I’ve talked with several potential home buyers that are worried that the market has past them by again. Not so…I’m finding under valued properties in the MLS and while out showing homes every week. The honest truth is that inexperience is going to be the windfall for the home buyer.
“Inexperienced Realtors and sellers are using old numbers to price homes for sale. Many are too timid to test the market and freak out if their home isn’t sold in 48 hours. This is great for home buyers”
Sellers are timid and get worried when their homes don’t sell in two days like their neighbor’s house did. They are dropping prices well before they should even beging to think about lowering their prices. This week the Parker CO real estate market saw 41 price reductions. Of the 41 price reductions the average days on market was 41. One of the homes dropped their price after 2 freaking days on the market. The longest on the market was 229 days so obviously they needed to make a move. But seriously I’m seeing price reductions on many homes within two weeks of hitting the market. This is crazy and what a reversal from 24 -48 months ago when 220 days was the average time on the market for most homes.
Find a Realtor that is and has sold many homes in the current market so they can guide you to the deals. Many can be spotted easily in the MLS but others take a little digging. Sometimes i cannot spot them until I’m actually inside the home showing it to a buyer. Either way, there are good deals to be had and they are not as uncommon as you think.
Many new Realtors and even older Realtors that are not active in the real estate market on a daily and weekly basis are using old comparables when pricing their homes for sale. The market is rising so why would you use a comp from 6 months ago? In the current market if you are not hiring a Realtor that has experience in a rising market you are going to leave money on the table for my buyer.
Also read: Parker CO Real Estate Inventory Shortage
Steven Beam is a Parker CO Realtor with over 14 years of experience in Douglas COunty Colorado and South Metro Denver. 303-941-4663.