The competition for home sellers is pretty fierce in Colorado Springs. Sellers have to compete against bank owned and short sale properties in the same neighborhood that are selling for much less. Homes that are overpriced in Colorado Springs are not selling, especially if they are outdated.
Many sellers receive feedback from showing agents stating their home is priced too high when compared to other homes in the area that are in better condition and have been updated or remodeled. Sellers who receive this feedback have a few choices:
- Leave the home and the price as is and just wait for a buyer
- Remodel or update the home in order to get it sold
- Drop the price
I do not recommend the first option because the home may take a long while to sell or it may not sell at all in the current real estate market. If many other homes are listed for sale in the same price range that are in better condition and updated, which home do you think the buyer is going to choose? The longer a house sits on the market, buyers wonder why it has not sold and often assume something is wrong with the house.
Depending on what remodels or updates the home requires will determine if the second option is a good idea. Small, inexpensive changes can go a long way. If the home needs updated kitchen appliances, lighting, paint, or new hardware, it may be affordable for the seller and make the home more appealing. If the home needs a complete overhaul that is rather expensive, completing a remodel may not be the best option. Sellers do not want to go overboard with updates in order to help the home sell because they probably will not see a return on the money they put into those updates. In many instances, sellers may not have the finances to complete remodels either. Every house is unique so talk with your real estate agent to find out what makes sense for your particular situation.
If sellers do not have the time, money, or energy to invest in remodeling the home in order to get the price they want, dropping the price is another option to consider. Buyers may still choose other properties but if the home is priced well for the competition for sale in that price range, the likelihood of the home selling is greater. Buyers who don’t mind moving into a home that needs a little work may find the home appealing but if the home needs work and is overpriced, the buyers will look elsewhere.
If a home is not selling, the sellers and their Colorado Springs real estate agent have to figure out why and what can be done to address the barriers to the home not selling. Taking care of issues early on is important if sellers want their home to sell for the price they want in a reasonable amount of time. A clean home always stands out so make sure to have your home clean for showings, it goes a long way!
Colorado Springs Realtor Patricia Beck, providing real estate services to home buyers and sellers.