Despite its seven-figure median home prices and distant location south of downtown Denver, Greenwood Village, Colorado, is not exempt from the metro area’s bullish real estate conditions. This established suburban residential area is best known for its exceptional school system, spacious lots and proximity to the Denver Tech Center, factors which create a good deal of competition for homebuyers.
According to Pam Kiker, a Realtor with Keller Williams Realty, “The market is as fast and furious in Greenwood Village as in the rest of Denver.”
Though it’s generally uncommon, bidding wars are not unheard of in Greenwood Village, especially if a home is in the right location and in a good condition. “We are still having a lot of bidding wars because of location, lot size and privacy — things that are very important to buyers around that million-dollar price range,” Kiker says.
Even so, sellers must still be prudent about how they prepare their home before listing, how they market the property to potential buyers and how they select an offer. To help guide you through these processes, we gathered tips from some of Greenwood Village’s top real estate agents as identified by OpenHouse, an agent referral company (and a U.S. News partner).
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Understand why people want to live here. People who want to live in Greenwood Village tend to have very different needs than those looking to live downtown. Many home buyers in Greenwood Village have larger families with children and require more space, both indoors and outdoors. Families with children are interested in living somewhere with access to good schools, parks and recreation centers.
“The primary reason people come to this location is the quality of the schools,” notes Edie Marks of Kentwood Real Estate. “The Cherry Creek and Littleton school districts are some of the best in the state.”
Greenwood Village also attracts people who work at companies located in the Denver Tech Center and Cherry Creek, where there aren’t many single-family homes available. These people are often looking for a home that will serve as a private retreat where they can escape the stressors of work and city life.
“Location, lot size and privacy are things that are very important to buyers around that million-dollar price range,” Kiker explains.
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Good home condition is a must. At this price point, buyers expect homes to be up to date and well-maintained. Although there are many older homes in the Greenwood Village area, they still need to be presented in good condition in order get the best price.
“People already living in Greenwood Village are willing to do some updating because they know the market is hard,” Kiker observes. “But there’s also a lot of people re-locating from the Midwest and they mostly want move-in ready.”
Marks also notes, “In this area, homes tend to be a little older with established lawns and trees. There are fewer new homes, but they will sell first because they are updated with what people are looking for now.”
Consulting a local real estate agent well in advance of listing will give sellers the opportunity to select and plan upgrades and renovations. Additionally, Marks advises sellers to be receptive to suggestions from realtors about making updates because, “when they don’t update, the houses tend to stay on the market longer.”
Respect shaky market conditions. Like the majority of the Denver metro area, Greenwood Village is still considered a seller’s market where inventory is scarce and prices are inflated. However, that could change in an instant.
“Low inventory periods do not last,” Marks explains. “Whenever you have too few houses on the market, prices drive up and people begin putting their house on the market to take advantage of the buyers that are out there. Then there will become a surplus and it quickly turns from being a seller’s market to a buyer’s market.”
Also, people searching for homes at higher price points can often afford to take their time during the home search process and don’t need to settle for a house that is overpriced or dated. Sellers should be sure to price accurately for their home’s location and condition in order to ensure a quick sale during a period of low inventory before the market turns. “At this price point you have to really pinpoint the market. Price it accurately and don’t get over zealous,” Courtney Wilson with Re/Max Masters Millennium advises.
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Marks recommends considering two main factors when deciding on a listing price for their home: location and condition. Sellers can get a feel for what homes in the area are going for by consulting with an agent who has recently sold a home nearby. Meanwhile, the listing price should reflect if a home is dated, has a smaller lot size or is lacking privacy.
“Inventory is still pretty low and there is a feeding frenzy when things do come on the market — if they’re priced right and they show well,” Marks explains. “In this area, it’s finding that perfect combination of location, condition and price.”
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3 Market Trends to Know Before Selling Your Home in Greenwood Village, Colorado originally appeared on usnews.com
