Market Update August 2017
Real life story of how the market is right now.
It is not uncommon to see a lot of conversation about the market reaching a peak or how many price reductions are happening of late. However, here is a real-life example of my experience with 4 listings that went under contract within 5 days of each other. Three of the four went under contract at or above full price and one went just under full price but right at the top price my original market analysis showed.
Now here is the fun part. Match the timeframes listed for each house with the days on market following that and see if you get it right. I’ll post the answers on my website. Just click the “read more” link and you will be able to see them.
a. One was on the market for one month.
b. One was on the market for about 3 days
c. Another for about 3 weeks
d. The fourth was on the market about 5 days.
Now match the days on market to the above
e. One had over 30 showings.
f. One had 6.
g. Another had only one.
h. And one had 18.
Here are the answers:
A goes with H
B goes with G
C goes with F
And D goes with E
The owners of A and C were nervous because when you listen to the news, you’d think every house sells in a day with multiple offers. However, their respective houses went on the market in July when things are slower. They were kind enough to trust my judgement when I asked them to be patient, that things would get better after school started. Literally the second week after school began, they both went under contract. The owners of B and D were ecstatic as you can imagine.
What does this say about our market? Our market is very healthy. Each house was in a different area of Metro Denver and none of them had to undergo a price reduction to get an offer. They were priced in line with a solid market analysis, they showed well and each was marketed very effectively. Don’t let the price reductions you are seeing out there worry you. Each of these sellers are very happy with the price they received. It’s a fine line between getting top dollar and over pricing your home only to have to then reduce the price and usually end up with less than if you’d priced it right at the beginning. I helped these folks find that right price and am happy to do so for you.