Selling Your Home in the Hottest Market: What To Expect Part 2

Earlier this week we published a blog about common expectations sellers have when listing a home—specifically in a market as hot as Colorado Springs. To further reiterate, it is completely normal to have expectations, especially when selling your first property. As real estate agents with 42 years of combined experience in the Pikes Peak region, our goal is to help both sellers and buyers adjust their expectations to match current market trends so that everyone can walk away from the closing table satisfied and in a timely manner.

Continuing from part 1, here are a couple more tips for sellers:

1. DON’T Become Discouraged When Showings Don’t Result in Offers

DO Trust Your Real Estate Agent and Have Patience

When the market is hot, homes sell fast so it is not unusual for sellers to expect multiple offers on the first day of showings. Sellers must remember that every potential buyer has their own list of wants and needs in a home—not every house will meet every buyer’s criteria.

Take John and Kayla* for example. Their newly renovated ranch-style home, although located on one of the most desirable streets in Colorado Springs, had over 15 showings and an open house before they received any offers. It’s not that the home wasn’t gorgeous, or that it was overpriced—in fact, the listing agent received only positive feedback from potential buyers. Rather the home didn’t meet the needs of the first few walk-throughs. For some, it was the square footage or the number of bedrooms. For others, the kitchen layout or yard size. After five days though, their home was under-contract for asking price and they closed within 30 days. 

Trust your real estate agent and have patience with the listing process. Ask your agent questions and rely on their expertise to help you through the experience—they will let you know if a change needs to be made to the price. Furthermore, it’s important to hire an agent who knows what buyers are looking for. Agents should not only be knowledgeable and experienced with real estate in the Pikes Peak region, but they should have a long track record and positive reviews from past clients. Don’t be afraid to “interview” agents before choosing who to work with when selling your home.

*names changed for privacy

2. DON’T Attend Your Own Open House

DO Tell Your Realtor What You Want Potential Buyers to Know

Open houses are fun. They are also a great way to show off your home, specifically if you invested in upgrades or renovated. In the real estate world, about half of the sellers we work with want to be a part of their open house while the other half wants nothing to do with it. Here’s our advice:

Tell your real estate agent what you want potential buyers to know about the home. Are there historical facts or charming quirks that made you initially fall in love with your property? Or maybe you invested in brand new appliances with a lifetime warranty? Share these facts with your agent who can then share them with potential buyers.

Additionally, work with your agent to plan the event. Help with choosing beverages and snacks, or ask to help pick out instrumental music. This will help you to feel involved while also trusting your agent and the process.

Then breathe. On the day of the open house, do something fun to get your mind off the sale. Drive to the mountains or spend the day at the zoo. Whatever you do, relax; your agent will give you feedback once the event is over. And who knows, maybe you will even have your first offer!

We know that selling a home in one of the country’s hottest markets can be both exciting and intimidating—don’t worry though. Expect your listing agent to walk you through everything phase of the selling process and if they don’t, you might want to talk to some other agents before making a decision. Understanding the process will give you the confidence to make wise decisions along the way. When working with a tried-and-true experienced agent, both your satisfaction and the sale of your home are of the utmost importance. Call our team today if you have any questions!