If your home is currently on the Littleton, Colorado housing market, or if you are considering putting your home on the market, there are few facts you will need to know to navigate this ever challenging Real Estate Market.
What is my home worth? This is one of the most important questions a seller needs to be asking in today’s Littleton housing market. When you get it right your home sells quickly and with little effort, no matter what the Littleton housing market is doing! If it is wrong, well let’s just say no one is happy with the end results, least of all you. It results in low showings, the listing becoming stagnated, and then comes those ever dreaded conversations involving price reductions or repositioning.
How do we determine what a home is worth?? The truth of the matter is we don’t. The current “Resale Value”, of any home, in any area, or in any housing market, is determined by the buying pool alone. We as Real Estate professionals gather and evaluate the data within your area, and give you that Magic Number, the current “Market Value”. What is the difference you ask, well it is very simple. The current Market Value of a home is based off of the current properties sold, as well as the current properties listed to be sold. The Resale Value what the buyer is willing to pay for your property based on their “Perception of Value” on your home when compare to others in Littleton housing market.
So how do you price it right in the Littleton housing market?
First: You need to interview Real Estate Professionals to find the right one for the job. This needs to be a business decision, as you are selling one of your biggest assets. 3 interviews is usually a good start. Make sure you feel comfortable with the person you choose, as you will be working closely with them.
Second: Know what your goals are. Do you “NEED” or just “WANT” to sell? What improvements have been made in the last 5 years? What do you owe? How soon do you need to sell? Do you need to purchase another property? What are you willing to do to get your home “Show Ready”? Etc.
Third: Discuss pricing, or positioning: This is a touchy issue for everyone involved, even the Real Estate professional. Listen to and understand what the Broker’s roll will be in the positioning and selling of your home in the Littleton housing market. Understand your role, as you have the final say. Then prepare yourself for the shock of your life, and the inevitable feeling of “My house is worth more than that!!!” After the initial shock is over, resolve yourself to better understand where the Broker came up with that number. Does what the Broker is saying to you make sense? If not ask more questions. Then ask yourself “Am I willing to allow my home to be sold on the housing market at that price”? Now is the time for you need to ask yourself again, Do I NEED to sell or do I just WANT to sell? If the answer is want, well then just wait until the Littleton housing market improves, so you can get what you want for your home. However, if the answer is NEED, then take into consideration what you just learned.
Now a word of caution: You will insist on a number that you feel your home is worth. Some Brokers will humor you after an awkward conversation of why you feel this way. Thinking they will just ask you for a price reduction, or repositioning sooner rather than latter. A good Broker will be willing to walk away; knowing it won’t sell for that price. As I say “I would rather disappoint you now, when you have nothing to lose, then latter when you have everything to lose and your feel like you are stuck with me!”
Lastly: Ask yourself do you want to fall in the “Priced Right” column and get your home sold? Or do you want to fall into the “Over Priced” column and have you home sit? Choose Wisely!!!