The power dynamic between homebuyers and home sellers is shifting in Denver. A growing number of sellers are having to accept offers below their original listing price.
Local agent and Denver Metro Association of Realtors (DMAR) chairwoman of the market trends committee tells The Denver Post, “If you aren’t getting offers in the first two weeks, time to make a price adjustment.” Indeed, six out of 10 Denver home sellers did so in January 2019. DMAR data show that 17.3 percent of homes sold in January were for more than their list price, while 60 percent were sold below the original price. By contrast, the first month in 2015 through 2018 had about 27 to 30 percent of homes selling over their listing prices, and half sold below the original list price.
"You get your biggest bang in that first week you list on the market. If you aren’t priced right then, you are chasing things,” Schafer said.
A listing that stumbles out of the gate can prove costly in money and frustrations. Listings that linger are at first viewed as stale, then not worth bothering with, and eventually as defective.