Here’s a stat that may shock you.
Even in this hot market, all up and down the Front Range, one out of five homes for sale have been sitting on the market for more than 100 days.
When other homes are under contract within days or even hours, 20% sit on the market waiting for a buyer.
Why are these houses not selling? What’s wrong with them?
Perhaps the answer is obvious: the roof is in disrepair, the paint is peeling, weeds have overtaken the yard, a railroad track runs behind the home, the neighbor’s property looks like a junkyard – the list goes on as to the possibilities.
The important lesson for sellers is this- it is the dynamic of price relative to condition which generates offers.
If a buyer visits a home and they are (unpleasantly) surprised by the condition, they will not write an offer. Buyers conjure up a certain expectation of the home based on the marketing and the photography they see online. When the home does not live up to that expectation, the buyer will pass and move on to other options.
Sellers only have a small number of items within their control. Oftentimes the conditions which a buyer may not like cannot be changed by a seller (road noise for instance.)
The one condition a seller can control is price. The price of a home must be aligned with its condition, or the seller risks being one of the unlucky 20% of homes languishing on the market.
We have just completed a comprehensive report about this topic.
The Insider’s Guide to Selling Your Home (without any stress or surprises) is now available for you.
It is hot off the press and you can request a copy by emailing firstname.lastname@example.org or by calling (970) 460-3033.