Selling Your Colorado Springs Home: How to Compete Against Motivated Sellers
When looking to sell your home in the local Colorado Springs real estate Market, you MUST know who your immediate competition is. The recent spike in foreclosures has created a surge in different types of home sellers – each with a uniquely different impact on the local real estate market.
Motivated Sellers are one of these types of competition that you, as a home seller in Colorado Springs, will need to be aware of. When a motivated seller is your competition, there are ways to effectively compete – even if your are not quite as motivated as they are.
Who are Motivated Sellers?
Motivated Sellers are homeowners in Colorado Springs who probably have an adjustable rate mortgage that is either about to adjust UP or has recently adjusted UP. These homeowners are not going to be able to afford the new payment (or are struggling to afford it already), as they have not seen an increase in pay, nor have they experienced a decrease in lifestyle that their lower payment afforded them. So, instead of risking foreclosure, they decide to put their Colorado Springs homes up for sale.
Motivated Sellers are, well, motivated. They probably have decent credit and want to KEEP it decent by selling their home before they can no longer afford the payments. These sellers will aggressively market their home and are more likely to negotiate.
Motivated Sellers are the the most likely group of Sellers to get their home sold quickly, as they are not willing to “sit and wait” for the market to catch up with what they want to sell their Colorado Springs home for.
How to Compete against a Motivated Seller:
Chances are, motivated Sellers have not owned their home long enough to have enough equity to negotiate on price. Pricing your home effectively is your ace in the hole. Make sure your Colorado Springs Realtor® understands your neighborhood real estate market and can help you decide on a competitive asking price that will keep your home competitive – even with motivated seller competition.