact interest rates had on buying power in 2023.
I can’t predict what the spring selling season will be, but in terms of how it has begun, I can say that the prepared, focused buyer and the reasonable, savvy seller will experience successful outcomes early in the February – May listing season. Since we experience 95% of price appreciation in this very window, it behooves a smart buyer who doesn’t want to pay higher prices while competing with multiple offers from latecomers who join the market after spring break (also a historic trend) to start searching soon. For sellers, especially in the $2M - $3M range in Central Denver, the buyer pool is feeling flush and wants to find their home sooner rather than later. While I do not advocate putting homes on the market without proper preparation, staging, and marketing I do advise that we bring those homes to market as quickly as possible to be well-positioned for getting the highest price, and best overall offer.
Whether it is my early morning ritual, or the fact that the sun is returning and 50-degree weather holds the promise of spring, I feel a sense of optimism and energy about our market in 2024. If you have questions related to your neighborhood, please reach out. I am always here to help as your trusted real estate advisor!
