To that end, periodically we will highlight the week's real estate actvity in Boulder and Broomfield Counties, and let you know what is selling, at what prices, and how long these properties are taking to sell.
For the week of August 9-15, 2010 here are the numbers:
- 83 properties sold
- Price range of properties sold during this period: $110,000 - $875,000
- Median price: $360,000
- Average price: $386,986
Clearly the high end of the market is taking a beating. Bad news for sellers, but great news for qualified buyers looking for bargains.
Takeaway for this Week - DON'T overprice your home! Of course neither you or your realtor want to leave money on the table, but the Kelly Road property is a perfect example of what happens when you make the mistake of overpricing. Your property sits and sits, and gets stigmatized. When and IF it finally sells, it will sell FAR below what it might have if it was priced correctly to begin with. My guess on this one is that it might have sold in the high $700's or even low $800's if priced appropriately in 2008.
Action Items, Do's and Don'ts - Sellers: interview several listing agents, and tell them to give you the honest truth about what your property is worth. And DON'T make them feel bad for being honest! If you need to sell now, you can't afford to have someone blowing cherry smoke in your face. DON'T list with the realtor who tells you what you hoped to hear (i.e. the highest price); instead DO list with the realtor who gives you the most concrete set of facts, has the most effective marketing plan, and sets realistic expectations. Agree with your realtor to price position your property to obtain a sale in 90 days or less.
Director of Business Development and Relocation
Colorado Landmark, Realtors