End of Summer Listings: Last Minute or Lingering
Although school is right around the corner and summer vacations are coming to a close, the real estate selling season isn’t quite over yet.
There will still be more homes coming to market in the late summer/fall months. Overall, the lasting inventory of homes for sale this time of year typically falls into two buckets: 1) Last minute home sellers and 2) Lingering listings.
Let’s take a look at both of these categories and how each pertains to both buyers and sellers.
Last minute home sellers. It happens. Sometimes the sale of a home doesn’t coincide with the “prime” selling season (generally March-June). Job relocation, family changes, etc. can occur unexpectedly during any time of the year. So, what’s a seller to do if they need to sell a home August-December?
- Make sure you have the right real estate expert to help position and market your home to buyers who are still looking for a home like yours – or weren’t looking earlier in the year. Call me for an in-depth market analysis.
- Preparation is even more crucial with a slightly limited time frame to market your home. All those little details can make a difference.
What if you are a last-minute buyer? Or perhaps you missed out on a few opportunities earlier in the year? There are still plenty of options and opportunities.
- Avoid the mindset that the market has shifted to a “buyer’s” market. While there may be less buyers to compete with, competitive offers will always make a difference.
- Think about expanding your search options. Sometimes, the ideal property can be just outside of where you’ve been looking. Ask me about surrounding areas.
Lingering listings. Even in a seller’s market, sometimes a seller wasn’t able to capitalize on the buying frenzy earlier in the year. It doesn’t mean the home won’t sell but it might be time to reset and make some adjustments. There are typically 3 reasons a home isn’t selling:
- Price – It might be time to reevaluate pricing. An overpriced home tends to sit and linger, but it’s not too late to make a change. Even a small price change can increase visibility and boost buyer interest.
- Condition – The condition in which a home shows matters a lot more than some sellers think. Need new carpet or paint? Do it! A colleague of mine once said: “Bad carpet doesn’t sell!” If they don’t want to step on it, they probably don’t want to buy it.
- Marketing – Reevaluating and rejuvenating the marketing on the home is wise after making pricing or condition adjustments. Done right, you can reach a whole new audience that maybe missed your home earlier.
If you’re a buyer searching through lingering listings, there may be a good opportunity to secure a home at a better price with better terms. Call me and let’s see what’s out there. For sellers, an in-depth home inspection may be able to bring some insight into marketing strategies and home conditions. Maybe it’s time for some sweat equity or a different marketing approach altogether! Either way, 8z Real Estate can help.
Just because school is starting and the summer is winding down doesn’t mean the real estate market turns off. As a seasoned agent, I can help navigate you through the remaining selling season and help meet your real estate needs.
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 El Paso County for July 2019, the average sales price* was:
- $329,900 for Single Family Homes (up by 5.43% from 1 year ago)
- $223,500 for Condos/Townhomes (up by 1.9% 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