Homeowners who want to cash in on equity see big rewards in these top three U.S. real estate markets. Here’s why homeowners sell as-is in these three western cities.
Real estate is booming across the country, but some markets are really booming. To take advantage, it might be time to sell.
Here are three red-hot real estate markets across the U.S. Find out just how much prices have increased in each and learn the easiest way for homeowners to cash in on this seller’s market.
Salt Lake City, Utah
Salt Lake City residents with equity in their homes are in a great position. The city’s real estate market is hot. Homes are selling at lightning fast speed and prices are spiking ever higher. Here’s how the Salt Lake City real estate market is performing and how you can take advantage of it as a homeowner.
On average, homes in Salt Lake City sold after just seven days on the market in April 2022, according to data from RedFin, down from nine days the year before. And home prices in the Utah city were up 22.1% compared to a year ago, selling for a median price of $575,000. The number of homes sold was also down at 285 in April 2022 compared to 368 in April 2021, indicating just how tight the market is.
Bankrate named Utah as the country’s hottest market, thanks to its pace of job growth, low unemployment, few mortgage delinquencies, and low state and local taxes. Buoyed by professionals moving from other states such as California in search of more space and cheaper housing, Salt Lake City and its population of about 200,000 has a lot going for it. Among its draws include an international airport, a strong arts scene (ballet, symphony, opera, and film festival), professional sports teams, and access to the state’s five breathtaking national parks.
That combination of a strong economy, plus high demand for housing and low inventory gives an indication that the Salt Lake City real estate market will continue on its upward trajectory. Homeowners who want to sell now are in a strong position.
It’s a good time to be a Seattle homeowner, especially if you want to sell now and reap the benefits of the city’s red-hot real estate market. Ever-rising home prices, low inventory and a booming economy are a recipe for a strong real estate market that benefits those with equity. Here’s how well the Seattle real estate market is performing and how you can take advantage of it as a homeowner.
Seattle homeowners are in a strong position right now, with home prices up 10.7% from a year ago in April, according to the Seattle Times. Homes sat, on average, for just six days (compared to seven days a year ago), and the median sales price was a whopping $883,000. Inventory was down, too, with 1,165 homes sold in the month in 2022 vs. 1,346 the year prior.
The city’s strong economy — it was the fastest growing big U.S. city in 2020 — is boosted by big-name employers such as Amazon, Starbucks, Microsoft, and T-Mobile. The unemployment rate is low, at just 2.1% for March 2022. The Emerald City has a major international airport, access to beautiful Pacific Northwest parks like Mount Rainier, and all the attractions, restaurants, and entertainment you’d expect from a city of its size (more than 740,000 residents in 2020).
Given the city’s high economic growth, low unemployment, and a real estate market that just won’t quit, the future of Seattle looks strong. Why not take advantage of it by selling sooner than later?
The real estate scene in Denver is smoking on all fronts. Home prices are skyrocketing, days on the market can’t get much lower, and inventory continues to dip precipitously lower. It’s a strong sellers market and that bodes well for homeowners looking to get top dollar for their property, especially for as-is investor sales.
Denver home prices took a sky-high 17.1% jump from April 2021 to April 2022, according to RedFin, with the median sold home price hitting $635,000. Homes don’t last long on the Denver real estate market, with the average home sitting just five days on the market. The number of homes for sale is down from last year, with 1,404 homes sold in April 2022, compared to 1,562 a year prior.
Not only is the Denver housing market hot, but so is the overall Colorado market, further fueling the real estate fire. In March 2022, the Colorado housing market saw a median price of $575,000, which is an 18.6% increase year-over-year, according to Norada Real Estate.
Homeowners and investors have a lot to like in Denver, from the Mile High City’s beautiful location near the foothills of the Rocky Mountains to its burgeoning foodie scene to its bountiful sunny days. The Denver economy doesn’t play second fiddle to its attractions, with industries ranging from energy to technology driving the low unemployment rate, which was 3.7% in April 2022. The lower cost of living, especially when compared to other major cities, is a big draw for transplants. About 715,000 people lived in Denver as of 2020.
As Denver continues to thrive, so could homeowners who choose to sell and cash-in on equity. The city’s strong economy, double-digit rise in housing price and low inventory makes now an excellent time to reap big gains.
Should you sell as-is?
The advantages of selling a house as-is vs via the traditional real estate process are many. The number one reason homeowners choose this type of sale is that it’s a stress-free process that requires no work. There’s no need to do repairs, manage showings, or pay additional fees for home maintenance, staging, or cleaning to get your home ready to sell. In some cases, Sundae will even clear away the items you don’t want to help with the move.
Some people who want a quick sale decide to go through an iBuyer as an alternative to selling through the traditional Multiple Listing Service (MLS) system. Choosing an iBuyer over a real estate agent may be a streamlined process, but it’s not always set up to give the seller the best deal. For example, you’ll only get one offer price and you’ll have to contend with fees that can eat into your profits. Get more info on why selling to an iBuyer may not be in your best interest, especially if you’re selling in a hot market like Salt Lake City, Denver, and Seattle are experiencing.
Here’s a step-by-step of how easy it is to sell with Sundae, which starts with making a phone call and ends with you picking the right offer for you (or not, you can reject them all if you prefer). You may even be eligible for a cash advance on the deal closes.
Sell off-market with Sundae
What if you could sell your home quickly, at a competitive price, and with no hassle?
You’ll talk with a team member, get a brief home visit from a Market Expert, and be listed on Sundae after a home inspection and 3D tour. From there, Sundae puts your home in front of qualified, interested investors and takes multiple bids on your property.
You choose the cash offer that’s right for you (or not, there’s no obligation). Once you accept a deal, you may even be eligible for a $10,000 cash advance right away. Regardless, you get to choose your closing date, anywhere from 10 to 60 days. It’s really that simple.
To get your home in front of multiple investors, get in touch with Sundae today.
Erin Behan is a writer and editor covering real estate investor strategy for Sundae. She’s lived in L.A., New York, and Atlanta and currently resides in Portland, Oregon, where she writes and edits for a number of outlets, including WebMD, Farmers Insurance, and Vox Creative. She spends her free time hiking with her two boys, snuggling with her cat, and enjoying the best of the Pacific Northwest.