Part 2 of “Why So Many Colorado Springs Homes Won’t Sell”
I started a series on Why So Many Colorado Springs Homes Won’t Sell a few weeks back. The three main points discussed were price, condition, and Realtor. I discussed how price is often the #1 factor that will help you sell your home in Colorado Springs in a buyers market. With a high inventory of over 5,000 available Colorado Springs homes buyers have plenty of options and are looking for deals. Todays Colorado Springs real estate market is very healthy yet we are in a buyers market and on average the absorption rate of home sales is low with about 10-15% of Colorado Springs homes on the market selling each month. This leaves the other 90% still on the market with most neighborhoods experiencing 6-8 months of housing inventory. That means that if you are not in the 10% of homes sold each month your home could sit on the market for 6-8 months IF no new homes are listed before it will sell, if it sells. You may think well, 6-8 months isn’t great but at least it will sell. Not true, more problems arise when more homes hit the market and are priced better than yours, are in better condition, or are listed with a Colorado Springs Realtor that is actively marketing your home. As this occurs your home continually remains in the percentage of homes that just won’t sell. To prevent yourself from being in the 90% category that won’t sell this month you MUST be committed to sell your home. Although we still have a healthy real estate market it is not the right market to test the waters and hope you make more money than expected. Price your home to sell based on the comparable sale prices, local competition, and on the facts. When you set a listing price you need to ask yourself if you want to be in the 10-30% that will most likely sell in the next three months or do you want to gamble and hope for the best. radon testing colorado springs
Price is a huge consideration I getting your home sold but you must consider the condition of your home. How is the curb appeal, how about clutter inside the house, do the walls need paint, do you need to fix any other major cosmetic problems etc. Again, with a high inventory of home in the Colorado Springs market it’s important to make sure that your home is in the best possible condition. I’m not saying you should spend 1,000’s of dollars on needless upgrades, but it is important to everything that you possibly can to make your house as presentable as possible to help your house stand out from the rest of the crowd. Home buyers most likely may not even consider looking at your home if they feel that condition is not in good shape. They will just move on to the next Colorado Springs home that meets their criteria and is in better condition. When you get ready to list your house ask yourself these three questions, does my home stand out in a positive way? What is it about my home that I wouldn’t like if I were looking at purchasing? What can I afford to do in order to help put my home in great showing condition? Even if you don’t have a large budget to correct noticeable problems you might be surprised just how much you can do with just a little bit of effort and time to help make your home ready to sell.