In Denver we are seeing a spring spike in homes coming on the market, and the trend continues with more going under contract, so our inventory is continually dwindling. We are seeing many of those going under contract and on the market on the same day. And we are continually seeing between 400-600 price drops per week. This is one of the highest weeks to date of price drops, but it is also one of the highest weeks of new listings, as well.
This graph shows you, if it is not priced right, it isn’t going to sell. Remember pricing it right and not too high relieves a lot of stress, fewer days on the market mean fewer days of keeping it perfect, doesn’t mean few showings, it means getting those 20 showing in the first day. Why space them out, get as many people in on the first day as possible. Wouldn’t you want to push the price up instead of down? If you aren’t asking enough, you will received several offers in the first couple days from more than one person, don’t worry, you won’t loose money, it is a marketing tactic to benefit you.
I’m not sure about the price increases, I did have one house that wanted a price increase last fall, and they received the same offer they received before the price increase. They just about the same offer all three times there were offers placed. That is a good indication that the buyers are only willing to pay that price.
Remember, if you are looking to buy or sell a home, or if you know someone thinking of buying or selling, I would be glad to help.