Should I Sell My Second Home?

Is now a good time to sell your second home? It depends. If you want to sell, wait. There is a lot of inventory out there right now and many buyers are on the fence.

If you need to sell your second home, that’s different. Here are some tips to help you sell your second home right now under these less-than-ideal conditions:

 1. Price it right from the beginning. Most Colorado resort MLS boards are reporting a sale to list price ratio of around 92%. But that 92% may be after one or more price reductions – not the original list price. So this can be misleading.

 2. Price it right from the beginning. A seller who chooses to list his or her property at prices above fair market risk fewer showings by missing the critical first four weeks that a property is on the market.

 3. Price it right from the beginning. Make sure your Realtor does a thorough Competitive Market Analysis so you will know where the “fair market range” is for your property. 

 4. Speaking of Realtors, some specialize in listings only (or listings are the majority of their business). Many of these agents have their marketing plans down to a fine science.

 5. Understand buyer tactics. Some buyers are making multiple offers on several homes to see which sellers are more negotiable (or desperate).

 6. Make counter offers quickly – within 24 hours. That first offer may be the best offer, or only offer, you get.

 7. Be flexible with things like delayed closings, furnishings, paint or carpet allowances, etc. Work with a potential buyer to help them with concerns or problems they may have.

 Anyone have any other tips that have helped them sell a home in a spooky market?