Even during the current market correction, many of the properties I have marketed have sold in less than 30 to 45 days and several have sold in less than 2 weeks, so it is still possible to do with the right strategy.
As many of my colleagues have mentioned, pricing right is critical to moving a property which is why it's extremely important that the Realtor Professional you choose to work with has had some continuing education on how to do a property price analysis.
Also vital to selling a property is marketing strategy. Gone are the days that just putting a sign in the yard and throwing the property on the MLS with one or two pictures will get the attention of buyers. According to recent national surveys of home buyers, close to 80% of all home buyers begin their search online and the vast majority of those will not even look at a property listing unless it has numerous pictures and a Virtual Tour. Your property must also be marketed to all the numerous online outlets that consumers will come across...Trulia being only one. Additionally, many people still drive neighborhoods to decide where they want to live. Do you have a marketing strategy that sets your property apart and goes beyond just stuffing a flyer in a brochure box?
With regard to the market, I hate to say it, but with the exception of some folks who are having mortgage difficulties and having to deal with foreclosures or negotiate short sales, the market in the Colorado Springs area isn't that bad. I am actually experiencing my busiest year yet as savvy buyers are looking to take advantage of the market correction and invest their money in real estate.
The market is a good deal slower than it has been in the past 10 to 15 years, but most of those years were years of record sales. Much of the local market pessimism has been generated by the national media focusing on market nationally that are having the worst time of it right now (Florida, Las Vegas, Parts of California and some others). You don't hear about the solid markets in Texas for instance and you have to remember that about 94% of all Americans with a mortgage are still paying on time. Also, you must remember that Colorado Springs has several things that make it a comparatively unique market and these have served to lessen the effects of the recent correction. Locally in June, sales were up over 3% from May at just under 1,000 properties sold and just under 4,900 properties sold in 2008 to date.*
*Based on information from the Pikes Peak REALTORÂ® Services Corp. (â€œRSCâ€). RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.
Did your comps come out around your listing price?
Where are you marketing? (internet with multiple pictures?) Is there a virtual tour?
Do you have the home listed with a realtor? Maybe an open house would help. Buyers need to see the home. If your home is over priced, buyers won't even look at the home. So pricing (and marketing) is the most important part of the sale. Let the realtor know that you want to price the home to sale., (not give it away, but you want it to sale)
As a realtor, I know the Buyers are out there. I've seen them.
Hope this helps,
Gilda Baxter GRI, SRES
Did you ever consider renting it out. I was stuck with one in Texas for 20 years . At the same time you could not sell a house in Springs if my memory serves me correctly.
At least there are some Soldiers moving into the springs. how about marketing it to them. http://www.aviationtoday.com/rw/topstories/Helicopter-Unit-M
It really depends on the market saturation in your price range / area and where you are priced comparatively. You can find some great stats on my Blog listed below. Homes are moving in the Briargate area so make sure that you have the latest CMA (Comparative Market Analysis) to see where your home stacks up with the competition. A professional stager can also help separate your home from the rest of of the competition. Good luck!
The maket isn't really that slow....look at the sales on the link below. in the last three months almost 200 homes sold.
I would ask your Realtor how many homes, like yours, have sold in the time yours has been on the market; or lowered their price, or gone into escrow.
The fact is that in almost any market the offers closest to asking come in the first 30 days. Fewer than 12 offers in the first two weeks is s sign that the property is listed at a price above fair market value.
Anything you can do to appeal to local buyers, especially first time buyers and buyers under 40 (where activity seems to be the most active) is beneficial.
I just published a mid year report on the market last week, you can find it on the web link.