I have a house in Pine Creek. It has been on the market for 3 weeks now and no showings. Is this typical?

Asked by Linda B, Colorado Springs, CO Fri Jun 27, 2008

I have a nice home in Pine Creek and have not had any showings yet. It has been on the market for 3 weeks. My agent has it listed on the MLS. The only problem I can see with it is that it doesn't have a finished basement - - but the price reflects this. Any suggestions - the house shows great ans has wonderful curb appeal but I need to get some one in the door.

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13
Valerie Klei…, Agent, Greenwood Village, CO
Mon Jun 30, 2008
Sorry you aren't getting any showings, but it seems to be the state of the market right now. I have some wonderful listings in a range of prices, from 355,000-475,000-850,000 and we aren't getting many showings at all either. I work in the Denver area as well and showings are picking up there, hopefully it will spread South soon. Don't give up on your Realtor if it's in the MLS, that's the best place it can be and changing really won't accomplish much. Ask if they can list it in the Denver Metrolist as well. My listings are in both and the showings we are getting seem to be coming more from Denver folks looking to move to Colorado Springs area. Good Luck!
Valerie Kleinman
1 vote
Terry Naber, Agent, Colorado Springs, CO
Thu Feb 26, 2015
It is common for homes in the price ranges of Pine Creek, that time of year. It also could actually be that given the choice, the buyers prefer to look at homes with finished basements, even if they need to pay more. But, there are many possible factors, that would necessitate another broker to actually see the house and compare it with others that have been going under contract, to offer an educated opinion.

Best wishes on selling!
0 votes
Jeff and Kaye…, Agent, Colorado Springs, CO
Tue Feb 5, 2013
Hi Linda,

It can definitely happen. Your agent has it in the MLS but first look at how the home is presented in the MLS. When a home first goes on the market is when it will get the most attention on the MLS and other internet sites like Trulia. As someone who lists a lot of home and sell in Pine Creek I always make sure the homes I list are ready to be on the market. How we recommend it be done is below:

1. We have a professional home stager come out and give you a one hour consultation telling you how best to work with what you have already to make the home show great. They give you a written report to keep as reference.
2. When the items that a home stager recommends are done we have a PROFESSIONAL photographer take pictures of the home. The pictures are what people will see on line and be attracted to.
3. We get two-sided color brochures with pictures of the property to have available for those who drive or walk by.
4. When we put the home in the MLS we make sure to put complete and thorough property descriptions in and comments under each of the pictures.

So, look at your MLS listing and if you have done all of these and not drawing people to the property ask your agent to do a Broker Open House to get other agents out there to look and give an opinion - it may be price but don't jump to a price reduction if you don't need to.

Jeff and Kaye Piggot
Re/Max Real Estate Group
719-210-8433
http://www.jeffpiggot.com
0 votes
Jeff, this question is from 2008 :P
Flag Sat Jun 14, 2014
Kemss, Both Buyer And Seller, Briarsgate, Colorado Springs, CO
Tue Jun 9, 2009
We have sold a house and a townhouse... the key is PRESENTATION.

De clutter - take everything out. Make it look like a model home. Also, a good agent. My suggestion Jennifer Boylan Boylan and Company
jennifer@springshomes.com http://www.springshomes.com 719-388-4000
0 votes
Sassy Skelton, , Colorado Springs, CO
Tue Oct 7, 2008
Has your agent taken good pics of the house to attach with the MLS? Buyers have a LOT of houses to consider and many start with their impression off the MLS. No pictures can = no interest.

Getting the possible buyers in the door is the first step, making them feel 'inspired' to buy your house is the 2nd.
0 votes
Pranab, Home Buyer, Colorado Springs, CO
Thu Jul 17, 2008
Linda,
Do you have your listing on line? if so please provide link. thanks.
0 votes
Jay Carden, Agent, Colorado Springs, CO
Thu Jul 17, 2008
Pine Creek is a the higher end of the buying spectrum for Colorado Springs. The issue that you are having has nothing to do with your home, but price and location. I agree, the issue really stems from lack of financing ability. Another issue is Cordera and Wolf Ranch builders are cutting prices to sell their inventory, which in turn is taking away some of your buyers. This market dictates you be the lowest priced and best looking to win the contest.
Have you thought about rent to own? That could be a great option that I have seen work in this higher end. Many relo people cannot sell their current homes so they need to rent because they cannot finance 2 homes. You can always charge a higher price an apply the difference to the buyers bottomline upon closing. Sounds to me like you have a professional working for you, just stick it out.
0 votes
Linda B, Home Seller, Colorado Springs, CO
Thu Jul 10, 2008
Thanks for all the advice. Yes we lowerd the price and have gotten several showings with positive feedback. Prenab-the house is 4000+ sf with a 3 car garage - but doesn't have a finished basement. We lowered the price to reflect this.
0 votes
Pranab, Home Buyer, Colorado Springs, CO
Thu Jul 10, 2008
Do you have the home specs? 3 car? sq footage
0 votes
Lillian Live…, Agent, Lakewood, CO
Wed Jul 9, 2008
As a listing agent, if I have a listing that has had no showings in 3 weeks I would get the message that the market is sending: The price is too high. The market will never know how nice your house is if it is priced above the current market for that neighborhood, square footage, etc.

Lil Lively
Your Castle Real Estate
950 Wadsworth Blvd, Suite 120
Lakewood, CO 80214
Cell: 303-746-8827 Fax:303-265-9318
Email: Lil@TopProducer.com
http://www.LilLively.com
0 votes
Benjaminday, , Colorado Springs, CO
Wed Jul 2, 2008
I have a market data link at bottom for reference. In May there were only 880 sold transactions. Yeah 880 is more than zero, we are almost 40% off the buying pace of the 2005 peak and there are 2200 more homes for sale. So units are up 50% on the supply side and down almost 40% on the demand side. One showing a week seems to be about average, and the average new listing price is $313,000. I'm guessing you're $100,000 to $200,000 more than that in Pine Creek.

The good thing is that there really is not a lot of new inventory coming on the market. Eleven of the last 14 months have seen fewer listings come on than the same month a year ago. So we're finally at the place where we have fewer homes for sale now than we did this time last year (about 2%). It will be interesting to see if this continued into June when PPAR releases their data next week.

Another problem that wasn't there just a year ago in your price range is jumbo financing. If you're over $417,000, that might effect buyers. You can put 3% down with some lender and do a $416,999 loan and you're in the conventional 6.25% interest rate category; cross $417,000 and you can only get that rate on a 5 year ARM. If it's fixed, the rate is close to 8%. And there are no 2nds to pair that mortgage with any longer. Colorado Springs buyers tend to leverage their purchases pretty heavily, especially further north in town. There isn't a lot of big cash involved in many sales. Pranab is relating pretty accurately the local buying activity: we have time on our sides; we're seeing some healthy price cuts; we're willing to stretch to get a great home, but let's see if that great home is willing to stretch to get us as a buyer first.

The national funk has really hurt our relo business this year. Last summer, all the buyers seemed to be relo because the markets weren't too bad yet in other places. Now the relo buyers who would want to buy D20, Pine Creek, Golf Course, etc.... they're coming from upside down markets, owe money on their home there and can't buy as much here or just plain can't sell their home there. Check out some of the price drops they're seeing in California, they're unbelievable (do a Trulia search on say, Stockton, CA). Those who got out last year got out ahead of the hurricane. Those who planned on getting out this year are in a race to the bottom. Those are the typical summer-time buyers we're used to seeing in Colorado Springs, and they just aren't here this year because of national problems dragging on the market.
0 votes
Pranab, Home Buyer, Colorado Springs, CO
Wed Jul 2, 2008
From the buyer side. We have been looking to buy a house in Pine creek, northgate or even monument , the reason for us holding out is
1. It is the start of the season, a lot of house and I mean a lot of houses out there
2. Since we have the time my wife is being very picky
3. My idea is to wait until August -sept to see if prices go down. I just saw a house that my wife loved but we were going to make an offer and saw teh price drop,.

I donot think the bottom is here yet. We will wait until august /sept
0 votes
Misti, Home Seller, Colorado Springs, CO
Mon Jun 30, 2008
We have the same problem in Northgate. A beautiful home, but very few showings. Where are all the buyers in this peak season?!!? Are there just too many homes to choose from in Colorado Springs right now? Aren't Northgate and Pine Creek highly sought-after neighborhoods to live in? We just thought we'd see more activity right now.
0 votes
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