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Why should you care about Days on Market?
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Why should you care about Days on Market? Why is this number important? Sellers know that the longer their house is up for sale, the less likely they have of being offered their asking price and are often willing to discuss a lower price. Buyer’s often look at properties and want to know the Days 0n Market; and essentially the longer the property has been on the market, the more buyers think they are in a better negotiating position.
But just as important as the current days on market, is the trend for the days on market. If the days on market continues to drop in a neighborhood, the market is starting to become more of a seller’s market in this particular area; and the more the days on market continue to increase, the more the housing market in this particular area becomes a buyer’s market.
Here’s some of the facts about days on market in Colorado Springs:
- Single Family homes in the Colorado Springs area lingered on the market this year 136 days as of June 30th versus 105 as of June 30th, 2010.
- It took an average of 31 days longer to sell single-family homes in the Colorado Springs area in June 2011 than it did in June 2010.
- The average days on the market for June was 90 days for the 2nd quarter in 2011 vs. 70 days for the same quarter in 2010.
- Denver is currently at 86 days for a house to sale. Phoenix is 106 days on market. Las Vegas is 159 days.
- Breckenridge is 90 days. Pueblo is 125 days. Fort Collins is 59. Aspen is 300 days.
I know I always write articles about real estate is local, but this chart really shows the differences in the Colorado Springs area. The shortest days on market in the area is 78 days in the Southeast, which also happens to be one of the lowest priced areas in the city. The highest days on market are in Black Forest and Manitou; which are areas where the house prices are above the average in Colorado Springs.
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To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
6 tips to get your offer accepted on a Colorado Springs bank owned home
Tips to get your offer accepted
Search for Bank-owned homes in Colorado Springs
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It hardly seems like you can pick up a newspaper anymore without hearing about the great deals there are on bank owned homes, including Colorado Springs bank owned homes. 
Yes, there are some good deals, but there is also a lot of competition in getting these great deals; as everyone else reads and see the same articles about the “deals” . I recently attended an informative class taught by Tom Lazzaro, a top REO Agent in Colorado Springs with SellState Alliance Realty; and here’s some of his tips as well as some of my top tips on getting your offer accepted
- Check the days market that the home has been bank-owned. The longer the home has been on the market, the more the bank may be willing to accept a lower offer. Banks normally have built in formulas on when they will lower the price on a home. If the house just got listed, chances are the bank is going to hold firm on the price.
- Offer Price: The bank is not going to accept 50 cents on the dollar. Even if the home is priced wrong; the bank thinks that it is priced correctly. Be ready to put in a realistic offer.
- Earnest Money: Sometime offering more Earnest Money can give your offer a better chance of being accepted, especially when there are multiple bids. Also, it’s important to know that more and more banks are asking for certified checks for Earnest Money.
- Closing Date: Quick closing dates are also appealing to the bank. If you need to wait 90 days to close, it will make it harder to get your offer accepted.
- Realtor: Work with a Colorado Springs Realtor who understands bank-owned properties and how to get offers accepted
- Contingencies: Banks won’t accept an offer contingent on the sale of another house.
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Kathy (719-287-1049) KTorline@msn.com
Old Colorado City Housing Market Report for 2009
Colorado Spring Real Estate
Market Report for Old Colorado City, Single Family Homes
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- Federal Tax credit available for remodeling
- Real Estate Agent or Realtor? What’s the difference?
- Don’t forget about the Better Business Bureau
- What is the MLS?
Homes in Colorado Springs Old Colorado City area continue to be a NEUTRAL Market, as there is currently a 10 months of supply of homes on the market. A 6 month supply of houses on the market is typically considered a “NEUTRAL MARKET“.
- Number of Homes in Old Colorado area in Colorado Springs sold are 15% more than in 2008, but are down substantially from 2005, when 295 homes were sold.
- Average pricing continues to see downward pressure, currently down 7% from 2009 to 2008. 2009 pricing is down 18% from the high in 2005.
Explanation of Days on Market
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The definition of Days on Market (DOM) is the quantity of days a property has been on an Active status in the multiple listing service. The average days on market for homes in Colorado Springs in 2008 is currently 90 days; but this number varies neighborhood-by-neighborhood and it varies by different price categories. As an example:
- Briargate Days on Market: 99
- Central Days on Market: 79
- Manitou Springs Days on Market: 124
- Northwest Read the rest of this entry »
