04.25.08

The Right Way to Price Colorado Springs Real Estate

Posted in Colorado Springs Real Estate at 11:04 am by Angela Byrne

When I am invited to list a home in the Pikes Peak Region, one of the first things I do is look into pricing scenarios. Determining fair market value isn’t as easy pulling recent sales in the neighborhood. My approach to pricing a home incorporates a sophisticated system built through years of refining and carefully managing market data. I adopted systems learned through extensive training to find a model that best uncovers actual market value.

If a Seller is planning on interviewing multiple Realtors (something I would strongly suggest), Colorado Springs Homes for Salethey need to keep the following in mind. Through the process, a homeowner may encounter other Realtors who say they can sell the home for more. However, it’s not the Realtor that determines what a ready, willing and able Buyer will pay for a home. It is the market. The Realtor Code of Ethics says “Realtors will not knowingly mislead Sellers regarding the value of their home”. Realtors who try to “buy” the listing are not acting in an ethical manner.

I feel that my job as a Realtor is to implement the systems I’ve perfected over time to uncover true market value. What is the real value of finished below-grade square footage in a particular neighborhood? What money can you recoup as a result of a good kitchen remodel? These values are not set in stone and posted where we can all see them. The values are based on historical activity and sometimes the actual amount that certain improvements cost. There is no standard cost-per-square-foot for certain neigborhoods. Sure, there is an average, but only using this data could cost a homeowner thousands of dollars.

Due to current market conditions, it is not a time to premium price. A couple of years ago, the market was forgiving if a Seller worked in $5,000-10,000 to negotiate. This is no longer the case. This means we have to use an approach to pricing that puts a Seller’s home at an advantage over their competition. We do this by looking at recent comparable sales, the ‘active’ competition, and finally the ‘pending’ sales. A solid market analysis is the first step to successfully marketing your Colorado Springs home for sale.

Let me know if you would like a Comparative Market Pricing Analysis for your Colorado Springs real estate.

1 Comment »

  1. Los Angeles Real Estate said,

    April 26, 2008 at 8:14 pm

    I like your concepts and I too believe in ethical practices myself. When I’m dealing clients I also try to maintain the highest ethical practices possible. I always enjoy reading other real estate professional writings. I look forward to your reading more from you. I am also looking to add a blog to our real estate website also.

    Dave Eshleman

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