WHY did this house take longer to sell than others in the neighborhood??
December 1, 2017
- Street Address: 6491 S Marion Street
- City: Centennial
- State: CO
- Zip: 80121
- Sold Price 452,000
- # of Days to Contract: 72
- # of Days to Close: 53
- # of total offers: 0
- List Price** 499,900
- Square Feet: 3
- Beds: 4
- Baths: 3.0
This home is a perfect example of what occurs when a property stagnates.
Even though the Denver metro real estate market remains hot and relatively quick-moving (which holds particularly true in Broadway Estates) pricing a home appropriately and marketing it effectively are as important as ever.
The initial asking price of this home at $499,900 simply didn’t allow it to gain any traction and gain momentum as soon as it came on market and thus, it sat for sale for much longer than necessary. (I also don’t think the photos did the home justice, which also hurts viewership and in turn, the amount of showings and interest, but that is a completely different conversation – let me know if I may elaborate)
In looking back at my initial Listing Review of this property when it first came on market, I estimated that it should sell for approximately $470k. While this figure is above the final sale price of $452k, I do believe the home would have fetched a greater price (perhaps closer to my estimation) had it been priced more in line with the neighborhood and market from the beginning.
This sale was slightly below what I feel was reasonable based on averages within the neighborhood, but I do not feel that it will impact prices negatively. Also, I would treat this sale as more of an anomaly when looking at Broadway Estates data.
The bottom line is that regardless of how hot a market may seem, pricing too high can be a detriment to garnering the interest a home deserves as well as may throw a wrench into meeting a seller’s goals of getting to where they want to go in a timely fashion.
This property is Listed by Ewald J Tuchscherer