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Pricing Your Home to Sell

By | Selling In Evergreen | No Comments

When it comes time to sell a home, most people want the property to sell quickly for the highest possible return. Setting the correct listing price is the most important step in reaching this goal. Price a property too low and it might sell quickly, but you could pocket less profit. Set it too high and you run the risk of pricing yourself out of the market.

Why overpricing a home is risky

Some sellers want to list their home at an inflated value, believing that they can always lower the price down the road if needed. But this can be a risky strategy. New listings generally get the greatest exposure in the first two-to-four weeks on the market, so setting a realistic price from day one is critical. If a home is priced too high, your strongest pool of prospective buyers is eliminated because they think it’s out of their price range.  Conversely, buyers who can afford it will compare it to other homes that have been fairly priced and decide that they can get more home for their money elsewhere.

Once it has been decided to reduce the price, you’ve unnecessarily lost time and money. Your strongest prospective buyers may have found another home, while the over-inflated price could result in a negative impression amongst agents and buyers who are still in the market. Not to mention, reengaging buyers after those first critical few weeks can be very challenging. As the saying goes, “time is money”; so the longer a home is on the market, the lower the selling price will likely be in relation to the initial listing price.

Setting a home price too high has other costs

When a home languishes on the market, the seller loses in a number of ways. Each month the home goes unsold is another month of costs to the owner in mortgage payments, taxes, and maintenance—expenses that are not recovered when the home is sold. Furthermore, until the house is sold, the owner is on hold and can’t move forward with whatever plans prompted the decision to sell. If the seller is still living in the home, it can also be fatiguing to keep the property in ready-to-show condition month after month.

How to set the right price for a home

It’s not easy to be objective about your own home. That’s why it’s best to have a real estate professional work with you to set a reasonable price. According to a study done by the National Association of REALTORS®, homes that were sold using a real estate agent netted an average of $25,000 more than those without agent representation.

There are a number of factors that your agent will consider when determining a sales price for your home. Here’s a quick overview.

    • Comparable sales. One of the best guides to pricing your home is knowing what recent buyers were willing to pay for similar homes in your area. So, one of the first things your agent will do is prepare a Comparative Market Analysis (CMA). A CMA is a written analysis of houses in the community that are currently for sale, homes that have recently sold, and homes that were offered for sale but did not sell. While no two homes are identical, the report highlights only homes that most resemble yours. The CMA will include details about these properties, such as the number of bedrooms and baths, square footage, noteworthy amenities—and the listing price and sale price. The report will also include the Days on Market (DOM) for each property, which is the number of days it took to sell the home once it was listed. The CMA helps determine a price range that will be appropriate for your home.
    • Unique property features. Since no two homes are exactly alike, looking at comparable sales is just one part of the equation. Many properties have distinctive features that add to their overall value when it comes to pricing. The importance buyers place on different features can vary by region, but examples might include a particularly pleasing view, artisan-quality interior detailing, outdoor entertaining space, or exceptional landscaping.
    • Current market conditions. The real estate market is constantly fluctuating, and those cycles have a direct impact on pricing. Here are some of the market conditions an agent may consider when evaluating how to price a home:
        • Are home prices trending up or down?
        • How quickly are homes selling?
        • Is the inventory of homes on the market tight or plentiful?
        • Are interest rates attractive?
        • How is the overall economy performing? Is the local job market strong or in decline?

Other factors that can impact pricing include the condition of the home, seasonal influences (i.e. summer versus winter), condition of surrounding neighborhood, local amenities, and how quickly the seller needs to move.

There are a lot of factors that go into setting a home’s sales price, but it’s by far the most critical step in the overall selling process. The best course of action is to look to your real estate agent for guidance; they have the experience and market knowledge that will help you achieve your goals and reach a desired outcome that best fits your individual needs.

For more information on Windermere Real Estate please contact us here.

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Find a New Home in Four Easy Steps

By | Evergreen Homes for Sale | No Comments

There are four easy steps you can take to find a new home. Whether you’re a first-time homebuyer or a current owner looking for a bigger home, the ideas below will help you better navigate that all-important first step: Finding a property that you like (and can afford).

The search for a new home always starts out with a lot of excitement. But if you haven’t prepared, frustration can soon set in, especially in a competitive real estate market. The biggest mistake is jumping into a search unfocused, just hoping to “see what’s available.” Instead, we recommend you first take some time to work through the four steps below.

Step 1: Talk to your agent

Even if you’re just thinking about buying or selling a house, start by consulting your real estate agent. An agent can give you an up-to-the-minute summary of the current real estate market, as well as mortgage industry trends. And can also put you in touch with all the best resources and educate you about the next best steps. Plus much more.

Step 2: Decide how much home you can afford

It may sound like a drag to start your home search with a boring financial review, but when all is said and done, you’ll be glad you did. With so few homes on the market now in many areas, and so many people competing to buy what is available, it’s far more efficient to focus your search on only the properties you can afford. A meeting or two with a reputable mortgage agent should tell you everything you need to know.

Step 3: Envision your future

Typically, it takes at least five years for a home purchase to start paying off financially, which means, the better your new home suits you, the longer you’ll most likely remain living there.

Will you be having children in the next five or six years? Where do you see your career heading? Are you interested in working from home, or making extra money by renting a portion of your home to others? Do you anticipate a relative coming to live with you? Share this information with your real estate agent, who can then help you evaluate school districts, work commutes, rental opportunities, and more as you search for homes together.

Step 4: Document your ideal home

When it comes to this step, be realistic. It’s easy to get carried away dreaming about all the home features you want. Try listing everything on a piece of paper, then choose the five “must-haves,” and the five “really-wants.”

Share and subscribe to stay up to date! Contact us today for help calling Evergreen, Colorado home. Explore Evergreen Properties, John and Yvette Putt, are Evergreen’s top real estate brokers helping countless numbers of buyers and sellers relocate to the Evergreen area.

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Hiking in Evergreen Colorado – Backcountry Safety & Preparedness Part 2

By | Backcountry Prepardness | No Comments

Yes, accidents in the mountains are extremely low, given the number of folks that go out each day. No one actually tracks this number and I am sure that, like all things, it fluctuates greatly.  Again, accidents are accidents, but bad decisions increase the probability of a bad event from becoming a tragic event. If you’re planning to go hiking in Evergreen, there are some things to consider for before heading out!

Critical thinking Skills:

There are many factors such as weather, altitude, health issues, and yes, rocks that impact our hike.  Rocks have one purpose in life and that is to roll downhill, making them unstable and something that you don’t want to get hit with.  Add a little water or snow to the trail and it becomes very slippery.  You need to be prepared to spend at least 6-12 hours beyond your planned hike for rescue.

An informal survey done over the summer at the major trailheads, e.g., Grays/Torrey’s, Bierstadt, Herman Gulch, etc. we counted 300-400 folks going in each day. We see that being a consistent number now days at all the major trail heads.  And, yes, more than often, all make it out ok.  None the worse for wear.  Good for them…  So, what’s all the concern about, why take all that gear in.  One woman told me, “I just have to pack it all out again”.  Or “my partner has all the gear, so yes, we are prepared”.  From a total survey audience of 318 hikers, of varying ages, only 4.9% of the folks carried all 10 essentials.  Having the 10 essentials spread out over the group leaves you or someone else “short” if there is an emergency or if the party separates (not a good thing).  Carry your own gear.

You know, it’s like jumping out of an airplane with only your reserve parachute. Yes, it has opened every time in the past, but what about when it doesn’t open?  The consequences can be definitive.   Wouldn’t it be good to have a reserve chute now?

Aside from carrying the right gear, the 10 essentials (10E’s) +1.  Wait, what’s that Plus 1 thing?  “Plus one” is at least one partner with you.  NEVER hike alone.   So, what are the 10E’s?

First Aid Kit; Map/Compass; Pocket Knife; Waterproof Matches; Emergency Shelter; Flashlight/Headlamp; Rain Gear; Emergency Food; Emergency Water; Sun Protection; and at least one Companion (Plus 1).

Each person should carry the 10 E’s and know how to use them.  Can you really use a map and a compass, what is the current declination for the area you are climbing?  Could you start a fire above tree line?  Maybe carry a small stove in such cases?  Almost every rescue we go on has one common theme, the party separated.  Once you separate to go get help, etc., you are on your own.  Do you have all the gear to survive?

Next, we will discuss trip plans….  Take care and be safe out there…

Bruce Beckmann

 508-523-3655

Bruce.Alpine.Rescue@gmail.com

Share and subscribe to stay up to date! Contact us today for help calling Evergreen, Colorado home. Explore Evergreen Properties, John and Yvette Putt, are Evergreen’s top real estate brokers helping countless numbers of buyers and sellers relocate to the Evergreen area.

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The Gardner Report – Presented by Matthew Gardner, Chief Economist, Windermere Real Estate

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The Gardner Report – Colorado Real Estate Market Update

 

 Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics, and has more than 30 years of professional experience both in the U.S. and U.K.

 

ECONOMIC OVERVIEW

Colorado added 45,800 non-agricultural jobs over the past 12 months, a growth rate of 1.8%. Within the metropolitan market areas included in this report, annual employment growth was seen in all areas other than Grand Junction (where employment was stable) with substantial growth seen in Fort Collins (4.6%) and Greeley (3.5%).

In August, the unemployment rate in the state was 2.2%, down from 3.1% a year ago. The lowest reported unemployment rates were again seen in Fort Collins at just 1.8%. The highest rate was in Grand Junction, at a very respectable 3.0%. It is still reasonable to assume that all the markets contained within this report will see above-average wage growth given the very tight labor market.

 

HOME SALES ACTIVITY

  • There were 17,140 home sales during the third quarter of 2017, which was a drop of 3.3% from the same period in 2016.
  • Sales rose the fastest in Boulder County, which saw sales grow 4% more than the third quarter of 2016. There were marginal increases in Weld and Larimer Counties. Sales fell in all the other counties contained within this report.
  • Home sales slowed due to very low levels of available inventory. Listing activity continues to trend at well below historic averages, with the total number of homes for sale in the third quarter 5.5% below the level seen a year ago.
  • The takeaway here is that sales growth has stalled due to the lack of homes for sale.

For more information, please click here for the full report. This report is presented by John and Yvette Putt of Exploreevergreenproperties.com, a member of the Windermere Real Estate Group of Evergreen, Colorado.