It's no secret that I'm a huge fan of mountain property, and I happen to drive past this one nearly everyday. It's a beautiful perch overlooking the canyon but also very close to a busy road. This means frequent traffic noise and potential air quality issues, negative factors somewhat offset by the views. The three bedroom, three bath home itself was attractive and yet slightly updated. There was also no garage. Supposedly the seller had obtained estimates to build one, although no mention of required permits or engineering to build on a perch.
Listed far too high at $1.375M, the seller slashed by $200K after about two months on market. This quickly brought buyers to the table, and the home sold for slightly over list with no disclosed concessions. It closed on September 16.
Take home lesson: Pricing is a critical component of marketing a home for sale, equally important to the presentation of the home itself. This listing did a great job with photographing the home, but the list price was far too high for a home in a compromised location during a downturn in the market. The aggressive $200K price cut at the end of the season was the right move.
Note: A few of our competitors market pricing accuracy, or how much their listings sell for above the asking price. This is grossly misleading and, as a metric, not a good measure of a Realtor's performance. This particular deal for example would count as "2% over list," even though it sold for nearly $200K below the original list price. It likely would have sold for more money and far faster had it been priced lower from the beginning.
Remember: Some agents only take listings that will be easy deals or intentionally underprice listings for a fast sale. At House Einstein, our goal is on provide our clients with deep market knowledge and honest advice. It's the only way to make intelligent real estate decisions.
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Note: The Realtors at House Einstein did not represent the buyers or sellers of this property. Our discussion of notable sales is designed to help educate you on market conditions and make a smarter real estate decision.
Osman Parvez is the Founder and Employing Broker of House Einstein. Originally from the Finger Lakes region of New York, he lives in Boulder with his wife and their Labrador Retriever. He has been a Realtor since 2005.Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. For more information, click HERE.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. House Einstein strongly recommends conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
