This was the title of a great story at Westword from April 23rd written by Michael Roberts. Michael interviewed 3 agents from RE/MAX—Amy Berglund, Lori Abbey, and Steve Kinney. Here is a sample of what each of them said. First is Amy—
- She listed a historic home built in 1886 in NW Denver last spring and she said this home had incredible curb appeal and the home was on one of the best blocks in the neighborhood. Plus it was completed updated inside. She received 5 offers on this home on the first weekend and it sold for $75k over list price.
- She listed an 1890 Victorian home this past winter (wrong time of the year) with some exterior charm, but the house sat on a less desirable block within the same neighborhood (location). Plus, the kitchen and 3 bathrooms needed updated (Condition).
Lori Abbey said, “Price point and location are the biggest factors that determine a property’s days on the market.” DUH! Here are some more comments from Lori—
- “Homes under $350k should go under contract the first weekend with multiple offers if priced correctly.”
- “Homes under $500k will likely sell in the first week on the market.”
- For homes priced from $500k to $1 million she says they should go under contract within 2-3 weeks if priced correctly.
- “Last year on certain properties, I would see 5-7 multiple offers. Now I’m seeing 2-3 on the same property price points.” But, sellers must price correctly. This supports what I wrote last month when I said we are now having “bidding battles” and not “bidding wars” this year.
Finally, Steve said, “Location, location, location, helps to sell a correctly priced and well-marketed home quickly.” Further he said, “homes that are in move-in condition, with updated kitchens and clean-and-cute bathrooms are likely to sell quickly, assuming they’re priced correctly and marketed effectively.”
Here are the reasons why Steve says it takes much longer to sell a home—“a pricing issue, a challenged location, showing limitations (often tenants), a home that shows poorly (including smells), and a home that’s in quite poor condition.”
In summary, to receive Top Dollar quickly the home must be updated, in a great location, priced well, and marketed effectively. Basically, it’s back to the basics of real estate marketing. To read the story for yourself, you can click the link below–