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Home Selling in Denver : Real Estate Advice

  • All1K
  • Local Info141
  • Home Buying531
  • Home Selling83
  • Market Conditions45

Activity 144
Paddy Mcclel…,  in Platt Park, Denver, CO
Sun Jan 3, 2010
Paddy Mcclelland answered:
Francesca,

It will depend on the block and the price.......it is simple here in our gem neighborhood! I live in S. Grant and do rehabs and sales. Love to help you if I can!

Paddy McClelland
Home Real Estate
3/858-8100
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0 votes 4 answers Share Flag
Stuart Dobson,  in Broomfield, CO
Thu Oct 1, 2009
Stuart Dobson answered:
Hi,

You don't mention what price range your home is in, or what zip code or area. But, it is possible to determine the market averages from what we know.

For example, according to one showing service in town, in the 8002+ zip codes, and in the $200k to $275k price range, the average number of weekly showings ranges between 15 and 20 per week.

If you cross reference those numbers with the average DOM (Days on market) in your area (your agent can provide you with this...), and then subtract 30-45 days from sold date you will see how many average showings produce an accepted offer in your area.

By analyzing the data, along with agent feedback as the other agents have suggested, you should be able to accurately forecast at what price and when your property will sell.
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0 votes 9 answers Share Flag
D S,  in Coronado, CA
Fri Sep 4, 2009
D S answered:
It might take some time to see the complete listing on Trulia, especially if you did MLS post in several stages. I did go through that before and the best solution to that is simply edit the listing yourself, and add pictures on Trulia directly. Make sure it is under your name first and go through couple of steps to complete it the way you want it.

Good luck,

Dmitri Stupachenko, MBA, REALTOR®
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0 votes 2 answers Share Flag
Terrell Will…,  in Wheat Ridge, CO
Tue Sep 1, 2009
Terrell Williams answered:
I take it from your comments that you mean there was a"take one" box on the sign with brochures for people to take? Assuming this is what you mean, this could actually be part of the problem.

There are different schools of thought on using these boxes. Some people are annoyed when they aren't there, but as you found, many, many people were actually interested in your home - yet none came inside. It could be argued that this was because they could see what they needed to see on the flyers so no one needed to go inside. Some feel the flyers are a great way to create interest and get people to want to see the rest. Some put the price on the flyer; other feel this discourages calls and reduces showings.

I've seen all sides of these arguments and don't know the right answer either.

I do agree with the other responses to this though - the market is pretty clearly telling you the home is over-priced. If you can't afford to lower the price, and you can afford to wait, then yes, renting it out is a good option. If this is your primary home and do need to sell, then talk to your Realtor about what a short sale entails. That might be an option.
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0 votes 7 answers Share Flag
The  Kinslow…, Real Estate Pro in Centennial, CO
Wed Aug 26, 2009
The Kinslow Team answered:
Hello Pamela,

Is the builder just Selling off the models and there's no inventory left? If so, hang in there. I've seen it happen in other neighborhoods. The builders just want to get out. I Sold the last of 4 Inventory homes to a Buyer (the models were already Sold). That was only back in mid February. All of the Inventory homes went quickly, the builder is gone and the prices of the other homes now Selling in the neighborhood are now $40,000 higher then what my Buyer's paid. My Buyer's love me!

I hope this helps, if you do have to Sell right now while the builder is still there then you will have to price it right and advertise what makes your home more valuable then the builders. Like Dave Janis said below, just put your self in the Buyer's position and do what you have to do to get it Sold.

Sandy Kinslow
Coldwell Banker
Greenwood Village
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1 vote 6 answers Share Flag
Brandy, Home Buyer in Denver, CO
Mon Aug 17, 2009
Brandy answered:
Me too.. Thanks everyone for all the advice. I hope this works out for the best interest of my family.
0 votes 12 answers Share Flag
Kim Olson,  in Denver, CO
Sun Jul 12, 2009
Kim Olson answered:
Hi CK,

Sorry to hear your leaving us here in Denver, but you will love Salt Lake...as for selling your property, you should discuss several topics will a qualified agent to determine what scenario will have the better outcome. Depending on the location of your current home and your "rental" will have considerable impact of which choice your should make.

Be sure to talk with agents that not only "sell" real estate, but also have knowledge of "property management"...they are going to be your best source of knowledge. I will tell it to your straight...most agents are completely unfamiliar with the "rental market" and that alone could cost you in the long run.

Please let me know if my partner and myself can assist you...we do "property management" as well as "resale"...and our advise is "free". kim.olson23@gmail.com

Kim
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0 votes 8 answers Share Flag
MyTitleIns.c…,  in Denver, CO
Thu Jun 25, 2009
MyTitleIns.com answered:
Title Insurance in Colorado is regulated, but that does not mean it is promulgated. In the Metro Denver area, differences in cost on the same property for title insurance and closing services will be $500 to $900 or more from the lowest priced title company to the highest priced company. Reissued discounts and closing and settelemnet fees charged by a title company cause the difference in price.


Runs a free quote at myTitleIns.com on your next transaction and see for yourself the differences that exist in the Denver Metro Title Insurance market .
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0 votes 8 answers Share Flag
Bob Zacharias, Real Estate Pro in Denver, CO
Thu May 21, 2009
Bob Zacharias answered:
Hi Traci,
Although you won't get back a dollar for a dollar invested, I think it's a wise investment to add a swamp cooler. It's relatively cheap and the Denver climate is perfect for this type of cooling. Trying to sell a home here, especially in summertime, without any cooling system will be difficult: Buyers will only remember "that hot and stuffy home".

You could let the Buyers address it if they choose, and have one installed before the closing, but your real objective is to give your potential Buyers as few reasons as possible for rejecting your home.

Best regards,
Bob Zacharias
Bob@BobZacharias.com
303-579-6978
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0 votes 7 answers Share Flag
Dennis Quinn,  in Broomfield, CO
Sun Apr 26, 2009
Dennis Quinn answered:
Walter,

Yes in fact the average days on market for condos in that are is about 80 days. The average price sold is $185,000 with a high of $890,000 and a low of $13,000. Obviously this is quite extereme but if we throw those two out our average is $170,000. The last unit sold in the area was closed on April 23rd with six total sales in April and 18 sales since Jan 1.

As for single family homes in that zip code, there have been 160 sales since November. The average price was $110,000 with a low of $32,000 and a high of $366,000. There have been 92 sales since January.

If you are looking to buy or sell a home in this area I hope that you will contact me and allow me to present to you my menu of services. You can reach me at any time at 303-726-1187 or at dennis@dennisquinnhomes.com

Again thank you for your question. I will look forward to speaking to you soon.

Best regards,

Dennis
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0 votes 2 answers Share Flag
Tim Klein, Real Estate Pro in Littleton, CO
Tue Mar 10, 2009
Tim Klein answered:
Loren,
Of all these very adequate responses, what was not mentioned is 'days on market' indicates the number of days before the ultimate contract was executed. You should figure an additional 30 days to these numbers before the home actually closes.

Tim Klein
Broker
Metro Brokers - The Realty Werks
303.973.7600
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0 votes 8 answers Share Flag
Leslie Monaco, Real Estate Pro in Greenwood Village, CO
Wed Jan 7, 2009
Leslie Monaco answered:
Kristi,

That charge only means that you must pay them the 1/2% fee when you close. It means that you will not have to pay them anything more than what you have currently paid, unless your home sells. They can charge you a fee legally because it is not a fee for real estate services rendered. Meaning they aren't dealing with any of the listing contracts, buying contracts, brokerages, etc associated with selling your home. I have worked with Show Homes before and believe that their practice is legitimate.

Leslie Heldenbrand
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0 votes 8 answers Share Flag
Sylvia Barry,…, Real Estate Pro in Marin, CA
Thu Dec 18, 2008
Sylvia Barry, MAS,CIPS,SRES answered:
Only if the terms is in the staging contract you signed with the stagier. Also, what constitute a success sale should have been spelled out - do you consider successful if you sell (for the full list price? for 90% of the list price? just sold and nothing to do with the sale price? The time frame? sold within a month? 3 months? 6 months?)

If they want to charge a success fee, there had better be a definition of success if you ask me.

But bottom line is , what does your staging contract say? If it does not say that, I won't worry about it, if it does and your situation fits, then you probably have to pay.

Best,
Sylvia Barry
Marin Realtor
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0 votes 4 answers Share Flag
Kurt Thomas,  in 81501
Tue Oct 14, 2008
Kurt Thomas answered:
Speak to our supervising Boker at Loomis Real Estate in Littleton, She is a CPA and Real Estate Broker.
(303) 472-1173
0 votes 6 answers Share Flag
Keith Sorem, Real Estate Pro in Glendale, CA
Wed Oct 1, 2008
Keith Sorem answered:
Dave
Some interesting answers to an interesting question.
I would like to give you some thoughts to think about:
1. Over 3,000 properties have sold in the last three months. Why not yours? That would be my first question
How long has your home been on the market?
2. Ask your Realtor, since your home was listed, home many properties have:
-come onto the market
- are competing with mine
-lowered their price
-went into escrow
-sold
-expired.

Your question about "does the Realtor deserve to get both sides" is a little premature.
Does he deserve to get one side? If homes are selling, why not yours? Most of the time (90%) the buyer first sees the home they buy with a Realtor. Your Realtor's marketing efforts are usually the "procuring cause" or the reason that they find your home.

Most sellers begin to be very sensitive regarding issue like yours ("I found the buyer"...well, how? And how is it the buyer knew about your home? And what will happen if the buyer doesn't buy?") when the home has been on the market and they begin to doubt the Realtor's abilities and expertise.

Just looking at your market stats I can tell you that you need a price reduction. There are very few homes that cannot be sold at the right price.

Remember, the sale of your home is a process. If you follow the steps, it always works:
1. Proper cleaning, painting, de-cluttering, re-personalizing, staging, professional photos, proper pricing
2. Proper marketing
3. In the first two weeks on the market we expect 10-12 showings or one offer. If we don't see that, then a price adjustment is in order.

Homes that sell in the first 30 days sell closest to asking price, so in order to get top dollar we need to sell in the first two weeks. AT 120 days on market homes are selling in my area for 93.6% of asking. Within30 days it is 100% of asking.

So if no showings, lower the price, If no offers, lower the price. If low offers, lower the price. The fact that your Realtor legally can represent both sides is not the key issue. You need to get your home sold. I would not take a listing where in the Other terms it said "If the sellers finds a buyer on their own I am not entitled to be paid a buyer's commission if I do the work of both sides".

The statistics are the 90% of the time the buyer is brought by another Realtor. Only 5% of the time does the listing agent bring the buyer.

So focus on your main goal. Get the home sold. Just follow the process.
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1 vote 9 answers Share Flag
Sj209, Both Buyer and Seller in California
Mon Aug 25, 2008
Sj209 answered:
HGTV is great. I appeared on an episode several years ago and it was a blast. The crew and cast are very professional, the catering was excellent and everyone had a great time. I highly recommend participating! ... more
0 votes 1 answer Share Flag
Keith Sorem, Real Estate Pro in Glendale, CA
Tue Jul 29, 2008
Keith Sorem answered:
I would be very clear on exactly what they are offering and the services they are performing. I am not aware of any Title company that involved in marketing in this manner. RESPA would be my main concern. ... more
0 votes 3 answers Share Flag
Bill Fung, Real Estate Pro in Centennial, CO
Wed Jul 23, 2008
Bill Fung answered:
Katherine,

Not sure what the James Gage model of lease to own is, however; Here are some points to keep in mind.

1st definitely have a real estate attorney review the paperwork. The reason; what you think might be legit can be legit, but may not protect you.

The following is just an example and not meant as legal advice.

Some times the paperwork is done in a trust or LLC, example, the property 123 northglenn Ave shall be purchased by (buyer) 123 northglenn trust or LLC. Because it is a trust or LLC if anything happens and the buying entity is not able to perform duties of the contract, your only recourse is to sue the trust or LLC,

if the trust or LLC has transferred the property to some other Legal entity, than the trust or LLC has no assets available for the person who is suing to collect.

The times I have dealt with lease purchase offers, I have always reccommended an attorney review for my clients.

Many time the lease purchase/own transaction success is based on how much you believe the person who is initiating the lease to puchae/own is trustworthy, and do they have a track record of honest and successful dealings with others.

Are they willing to let you talk with other owners they have dealt with successfully? That might be just one avenue to explore. Lease purchases are not impossible, however do go in with eyes wide open.

Wishing you the best, feel free to call or email me if you have further questions.
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0 votes 7 answers Share Flag
Lillian Live…, Real Estate Pro in Lakewood, CO
Tue May 13, 2008
Lillian Lively answered:
Hi Cheri,
It's possible. In looking at the comparables,the average sales price in Shadowood on a 2 bedroom 2 bath unit is about $74K, with one selling in February for $95K. Average days on the market is pretty darned quick! 16 days.

As always, there are many variables to consider.eg: What floor, what parking, what direction does the unit face And, if you are trying to sell it as a For Sale By owner, it will likely take longer, as the marketing opportunities are far less than having it listed by a Realtor on the MLS.

If you've more questions feel free to contact me.

Lil Lively
Lil@TopProducer.com
303-746-8827
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0 votes 2 answers Share Flag
Eileen T. Sm…,  in Doylestown, PA
Wed May 7, 2008
Eileen T. Smith answered:
I suggest you contact a Realtor in you area to do a CMA. There are too many variables for a computer to see. Your Realtor will do the CMA based on sold prices, however, she/he should also show you the active listings in the area to size up your competition. In today’s market, after consulting with a Realtor, my suggestion would be to hire a certified appraiser before placing your home on the market. Some of the dangers of overpricing your home include lengthening the time on market, making the property “shopworn”; it reduces the number of showings and most importantly, presents mortgage appraisal problems. ... more
0 votes 5 answers Share Flag
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