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Skyfor’s Buyer Agent Search service has released an advisory report for both real estate buyers and sellers of real estate who need advice on how to price and sell homes in the Colorado Springs, Colorado market.
Real estate agents must put the interest of their clients ahead of their own interest. There are important decisions that many consumers make. Consumers must interview a couple of real estate agents and only hire agents who promise to give their full fiduciary responsibilities.
A portion of the Consumers Radio show broadcast that provides advice for first time home buyers or sellers may be seen here: Radio Show 072118 8AM
Consumers may be first-time sellers even if they are at 50, 60, or in the ’70s. There are people who have been living in their homes for a long time and so they need initial education as well as a millennial person.
Kathleen Chiras, the contributor to the Barry and Larry Consumers real estate show, gives advice on houses for sale in 2018. Low inventory of homes is a fact all over the country and almost every metropolitan area. Sellers are a little confused about how to go about pricing their homes. They don’t know exactly how much to put on the price and they are saying,
“There is not enough inventory of homes so I think people will pay anything!”. The thing is, buyers will most likely pay what is the market value of the property even it’s a hot market.
With a good fiduciary agent, buyers will be encouraged to look at comparable sold properties. Sellers will also look at these same comparable properties. Coming up at the realistic price is imperative for any seller who wishes to get bids on his or her property within 90 days. A good agent will give a realistic price range of probable scenarios.
Properties which have unique characteristics are often perceived by their sellers as having a great deal more value, but that may not be true. For example, a beautiful hand-built moss fireplace that burns wood may have a great perception of value from point of view of the seller but may reduce the number of buyers who appreciate that particular attribute.
Pricing and good condition are especially important for those sellers who want their homes to sell within in 30-day timeline.
What are some other factors to determine a proper selling price?
Chiras and Barry Miller, host of the Denver KHOW Consumers real estate show, suggest that buyers be shown comparable properties that have recently sold or are under contract 2 or 3 times during the 2 or 3-month time frame that sellers are typically working with listing agents.
This will allow sellers to see market trends and adjust their strategy accordingly. In strong seller’s markets, the seller and the listing agent may decide to put the property at a slightly little lower price point so a bidding war is created. This four-day “auction-style” of selling a home is often a good strategy to help sellers get thousands of dollars over the initial asking price.
The heart of the pricing equation is the condition of the house. Many consumers are not sure what they should do to fix up the house in order to get a good price. In most cases, many repairs are not necessarily going to give sellers more money. In the end result of what they sell their house for. But if it is in good condition, it will more sell quickly.
A recent study by the National Association of Realtors showed that cheap cosmetic touchups such as paint and new carpet will pay off with a higher sale value, but big kitchen or bath remodels probably will not.
Surprisingly, this study found the only big repair that consistently brought a higher price on the home than the money invested was a nice front door. This is no doubt because of the power of “curb appeal”. If a buyer emotionally falls in love with the home before even walking through the front door, there is a higher chance that the home will sell more quickly and at a higher price.
Chiras helps consumers to find top agents who know how to properly price homes and meet the seller’s guidelines and who are willing to study the facts provided by industry groups who provide good data.