There is volatility in the real estate market right now (yes, even in Boulder/Broomfield), and an abundance of conflicting news reports and statistics that maare potentially confusing to buyers and sellers. At Colorado Landmark, Realtors we are committed to knowing OUR local market and giving our clients and friends the most up-to-date and accurate information possible.
To that end, about every other week we will give you detailed information about the prior week’s real estate actvity in Boulder and Broomfield Counties. What is selling, at what prices, how long these properties are taking to sell, and other relevant information about what’s going on in OUR area.
For the week of September 5-11, 2010 here are the numbers:
•58 properties sold (down from 81 properties 2 weeks ago)
•Price range of properties sold during this period: $114,900 – $1,500,000
•Median price: $265,000 (down from $290,000)
•Average price: $364,332 (down from $432,480)
•$0-199k = 13 sold this week
•$200-299K = 18 sold
•$300-399k = 10 sold
•$400-499k = 5 sold
•$500-599k = 5 sold
•$600-699k = 2 sold
•$700-799k = 2 sold
•$800-899k = 0 sold
•$900-999k = 1 sold
•$1.0-1.9M = 2 sold
•$2.0M+ = 0 sold
Looking over the last two reports of Top Ten on this blog, there are a couple of obvious conclusions. One, if you have priced your home in the $700-999k range, be prepared for a tough go. If you are in the $800’s it is especially rough. Homes in this price range are difficult to sell right now. For the Boulder area this is typically a “move up” price range. It has historically been a tough price point to sell anyway, but with consumers concerned about unemployment it’s even tougher for buyers to make that leap to “movin’ on up” now.
The other obvious conclusion is that sellers still haven’t gotten the message about overpricing their homes. You can hire the best realtor in the area, with affluent connections, the most innovative and comprehensive marketing, and biggest web presence. You can stage your house beautifully, keep it spotlessly clean for showings and open houses, and make it look like an HGTV showcase home. But all that means nothing if you insist on overpricing it! You don’t need to give your home away, but you DO need to be realistic and toss both your ego and emotional attachments aside.
I am going to sound like a real broken record here, but again … it doesn’t take a rocket scientist to look at the chart and see that the five homes with the longest DOM are the five homes with the most drastic price reductions, from 21.8% all the way up to 62.3% off original list price. Hellooooo ….. anyone listening?
Here’s your takeaway for the week – It’s time for tough love. Instead of beating your realtor up about why your home hasn’t sold, get their honest opinion (or one from their managing broker) about what it will take to price your home to sell in the next 90 days. Listen, bite down on that leather strap, and just do it.