Market Insights: How to get your home sold quickly
Special to the Daily
We have all seen it happen. Properties come on the market and take what feels like an eternity to sell.
Here are the statistics* for sales in Summit County in the past week:
Single-family homes on the market the longest time: 2.5 years.
Condos on the market the longest time: 3.4 years.
Townhomes on the market for the longest time: 1.8 years.
Let those numbers sink in. And think about how much equity those sellers lost. You and I know it. Sales prices have declined since 3.4 years ago. It is a big fat bummer. Each of these sellers would have made more money had they sold within three months of going on the market, not years. There are two reasons why this happens:
1.) The sellers did not have the info in this article.
2.) The sellers did not listen when their Realtor gave them this advice.
You know me and you know the style of my Market Insights column: short and to the point (like me – I am just 5’6″ and I believe in being “brutally honest” with all of my clients). So here are the four keys to getting your home sold within three to six months.
1.) The right mindset: Only put a property on the market if you want it sold within an absolute maximum of six months. Be determined to sell you home. Don’t try to sell. ‘Trying’ is too low a level of commitment on your part.
2.) The right Realtor: Once you have made the commitment, do your homework. Don’t select your Realtor because you hike with him or her each day. Tell your friend you would like to interview him or her along with others. Select the Realtor who will market the pants off your property. Accept nothing less.
3.) The right condition: The day your property hits the market, it should be staged and sparkling. Buyers don’t want to buy a trophy that is tarnished and dented. They want to a polished trophy that shows pride of ownership. I highly recommend sellers have an inspection completed by a qualified home inspector before going on the market. You should address any issues in advance.
4.) The right price: Price is important; however, it is just one of the four keys. It is NOT the only key and it never, ever should be. For most sellers, this is the hardest step and one that needs the insights of an extremely astute and experienced Realtor. In specific instances,paying for a professional appraisal can be well worth it. Do NOT start too high with the idea, “What the heck – the buyers will make an offer.” That does not work. Start with too high a price and you will miss the buyers.
The Breckenridge home in these photos sold within three months because the seller followed each of these steps.
Sellers, be decisive and know ‘it takes money to make money.’ Buyers, be focused on the market. If the right property hits the market, don’t delay, buy it.
Daniel Webster Johnson is a broker associate at Resort Brokers Real Estate in Breckenridge. He can be reached at (970) 393-3300 and/or Daniel@YourMountainBroker.com.
*Data provided by the Summit Association of Realtors.
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