Summit County homes selling quickly
Proof that homes in Summit County sell quickly
when the owners price them realistically came this week as we put four of our listings under contract. Even though inventories are at the highest level they have been in several years, when priced right, homes and condos still sell. This home was only 18 days from listing to closing, as we had a cash buyer wanting to close quickly, and a Seller willing to discount a little more in order to do so. It sold for 93% of the last sale of a similar duplex, but the last one had very nice views, was fully furnished and in excellent condition. Our listing had good views but was vacant, in desperate need of paint inside and out, and was sold as-is. The Seller needed a quick sale and priced it accordingly. It worked and he was very happy with the price he got.
Another of the Silverthorne homes we had listed
is in a subdivision with 9 other similar homes already listed. We were number 10. How do you get to be first in line when you start out in the #10 position? You do it by being a better value than the rest. That does not necessarily mean pricing under the market however. It does mean pricing at the market, having great curb appeal and being clean, neat and attractive inside. It sold so quickly that the Seller only came off the list price by $400, but the Buyer is thrilled to have such a nice home at a fair price. We could have priced $20,000 higher, waited 3 or 4 months, reduced the price and perhaps sold at a considerable discount off that price. These days, it is all about pricing strategy.
The third home was a single family home in Silverthorne
in the $800-900,000 price range. This photo is of a home in a similar price range, but is not the same one. We researched the market very carefully as this price range often takes a while to sell. The home was prepared nicely by the Sellers and with the unique mountain touches they had added to the log home, it went under contract within two months at very close to the asking price. It is all about value. Buyers today often will “lowball” just to give it a try and see what happens, hoping they have found a distressed Seller. When they find it is not the case, if they can see the value in the property, they will negotiate with the Seller until reaching a price that satisfies everyone. That price is the fair market value of the home.
As I write this, the Summit County MLS system is at 1700 active listings. Last year at this time we had around 800-900 homes for sale. The market has definitely turned, but that is not to say that nothing is selling! It is, and we have proof!
Watch this space for statistics and market updates. Subscribe!
For information on Summit County neighborhoods, read about Mesa Cortina in Silverthorne, Wooden Canoe at Waterdance in Frisco, or a funky Frisco neighborhood, Bills Ranch.
August 2nd, 2008 at 12:21 pm
Joanne, I was reviewing the market activity today and noticed that if Summit County maintains its current pace for selling properties it will take nearly 1.5 years to sell every property that is on the market today. Wow! That doesn’t count any new properties that come up for sale, just what is for sale right now. It is critical in todays market that a property is priced right. If not, your Buyer will just move on to one that is.
August 4th, 2008 at 11:08 am
Wow! And that is an average. Some segments of the market are even slower than that. The good news is that some segments are faster than average too.