Pricing your home in a “Seller’s Market”’

By
now you’re probably acutely aware that Colorado is currently in a “seller’s
market”. Additionally, spring and summer months in Colorado are indeed
the best time to sell a home. There are simply more buyers looking for homes to
purchase than there are homes for sale. Although it might be easier
to sell a home in this “hot” market, proper pricing is still the key to
creating demand. Ultimately, it’s the demand that drives competition. The
larger the number of buyers for your home, the higher the odds you’ll make more
money.
Proper
pricing requires strategy. If you set the price a bit under market value, this
will attract more buyers. It also will leave some upward negotiation room
for buyers to begin bidding over the asking price. It helps to think of your
house listing price as a “minimum bid” price. If the price is attractive
to multiple buyers, then more buyers will ultimately make offers on your home
and “bid” it up to the final market price. Setting the price too high
will draw in fewer buyers and may set you in a downward negotiating pattern
from the beginning.
Proper
pricing of a home has many benefits to a home seller. Benefits such as:
fewer days
on market (less hassle to the homeowner), multiple offers (which could
drive up the sales price), and better terms for the seller (waived
contingencies, ideal closing dates, post-closing possession for a seller
moving to another home).
In
terms of pricing, there is a lot of data out there on the internet in regards
to the value of your home. However, online valuations just provide a
general idea of a home’s value. Their margins of error can fluctuate by
upwards of 10%+ (think being “off” by $50,000 on a $500,000 home!).
Having hyperlocal professional and precise data based on the most current sales
and market trends in your specific neighborhood is crucial to proper pricing.
A Refreshing Look at the Question “What is my House Worth?”
Let’s
take a look at some of the stats for our area to get a better idea of what is
going on in the local housing market!

In
Arapahoe County for April 2018, the average sales price* was:
- $395,000 for Single Family Homes (up 8.2% from 1 year ago)
- $245,000 for Condos/Townhomes (up 11.4% from 1 year ago)

In
Douglas County for April 2018, the average sales price* was:
- $491,000 for Single Family Homes (up 8.0% from 1 year ago)
- $325,500 for Condos/Townhomes (up 10.3% from 1 year ago)
I
have access to detailed stats across Colorado and can help you find out the
worth of your property any time. I can also help you determine what your home
is worth even if it’s in a different area. As always, I am here for you. If
it’s time for you to buy or sell, let’s talk.
*Median
sales price based on a six-month moving average