Pricing Your Western Colorado Home to Sell

By in Colorado Real Estate Market

As a real estate broker in Western Colorado, one of the most common questions I get from sellers is, “How much can I list my home for?” It’s an understandable concern. If you price your Western Colorado home too low, you leave money on the table. If you price it too high, your listing could languish without offers. 

Effectively pricing a home for sale requires much more than just picking a number based on wishful thinking or watching what neighbors’ homes sold for. It takes market expertise, attention to detail, and a strategic, data-driven approach. Those factors combine to develop a comparative market analysis.

Crunching the Comps Through Comparative Market Analysis

One of my most important tasks before listing a Western Colorado home is conducting a thorough comparative market analysis (CMA). This systematic review evaluates recent sale prices of similar properties in the same area to identify an appropriate and competitive asking price.

Some key factors I analyze include:

  • Location – The neighborhood, city/town, and surrounding amenities;
  • Living area square footage and layout;
  • Number of bedrooms and bathrooms;
  • Updates, renovations, and condition;
  • Lot size and any outbuildings/extras;
  • Days on the market before selling.

I look at truly comparable properties – the same general size, age, features, and finishes. If necessary, I’ll expand the radius to find the most relevant recently sold “comps.”

Using this analysis, I can see the average prices buyers pay for products like your home. Thus, I can price it accurately based on facts rather than hearsay or assumptions.

Overpricing Your Western Colorado Home is an Uphill Battle

Some sellers think that by pricing their home higher than market value, they’ll be able to get top dollar or spark a bidding war among buyers. However, the data shows this logic is fundamentally flawed.

Serious buyers can quickly identify an overpriced listing. Centralized Showing Service found that homes priced more than 9% above market value, struggle to get showings. Alternatively, homes priced 5-9% too high, may get showings but few to no offers.

Additionally, listings that linger on the market for months inevitably raise doubts with buyers about why they didn’t sell. You may have to drop your price below market value to generate interest.

Instead, pricing at the upper end of the comparable range with room for negotiation is advisable. That way you position yourself to get offers and, perhaps, create competition.

Reading the Signs from Showing Activity

One key indicator we closely monitor is showing activity on your listing compared to the rate of offers coming in. As local Colorado real estate market experts, we can analyze those nuanced showings-to-offers ratios and pivot our pricing strategy. If a couple of weeks go by with steady showings and no viable offers, that’s a red flag the price may need adjusting. 

The Science of Pricing Your Colorado Home For Sale

The bottom line is that pricing a home is an analytical process – it’s not just picking a random number you hope to get. As your broker, I leverage in-depth comparative market data, insight into buyer behavior, and Western Colorado market expertise to price your listing to attract offers and maximize your return.

Accurately pricing from the outset also sets you up to negotiate and navigate the sale confidently from a position of market knowledge. I’m here to guide you through every step, from verifying the ideal list price to negotiating and closing. Let’s connect soon to price your home appropriately for success.

Contact me at Western Land & Lifestyle Properties by emailing kayla@wesellthewest.com.

Share This