Steamboat Springs, CO Real Estate and Community Blog

Steamboat Springs, Colorado had a huge run up in prices over the last year. Once Intrawest announced plans to buy our ski area, real estate prices literally went up 5% a month from January through July. Listings were priced higher than the last one just because they could. People were frantically buying anything on the market and often times were bidding against multiple buyers.

The type of appreciation we saw last year couldn’t go on forever. Prices in Steamboat Springs, Colorado have stabilized, but some Realtors are still pricing homes and condos like they did during the feeding frenzy days of last spring and summer.

With 425 Realtors in town, competition for listings is intense. Overpricing, or “trying out a price”, doesn’t work. Sellers will net less money than if they priced their home correctly in the first place. I recently toured a home that was priced hundreds of thousands of dollars too high. What was that agent thinking???

Here are the reasons Realtors will take an overpriced listing:

• They hope to get calls from the sign in the yard so they can sell them a different house.
• They hope to get calls from the advertising so they can sell them a different house.
• They will try to get the seller to lower the price so the home will actually sell.
• They want to fill up glossy magazines or newspaper inserts with lots of listings.

Overpriced listings can cost Realtors thousands of dollars in advertising costs and dozens of hours of time and your house still won’t sell, so insist on a careful market analysis and price it right.

If you would like a FREE market analysis, please email me at eliese@steamboathomesales.com or call me direct at (970) 819-6372.