Colorado Springs Vintage Homes Blog
719.287.1049
Archive for January 19th, 2009
21 reasons short sales fail
Part X of Colorado Springs Short Sales Series
Interested in selling your house as a short-sale? Email Kathy Torline KTorline@msn.com or call 719-287-1049
According to an article in Reuters in April 2008, 1/3 of all short-sale fail. The study was conducted of more than 3,000 real estate agents by Campbell Communications.
Since I do short sales for clients in Colorado Springs and the surrounding areas, I thought I’d make up my own list of why they fail. My logic is that if I can avoid or minimize these issues as much as possible, I should be able to lessen the failure rate. Here’s my list; although I don’t have them ranked in any particular order. Some of these things I can control and some of them I can’t; regardless it was an interesting exercise to put the list together.
A. Training and education (One short sale class is not enough to prepare a realtor to represent a client in short sale.)
(1) Seller’s agents don’t always understand what they are doing
(2) Buyer’s agents don’t always understand what they are doing
B. A buyer is never found for the property
(3) Price is too high
(4) There is too much inventory on the market for buyers to choose from
(5) Undesirable location
(6) Property needs major repairs
(7) Not enough time to market the property before the property goes to foreclosure
C. Offer is too low Read the rest of this entry »
Old Colorado City homes, pricing hold strong
Colorado Spring Real Estate
Market Report for Old Colorado City – Single Family Homes
Includes Crown Hill Mesa, Gold Hill
Search for Homes in Old Colorado City
The Old Colorado City housing market continues to be a Buyer’s Market, as there is currently a 10.5 month of supply of homes on the market. A 6 month supply of houses on the market is considered a “NEUTRAL MARKET“. Sales are down 22% from 2007, but pricing is only down 1.5% from 2007.
Recap of December Activity
- Homes Sold in the last month: 13
Recap of 2008, 2007, 2006, 2005, and 2004
| 2008 | 2007 | 2006 | 2005 | 2004 | |
| Number of Homes Sold | 151 | 194 | 212 | 295 | 238 |
| Average List Price | $178,157 | $180,847 | $178,932 | $200,019 | $169,918 |
| Sales Price to List Price | 95.7% | 97.2% | 97.8% | 99.4% | 98.2% |
| Average Days on Market | 81 | 73 | 70 | 63 | 55 |
| Average # of house sold per month | 12.6 | 16.2 | 17.7 | 24.6 | 19.8 |
