Sell your home in Colorado...Price it right

Looking to sell your home in Colorado?  It all comes down to price.  In reading a recent article regarding the potential harmful effects of changing a listing price and how that can affect how long a property is on the market, it reminds me how crucial it is to get a property listed at the right amount from the very beginning.  A good and accurate CMA, as well as an honest and open discussion with a seller is needed in achieving this correct price. 

In the study, they cited that homes that undergo price changes, either up or down, will result in a property being on the market longer.  Interestingly in this study it showed that the bigger the price change, the longer the effect it will have on the property being on the market.

So take note sellers and brokers.  Taking a listing, or listing a property at a price that is not well researched and reflective of the current market conditions will only result in the seller waiting longer, and the broker working harder.  Therefore, be sure to price a new listing correctly from the beginning as it will be most advantageous to all parties.

Here is a link to the article written by Ken H Johnson with Florida International University as it appears in the Journal of Housing Research, as well as the research from Knight (2002).