If you’re wanting to sell your home in the Colorado Springs real estate market, you need to know your competition! There’s competition that can hurt your chances of selling your home – unless you’re prepared to take action.
One type of competition in every real estate market is Motivated Sellers. Those are the people you need to be aware of. When a motivated seller is your competition, you’ll need to make sure you are effectively competing – even if you’re not quite as motivated as they are.
Who are Motivated Sellers?
Motivated sellers are people who own homes in Colorado Springs who are doing okay now, but things look bad on the horizon. They may have an adjustable rate mortgage that is about to adjust that will take their payment out of their affordable range. They may be struggling with employment or extra costs. They’ve probably already seen their lifestyle decrease a bit, and they’re worried about being able to afford the house for much longer. These people are seriously motivated.
By motivated, I mean that they will aggressively market their home and are far more likely to negotiate with Colorado Springs buyers. Right now, their credit is still good, they’re still getting along, and they need to see that house before things take a turn for the worse.
Motivated sellers are not willing to “sit and wait” for their home to sell, or for the market to catch up with what they want to sell their house for. They want a quick sale, and they want it now.
How to Compete against a Motivated Seller:
For many motivated sellers, they haven’t owned their home long enough to have enough equity to negotiate a whole lot on price. This makes price your first weapon. Pricing your home effectively is your best winning strategy. Make sure your Colorado Springs Realtor® advises you on the neighborhood market conditions and the overall Colorado Springs real estate market conditions. You’ll need to decide on a competitive asking price to make your home stand out from the competition.
Marketing is your next best strategy. Make sure your Realtor® takes many – and high quality – photos to be used in the MLS and marketing. Invest time and effort into cleaning your home and getting all the details just right. Many home buyers want to buy a home that doesn’t need repairs or cleaning. Give them every reason to pick your home over all the other motivated sellers.