Many factors can contribute to Colorado Springs Homes not selling in a reasonable amount of time. Many of these factors can be controlled. If your Colorado Springs home has been on the market for a long time, try not to be discouraged. Even though we have a high inventory of homes on the market making this area a buyer’s market, the Colorado Springs real estate market is still on solid ground. Last year when many cities experienced a decrease in housing prices, Colorado Springs homes actually experienced about 6% increase in the average sales price. How could this be? Colorado Springs did not experience the outrageous double digit appreciation that areas like Los Angeles, and Las Vegas witnessed. Colorado Springs maintained a healthy housing appreciation of about 6% making housing affordable and desirable.
So why is it a buyers market then? As with anything, the media has had a large impact on the overall housing market. The hype of the so called “housing bubble” has caused many speculative investors and homeowners to sell, and has decreased some of the homebuyers confidence causing an increased inventory in Colorado Springs homes. The reality is that although Colorado Springs is affected by the overall national real estate market, we are also isolated into our own submarket with it’s own set variables. Whenever volatility is witnessed in real estate, the areas with the largest fluctuations will be hit the hardest and will take longer to recover. Colorado Springs was not one of these markets, and therefore was not hit as hard, and will recover much faster.
So does this explain why so many Colorado Springs homes won’t sell? No! Even in a hot sellers market, many homes still will not sell. It’s often that 50-60% of homes listed will not sell. When looking at the reasons your home just won’t sell, many factors should be considered. The primary three factors that may be the reason your home will not sell is, PRICE, CONDITION, and REALTOR.
PRICE: Although everyone wants the most money for their home, if it is not priced correctly it will not sell. This condition is not isolated only to real estate. Would you buy an old 1980 beet up ford with 210,000 miles for $26,000? Of course not! When pricing your home careful consideration and detail should be taken to ensure it is priced to attain the highest price that you can achieve in a reasonable amount of time. These conditions are dependent on what the market will bring at the time you sell your home. Pricing your home properly is more of an art than it is a science, and by fully comprehending what your local submarket is doing, you will be armed with the needed information to properly price your home. Even by overpricing your home by just 5-10% could potentially prevent your home from selling. radon mitigation colorado
When woerking on setting a listing price for your home, make sure that you take great care and attention to understand the facts and everything involved that effects the pricing and salability of your
Colorado Springs homes. After setting a listing price that is based on what the market will bring, historical and recent data, condition of home, recent sales, make sure that you continually analyze the local market conditions. By ensuring that you stay ahead of market trends, you are better prepared to adjust should a pricing correction be necessary. These details will keep you ahead of your competition, and help you and your Realtor get your home sold.
1.Whatever you do, NEVER choose a Realtor to list your home just because he or she claims they will list your home for the highest price. This is an old trick that some not so trustworthy real estate agents have used in the past. After they get your listing because of the claim that they can sell at such a high price, they will then ask you to decrease your price weeks later knowing that your home won’t sell at the high price.
2. Ensure you list your home on what the local real estate market will bring and not on emotions, what your neighbor told you, or how much profit you have to make. There is not a single buyer that cares about what your neighbor thinks it’s worth, or how much you need to make. They care about getting the most home for the least amount of money. And if there are homes similar to yours for a better price, yours just won’t sell. Right now with about 5,000 Colorado Springs homes available, home buyers have many options. A good Realtor should provide you with a solid analysis of your local real estate market, basing their recommendations on facts, data, trends, home condition, and reality.