How Long Does It Take To Close On A Denver Home

Dated: 06/11/2018

Views: 281

Image titleIn the Mile High City, taking a home from listing to the closing table happens, on average, in as little as 41 days. According to Trulia, that’s one of the shortest turnaround times in the country.

In April, Denver had the fifth-fastest turnaround time, with Seattle and the California metro areas of San Jose, San Francisco and Oakland taking the top four spots, respectively. In these areas, homes went from sale to close in a speedy 36 days. While things are certainly moving quickly on the western side of the country, on the east coast, numbers are more like 144 in Syracuse, N.Y. and 132 days in Long Island.

Listing to sale is a broader measure than average days on market, which is tracked by real estate agents. That measure, which tied a record low of 18 days in metro Denver in May, represents the average days a home spends from listing to when it is put under contract.

When a market becomes as hot as Denver’s it can create a backlog in getting inspections done, home values appraised and loans processed. That was an issue here back in 2016 and into 2017 when high demand for appraisers caused major bottlenecks in the market and delayed mortgage approvals.

With competition so tight, experts advise clients to make strong offers with quicker closings in order to seal the deal. Those who don’t quickly learn the lesson after coming out on the losing side of a bidding war.

 Not every market moves quite as fast as Denver’s, but industry trends show that overall closing times across the country are on the decline, which indicates this might just be the new norm.

If you’re house hunting in Denver, you need to be prepared to move quickly. Think you’re up for it? Give Metrowest a call today – we’d love to help make you a homeowner!

Blog author image

Dave Nelson

DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional. Dave’s career in real estate has chronicled more than 15 years. Known as a true real estate professional, Dave is experienced i....

Latest Blog Posts

9 Best Burbs For Buyers

Even though a recent study determined that home affordability in Denver was the second-worst in the country, promising new data shows that buyers who expand into nine different suburbs outside the

Read More

Is The Denvers Hot Housing Market Showing Signs Of Cooling

According to the August Denver Metro Real Estate Market Trends Report, the red-hot housing market in the metro area is showing signs of cooling, which is a bit of positive news for would-be buyers

Read More

Where Are Denver Homes Selling Fastest

Anyone who’s on the hunt for a house in the Mile High City will tell you the market here is competitive. Though prices are on the rise and inventory numbers are on the low side, homes in certain

Read More

Despite Affordability Issues Denver Other Colorado Cities Still Favorable For FirstTime Buyers

It’s not often you hear the word “favorable” associated with Denver’s real estate market unless maybe you’re a seller or a home builder. But according to a recent report from NerdWallet,

Read More