Is Your House For Sale? Why Isn’t it Sold!? You’ve been on the market a few weeks, or a few months. You’ve cleaned, you vacuum and turn on the lights before every showing.
Your broker carefully analyzed the recent sales and the current competition – the price seemed ok. Not too high, but not leaving money on the table either. You can always come down, you reasoned.
You eagerly await the feedback from every showing. Is this the one?
Now is the time to seriously reflect on why you are selling your house and what you’re going to do about it.
This market is kicking the pants off of experienced brokers and willing sellers. Now is the time to take the emotion out of it and analyze.
Denver has been riding a high. We’re in the news about our recovery. Our Days on Market are down from last year, meaning less time to sell a house. But wait! Days on Market are up since May. Inventory is up since last year and since May. What’s going on?
A Survey of 109 experts, economists and analysts by Macro Markets in the slide above shows that their expectation is that prices will not begin a serious rebound from today’s prices until 2012. And we’re likely to see a decrease in prices between now and then.
Why? The dreaded “shadow inventory” still lurks. Denver real estate has benefited from banks holding back their REO properties. Partly because they’re taking longer to foreclose and partly because they’re waiting for the market to turn. These homes will be on the market in increasing numbers in the months to come. Combine that shadow inventory with pent-up seller desire to sell, and you have a recipe for a huge influx of inventory.
More on this tomorrow. Consider this – you have your house on the market today. Do you want to compete with REO properties that will surely drive prices down? Do you want to compete with new listings when yours may be viewed as stale? Price to sell today. You can move on – for all of the reasons you decided to sell in the first place. I’ll bet that divesting of an “investment” wasn’t your main reason to move. So focus on the real reasons – to be closer to family, to move to new schools, to follow a job. Forget about the idea of waiting it out and getting a few more dollars. My crystal ball tells me that’s gonna take awhile.
Search for your next home at Denver Real Estate.