Top Five Truths About Pricing Your Steamboat Home or Ski Condo
Whether you bought Steamboat real estate in the late 80′s or at the peak in 2007 and want to make a profit, one thing is certain. The real estate buyer always determines the value!
If your Steamboat home is priced too high, you won’t have many lookers in the crucial first two weeks on the market. That’s why it is important to price your home right from the first day it goes on the market.
The value of your home is determined by what a Buyer is willing to pay in today’s real estate market based on comparing your home to others currently on the market. Many Steamboat Springs condos, vacant land, and homes used to sell for more than their asking price. Now most Steamboat real estate is sold for less.
Buyers today are more knowledgeable than ever. They begin their Steamboat Springs real estate search on the web, so they have a good idea what Steamboat Springs properties are selling for.
Focus on pricing your Steamboat Springs real estate correctly. Overpricing a home is the single most harmful factor to significantly lowering your final sales price. Why? Your home will generate the most excitement the first few weeks on the market.
When you overprice your home, agents and buyers will use your home to justify the sale of another property correctly priced. No amount of staging and upgrades will overcome a home that is out of its price league.
Buyers and agents compare your home to other homes in the market using the “big four” indicators of value: location (Hayden? Stagecoach? Mountain? Downtown?), square footage, style and age. Pricing right and making fast adjustments in your price if you’ve missed the target is critical because your property does not have a long “shelf life”. Generally speaking, buyers and agents do not have a positive opinion of homes that stay on the market longer than the area average.
Pricing your Steamboat Springs real estate right creates excitement, attracts more buyer appointments and always leads to a quicker sale for a higher price. Remember price is a moving target because the market is always changing based on the motivation of the other sellers you are competing against. You can select the right price today, go to bed tonight, and wake up to a property that is now overpriced based on new listings entering the market and sellers who decide to reduce their price. Be ready to adjust quickly if the market changes.