It’s been a while since we answered questions from the old mail bag, so I thought I would take the opportunity to tackle a few of the more popular questions.
Q: CDHT, my home did not sell this summer and there were very few showings. Where are all the buyers? My home was priced at around two million? We thought this was a sellers’ market!
A: It was a sellers’ market in the lower price range, and for a little while it was also a sellers’ market in the 1 million to 1.5 million-dollar price point. As we progressed into the selling season, there was a flood of luxury homes that came on the market and by the time we reached September, it actually turned into a buyers’ market with a 10-month supply of luxury homes.
Q: CDHT, I feel like we had good marketing for our home, but still had very few showings. Maybe we just needed more marketing to more channels?
A: That’s not always the answer. One thing we always tell our clients is that you can have the world’s best and most comprehensive marketing, but you can’t create a market. If there are no buyers for a two- or a three-million-dollar home in your area, then there is no amount of marketing that will change that.
Q: CDHT, my Realtor is always harping on me about missing showings or declining showings. If we can’t do a showing, what’s the big deal? Won’t they just re-schedule?
A: Sellers should never, never, never ever miss a showing. You wouldn’t know which buyer on which day is going to be the party who falls in love with your home and makes an offer. Many times, if the seller declines the showing, that buyer will not come back because either he can’t, or because he has already found another home. Don’t take the chance on missing your buyer. You either want to sell your home or you don’t. If you do want to sell, be prepared to have to show your home with short notice and whenever a buyer wants to see it.
Q: CDHT, I read and heard you say that there are always two or more rounds of negotiating in the course of selling a home. Can you explain?
A: The first round is when you are negotiating the purchase price. The second round, of which very few people consider or talk about but is equally as important, is the inspection objection. Getting the home under contract is great and is a skill, but keeping a deal together takes even greater experience. If a deal is going to fall apart, chances are it’s going to happen at the inspection objection. This is why we consider this as the second round of negotiations and even the more critical one of the two. Of course, there can be more to negotiate like an appraisal problem, title, or HOA issues, but if the listing agent did their homework properly upfront, those should not be an issue.
Those are this month’s top mailbag questions. If you have a question for the Colorado Dream House Team feel free to contact us at 720-446-6325 or team@coloradodreamhouse.com
Dan Polimino is a Broker/Owner with the Colorado Dream House Team, Keller Williams Realty DTC. Contact Dan at 303-522-1161, dan@coloradodreamhouse.com, codreamhouse.com or coloradodreamhouse.com
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