Although school is about to start and summer vacations are nearing an end, the real estate selling season isn’t quite over yet.
There will still be more homes listed for sale in the late summer/fall months. This lasting inventory of homes for sale 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– I get it, sometimes the sale of a home doesn’t coincide with the “prime time” selling season (generally March-June). Job relocation, family changes, etc. 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 call the right real estate expert to help position and market your home to the right buyers who are still looking for a home like yours. Call me for an in-depth market analysis.
- Preparation is even more crucial with a slightly limited timeframe to market your home. All those little details can make a difference.
Are you 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, it is still more of a sellers’ market and competitive offers will always make a difference.The right real estate agent will help guide you.
- 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.
So, what exactly is a lingering listing? 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 maybe it’s time to reset and make some adjustments. There are typically 3 reasons a home isn’t selling: .
- Price – Maybe it’s 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 sellers like to think. Need new carpet or paint? Do it! A seasoned agent/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.
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 look at surrounding home values. 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 these last months of the year 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 2018, the average sales price* was:
- $305,000 for Single Family Homes (up 8.9% from 1 year ago)
- $218,250 for Condos/Townhomes (up 17.5% 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