Understand Your Market Before Listing Your Colorado Springs Home For Sale
Every neighborhood in Colorado Springs is different and it is very important that any agent you interview for the position of marketing your Colorado Springs home for sale, is prepared to discuss the local and neighborhood market conditions as well as prepare a market analysis for your home. An experienced agent will help you to understand your market for your Colorado Springs home before listing it for sale.
At a minimum, when discussing the neighborhood market conditions, you should see comparable properties for:
Actives to understand your competition.
Under contract and pendings, so you have a feel for what price range buyers are looking at and if there is any shopping going on. No under contracts or pendings tells us that there are no buyers in the market at the time and may result in a longer listing period before receiving an offer, or there are very few active listings available for the buyers.
Solds to see the actual sales price with any sold concessions. These are the properties that will be used by an appraiser to justify the sales price and in some cases justify a lower sales price. The concessions tells us what assistance buyers are expecting from the seller. In a buyer’s market the concessions are higher than in a seller’s market.
These properties should include price per total and finished square foot, original list price, and days on market. The original list price will tell you if the seller has had to lower their price to obtain an offer and the days on market help us to understand your market and how long it may take to sell your home.
In addition to this information, Murray & Associates will provide the big picture; the number of homes in the neighborhood that:
a) are currently on the market,
b) under contract,
c) pending and solds that aren’t necessarily your competition,
d) average days on market,
e) and other circumstances impacting the resale market such as new construction or distressed properties.
We will calculate an absorption rate, which is the number of months it would take to sell the current inventory of homes based on the current solds per month. This gives the sellers an idea of how long they can expect to be on the market.
So you can see that a simple market analysis isn’t the only information you need to make an informed decision on pricing your home. Understanding the market information for your neighborhood is just as important. Murray & Associates will provide all the information needed to understand your market and help you make the right decision.
By Nancy Murray
with Murray & Associates – Keller Williams Colorado Springs