It may not surprise you learn that many homes for sale in Colorado Springs don’t actually sell the first time it is listed.
Sometimes homes don’t sell. In fact, we work with a lot of people who have had their home listed with another agent, but it didn’t sell. All of those people want to know the same thing:
“Why didn’t my home sell?”
To answer this, we are creating a series of articles to help you better understand what may have gone wrong.
This, then, is Part One: Why Didn’t my Colorado Springs Home Sell?
The number one reason??
Reason #1: Price
Price is the number one reason why a house does not sell.
It’s never the answer anyone wants to hear, but it’s the truth. Many sellers don’t understand the current real estate market in Colorado Springs well enough to price their home effectively. A competent real estate agent can give pricing advice to a seller, but ultimately it is the Seller’s decision as to what the asking price will be.
And of course – we all want the most amount of money in the sale as possible. But the price is only part of the whole equation. The higher your listing price compared to your competition, the longer your home will stay on the market – if it sells at all.
We have helped a ton of Colorado Springs home sellers who didn’t sell their homes the first time around. The first thing we do with these new Seller clients is sit down and really examine the current real estate market conditions and the immediate competition. As advocates for consumers being empowered in their decisions about their home, we do whatever we can to ensure that our Sellers are as educated as possible before re-listing their home with us and putting it back on the market.
Frequently, after an honest and thorough look at the market, an educated seller will better understand the current market conditions and realize that a price change is probably the right answer.
How can you tell if PRICE was the reason your home didn’t sell?
The biggest indicator is that you didn’t have many showings while your house was listed… if any at all. This is because real estate agents and home buyers decided to overlook it. There are too many other good homes on the market to waste time looking a home that is priced too high, even if only a little bit too high.
After you review and understand the current Colorado Springs real estate market, you may find that price was the reason that your home didn’t sell. Luckily, this is an easy thing to fix. You may not walk away with as much money as you hoped for, but you also won’t be stuck with a home that you’ve decided to sell.