Home Selling in 80132>Question Details

Petunia, Home Seller in 80132

Our home has been on the market in Co. for 6 months...no offers...no showings for 2 months...Considering taking it off the market till spring...Advise

Asked by Petunia, 80132 Tue Oct 26, 2010

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Hi Petunia

Unfortunately I would have to say that your property appears to have become "stale" most likely because it's priced too high for the market. There is also a possibility that your marketing is not all it should be. Numerous pictures AND a full virtual tour of the property as well as WIDE distribution throughout the internet is VITAL to success now a days.

We are in a buyer’s market to be sure, but I just had a very desirable property close after going under contract in 3 days for 98.5% of asking price with the appraisal coming in right around the contract price, so properties are still selling if they are priced properly for their location, condition, and amenities.

You may want to remove the property from the market in order to reconsider your strategy, but properties do sell all winter long...Even in December where I have closed on at least 1 property every year for the last 8 years.

Best regards
Brian L. A. Wess
Realtor®, Broker Associate
Residential & Investment Specialist
Pat Newell & Associates, Inc - Metro Brokers
Colorado Springs, CO
Direct: 719-528-6672
Web: BrianWess.com
2 votes Thank Flag Link Tue Oct 26, 2010
Hello Petunia,

Something isn't right if your property has been on the market for 2 months with no showings. Yes, the market is slow but when there are no showings over that kind of a time period something is not right. There are buyers in Monument, and homes are still selling. It's hard to say what the problem is exactly without knowing which home we are talking about. It could definitely be that the price is too high vs. the competition, but this is not always the case.

The idea of taking it off until Spring sounds like it could work, but you have to realize how many other sellers have that same concept. Your home will only be one of many coming onto the market in Spring, however savvy Realtors representing buyers will be able to see that your home isn't "new" on the market, just relisted after not selling last year. What needs to be done is figuring out the problem now and addressing it so your home is sold before the "new wave" of properties come out in Spring.

Legally we cannot contact you because it sounds like your home is listed. Realtors other than your current realtor can talk to you about this problem if you contact them directly. I can honestly say that if you have had no showings over 2 months, there is a problem that can be found and addressed provided your home is in Monument. What it is I cannot say unless I know which home we are talking about specifically.

Hang in there, and contact one of us directly for input/advice on your home and the current situation.

Kevin Olson
Higher Living Team
ERA Herman Group Real Estate
1 vote Thank Flag Link Tue Oct 26, 2010
What does your real estate professional say?
In a market where there are fewer properties on the market a comprehensive marketing strategy is very imortant. I would schedule a meeting with my agent and ask what are you doing to find the right buyer for my home. What marketing and advertising strategies do you have in place? How are you generating buyer activity? You should be confident your agent is creating activity. Activity breeds more activity.
The maketing and advertising must be comprehensive. We need to go find buyers. We should not rest our real estate fate on buyers finding our properties.
Is the property priced right? The price must be adjusted to reflect todays values. The price value of six months ago while important is old news. Sometimes a small adjustment in price can reach a new pool of buyers.
What is the condition of the property? How does it show to potential buyers compared to the competition? Sometimes agents are not assertive with their clients. You show your home differently than you live in it!
I hope this helps.
Alan Lovitt
REMAX Advantage
719 338 0004
Web Reference: http://AlanLovitt.com
0 votes Thank Flag Link Sat Oct 30, 2010
Currently the elections and headlines regarding foreclosures are putting a damper on attitudes and the market. It will get better as the elections pass. It is likely that some demand is building in the meantime. Year-end is always a good time for relocations. There might not be as many buyers but their needs are more urgent. WIth the increase in stock prices investors will also likely be starting to look at the value in real estate. And, intereset rates are fantastic. It's frustrating now put patience and perserverence will be rewarded.
0 votes Thank Flag Link Tue Oct 26, 2010
Hi Petunia,
I am also a Realtor and resident in Woodmoor for the past 18 years. I do agree that people move in all months of the year and there are folks buying, the market is terribly depressed. And many pepple are just afraid to part with their money in these uncertain times. While everyone says to reduce the price I understand that sometimes you just can
0 votes Thank Flag Link Tue Oct 26, 2010

I hear your frustration, it's not uncommon in this market. As an experienced local agent I find that homes are not selling for two main reasons. 1) Price and 2) Condition. Homes need to be in tip top showing condition and priced according tho the market. You must win the price war and beauty contest to get it sold in this market. If your home is in tip top shape it is probably price. If it is condition you can spend money to bring it up to tip top shape and/or adjust the price according to the current condition.

You may want to ask your agent to provide you with a current market analysis. I track the statistics and provide my clients with a CMA update every 30 days to stay in touch with the market. There are fewer buyers looking this time of year, however they are more serious. It only takes one buyer. Some clients prefer to take their listing off the market around the holiday season and relist in mid January while others prefer to keep it on the market.

Good luck.
0 votes Thank Flag Link Tue Oct 26, 2010
Hi Petunia

The inventory should thin out across the board in most states, it may mean showings .
Now of course you do not want to be bothered with open houses and showings over
Thanksgiving and Christmas then it makes sense to remove.

But clearly, you may want to look at what would motivate a buyer to come to your house, such as price,
Relisting, curb appeal, outside paint at a minimum.

Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Tue Oct 26, 2010
Your pricing may need adjusting--review comps with your agent--recently closed similar properties in the immediate area, see what the data suggests as to a fair price, and adjust accordingly in order to be competitive--also review marketing--does it maximize your exposure, if not adjust accordingly--as to waiting until spring--a decision only you can make--do keep in mind that you may have added area competition from other sellers who are also waiting for spring--you decide.
0 votes Thank Flag Link Tue Oct 26, 2010
Hi Petunia,
I am a realtor here in Monument. We have seen the marekt slow down considerably in the last few weeks. However, there ARE buyers out there and your home may be just the one they are looking for. The inventory is generally less in the fall than in the spring market so you do not have as much competition presently. You might consider leaving your home on the market to catch the end-of-year buyers. If it has not sold then give it a rest during January.
Good luck!
Kim Rossbach
Real Living - Select Properties
0 votes Thank Flag Link Tue Oct 26, 2010
My recommendation is to price it right (to the market) and the market will respond. Mike
0 votes Thank Flag Link Tue Oct 26, 2010
Hey Petunia,

I would suggest speaking with a local Realtor in 80132. My showings slowed in October but did see a rise after labor day. If your situation allows I always suggest to my clients listing the last week in Jan or first week in Feb. I wish you well, hang in there, just not much volumes being sold.

Please check out my blog and October newsletter.

Web Reference: http://www.npreco.com
0 votes Thank Flag Link Tue Oct 26, 2010
How many price reductions? What is stopping you from bringing it to fair market value? It is very very rare for market value homes not to get offers. How many showings? If you have had very few showings, it is almost always a price issue.

More data please...
0 votes Thank Flag Link Tue Oct 26, 2010

If you are not getting showings then it is overpriced and buyers are moving on to other better opportunities. I would be happy to do a free market analysis for you to show you what it will sell for in 60 days so you don't have to carry it over the winter.

Matt Mansfield
Equity Colorado
0 votes Thank Flag Link Tue Oct 26, 2010
lower the price
stay on the market because buyers in the winter are REAL buyers
0 votes Thank Flag Link Tue Oct 26, 2010
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