Many people selling their homes in Colorado Springs are surprised to learn that the number of days the property has been on the market can affect its ultimate selling price. The ratio is generally an inverse one: the longer your home remains on the market, the lower the price. Conversely, homes on the market for short periods of time tend to command higher prices. So, the moral is, work with a Colorado Springs real estate agent who will help you price your home correctly for the current market AND maximize your net profit.
We have found that the highest net profit for the seller is achieved during the first 30 days on the market in Colorado Springs. (As a point of reference, DOM, or Days on Market) is the time your property is actively listed on the market up until an offer is accepted. The median DOM indicates the actual central number of days that all homes for sale in the Springs are on the market before accepting an offer. The average DOM may be inaccurate due to a plethora of overpriced homes and builders who sometimes list properties on the MLS before construction is complete.
Homes that have been on the market for long periods of time raise questions in the minds of potential buyers including:
- Why hasn’t it sold?
- Is there something wrong with the house?
- How low do you think the sellers will go?
None of these are conducive to selling your Colorado Springs home expediently and for the best possible net profit.
When your home is priced correctly early in the game, potential buyers, who have looked at many homes online and in person, will recognize it as an excellent value and will be more likely to submit an offer close to your asking price. If you price the home well above its market value, there are a number of possible consequences including
- Receiving a number of “lowball” offers, with buyers knowing that the property is overpriced
- Not receiving any offers at all
- Having the property listed for more than 30 days
- Needing to eventually drop the price in order to sell the home, often to the market price that would have resulted in a much earlier sale
If, after a substantial time on the market with no results, you decide to take your home off the market to reset the DOM, you must keep it unlisted for 30 days before re-listing it. However, savvy real estate agents may check a property’s history in the MLS and will see that it was previously listed before you put it back on the market. For these agents’ clients, the property will still seem like “damaged goods.”
Your best bet is to work with a trustworthy Colorado Springs real estate agent who constantly tracks the median sale prices in your neighborhood and will help guide you to a stress-free and profitable sale.