Does the cold winter weather make you want to grab a warm fuzzy blanket and just settle in for the winter? Me too! And the Colorado housing market tends to follow the same trend!
Let's take a look at some staggering statistics recently provided by the Denver Metro Association of Realtors.
The final statistic about 40% of homes making a price reduction is not good for home sellers at all. Let's take a look at why this may have happened.
It really all comes down to knowing what the home buyers in your area are willing to pay and pricing accordingly to match the neighborhood comps. Let's take a closer look at some of the details.
Homes that were priced $1 million or more had an average price reduction of $149K.
The homes that were priced under $500,000 were dropping their price in between $10-22K.
These are big numbers and in addition to this, when there was a price reduction, the average number of the days the homes stayed on the market went up to 59 days! Time and money are precious, so these numbers should really make home sellers consider their price point carefully.
The good news is that home buyers are still out there grabbing up properly priced homes. On these, the average days on market stayed at just 14 days!
So what is a home seller to do to make sure they are getting the highest price possibly for their home?
Follow these steps:
1. Determine if you are going to sell now or later.
- A lot of homeowners think that selling in the springtime is the only way to go. However, these numbers show us that sellers are still getting a great price and that the average prices of homes are definitely still on the up rise!
2. Talk with a real estate agent about what the comparable sales actually look like and determine what homes are really selling for. You can sign up below to get your monthly home report to show you exactly what your home is worth, what neighborhood homes are selling for, and other general real estate data that will surely allow you make the correct decision when it comes to the timing and pricing of your home sale!
Sign up for E-Property Watch here...
Watch a full video on this topic here...
Julia Bandel
Managing Broker - Good Life Real Estate LLC
303-931-5106
julia@goodliferealestatellc.com