Home Buying in 80922>Question Details

Nmdoc, Home Owner in Colorado Springs, CO

I have a beautiful show condition home that I have had on the market for 38 days in Colorado Springs.

Asked by Nmdoc, Colorado Springs, CO Tue Sep 10, 2013

I have had 6 showings and all the potential buyers say "beautiful home, ready to move in" and then move on. I have asked my realtor to try to get more constructive comments from the showing realtors but he doesn't get any further responses. I am trying to figure out what buyers in the $300k to $330k range are looking for and I am willing to offer incentives if there are specific things they are looking for. What kind of advice can I get regarding trying to tailor my home to the buyers out there? How can I let them know I am motivated to sell? My home is on Hidden River which is a nice area of Springs Ranch with homes being on the upper end of the community.

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That price range in Springs Ranch is tough. There is a much bigger supply than there is demand in the whole Powers area for the $300k+ price range.Buyers can be very selective. Buyers in that price range can buy homes in 80920, District 20, and other more popular/prestigious locations, as well as the "American Dream" of having their home built.

I had a seller with a lovely home in the area that was listed for $335,000, higher than I recommended. It was in great condition, but had dated decor and "taste specific" colors. I recommended necessary changes and a price drop-which they finally did. The house went under contract quickly, then.

Clearly, with the abundant choices buyers have in your area and competing areas, your house absolutely "WOW" the buyers. Either the upgrades, the location, the amenities or the price, (or a combination thereof) have to make your home stand out among its competition. You might want to have your agent take you through some of your toughest competition to get ideas.
0 votes Thank Flag Link Thu Feb 26, 2015
What was your agent's suggested list price?

I am clearly not from your area, but one thing is true no natter where you are..... a home is listed, and at that point, the market will "talk to you"........

only 6 showings in over a month??
Unless your market is dead in the water, with nothing selling, to me, that means you missed the "right" list price and that is holding back the buyers (and their agents). They feel no sense of urgency......they may be questioning the value at the list price if they think it is overpriced...... or, they are questioning YOUR motivations in selling.
No one (agent or buyer) wants to be the reality check for the seller on a relatively new listing.

As far as more specific feedback, some agents don't want to be bothered, or feel that the feedback is between them and their buyers.
You have to deal with what you have.

And, to answer your question - the way one can show "motivation to sell" is with a great price!

This is just a generic opinion from someone far away!
Maybe a local agent will offer you more specific advice.

Good luck!

ps what is your agent advising you to do???
0 votes Thank Flag Link Wed Jan 22, 2014
If you have your home on the market over the Holidays,, that could be why. February usually really picks up and in March you should be getting lots of showings. If you're still not getting very many, than you're priced too high. If you're getting showings but no offers you're just a little too high.
0 votes Thank Flag Link Wed Jan 22, 2014
It seems that you put your home on the market right before Christmas so those days that were close to the holidays were really slow on showings, and to be honest so was this last Sunday - Bronco game was a big deal for people here! Ask your agent to get more extensive feedback from the agents that showed it, not just what the byers thought. The other agents are out seeing what your competition is and will be able to tell you if it overpriced, the condition isn't as good or if the other homes in the same price range had more upgrades. Having your agent hold a broker open house is a great way to get feedback from multiple agents, so ask about that. I'm and agent in Colorado Springs and we just put a home on the market in the mid 300's about 10 days ago and have had about 10 showings. Make sure the pictures and comments the home is being marketed with are appealing enough to attract the showings. The good news is that there is a pretty low inventory of hoes on the market right now and the buyers out looking this time of year are usually serious about buying! Definitely after 38 days you need to reevaluate your strategy with price or marketing methods - really have a heart to heart with your agent and see what needs to be done!
0 votes Thank Flag Link Wed Jan 22, 2014
Don has given you some great advice. Make sure your agent follows up to get more detailed feedback on the people who have been through your home. Ask your agent to check the properties that have sold in the past and make sure your price is in the right range. We would also recommend asking someone who is experienced at staging for any advice on how your home is arranged. You could also ask a friend who you know would give you honest feedback. Typically when the home is very nice and there are not a lot of showings, it may be overpriced but work with your agent on that. I lived in Colorado Springs for 5 years back in the 90s. It's a beautiful area. Think positive. Good luck on your relocation.

Tina and Mary
0 votes Thank Flag Link Wed Jan 22, 2014
I don't know how the market is in Colorado Springs, but only 6 showings in 38 days in many markets (including where I am, in Northern Virginia) isn't good. Around here, it would suggest that your home is overpriced. So: Ask your Realtor for a new CMA. Check to see what comps actually are selling for.

Also, have your Realtor follow up with the buyer's agents for the people who looked and find out if they bought anything else. If so, what and where? They obviously considered what they bought to be a better value than yours. Compare those properties to yours.

If your Realtor hasn't done it yet, ask him to hold a broker's open. That's when other agents visit and tour your property. That's helpful for publicizing the property. But it's also very helpful for getting feedback from them on problems or issues with your house.

Hope that helps.
0 votes Thank Flag Link Tue Sep 10, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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