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How To Sell Real Estate in Colorado and The Psychology Behind It
Psychology is everywhere you look in our daily lives. From knowing how to get in physical shape to how to sell real estate in Colorado. You’re selling yourself everyday to the general public whether you know it or not. When it comes to selling a house make sure you know what you’re doing!
Why Knowing How To Sell Real Estate in Colorado Is Important
To get started on selling real estate, you must know where you already are. Not just financially or personally but within the real estate market of your own backyard. The demographics will be one of the first things to look at. That’ll tell you whats it demand and what is not. Do you live in a college neighborhood or baby boomer neighborhood? They both have different interests. Get into their mind of what they’re begging to buy. What would make a property fly off the shelf?
The $.99 Price Effect
When people list a property for sell or sell anything for that matters, it’s amazing how many follow the crowd. They always think it’s a great idea to list everything with a 999 or 900 at the end. “This house is going for $399,999!” Just looking at that makes it look too expensive or like a random number they picked.
Most real estate agents are taught this is how to sell real estate in Colorado. Real estate agents are not looking at the price as a function of psychology. It’s been said that there’s evidence that consumers tend to perceive “odd prices” as being significantly lower than they actually are, tending to round to the next lowest monetary value.
What happens when it comes to selling real estate in a hot state like Colorado? $1.99 is much less than $599,999. Those are two different choices you’ll be making and one could drastically effect the rest of your life.
In real estate circles looking to change things up people are having better success not following the crowd. It’ll be better to sell your house at a $300,300 or $200,000 even number. This will create more intrigued because it will make people wonder as to why you listed at such a “calculated” price.
Get The Home Ready For Your Buyer
It depends on who you come across but chances are the buyers you’ll get coming to your property want something move in ready. Unless they were recently inspired by an episode of “Fixer Upper”. Like mentioned earlier in the blog what do you think a neighborhood next to a college campus would die for? Most likely smaller, cheaper places that don’t involve needing a car for long distance traveling. So I’ve you own a duplex or small apartment building you hit the jackpot! If you live in a quiet suburb of two story houses with big backyards than most likely you’re in a neighborhood where the demographic won’t be baby boomers. They’ll attract younger new families looking for a place to raise their children. These buyers are planning on staying for the next 10 years at least.
Realistically it may not be such a binary situation when in comes to Denver. There’s demand everywhere and buyers are started to loosen up a bit on what they’re willing to compromise on buying. What it will come down to with the house itself regardless is keeping a neutral, welcoming tone throughout the property. One of the most basic tips on how to sell real estate in Colorado is to keep it simple and put yourself in your buyers shoes.
“We Sell A Lifestyle”
For us at Adam Buys Houses Company we have a saying as part of our purpose, “we sell a lifestyle”. Buying a house is really finding an environment to fit your reality. Don’t think so? If you like being left alone and are an introvert, try living with college students at a frat house. The house is going to most likely fit the lifestyle that the buyer is looking for. It’s not just looking for 4 walls and a roof. That’s definitely better than being homeless though.
It’s pretty awesome how there’s always going to be trends in real estate. Things are always changing and not ever rest. Back in the 1970’s having houses with small closed in rooms was very popular. For some reason that’s what was “in”. Do you know what people tend to like nowadays in this market? Open floor plans. The first thing most buyers are going to want to do when walking into a closed in kitchen is check for load bearing walls to see if they can open it up and tear down some walls. This is practical and functional for the demand. Doesn’t mean you have to do that in order to sell your house but it may take a real estate investor willing to do the work and not a retail buyer looking for a move in ready space.
Wrapping Up
This is at the very least the very very basics of how to sell real estate in Colorado, the psychology behind it and tips on how you can sell your house in today’s market. We’ll be covering more in future blogs but for now we hope this was enough to change your mindset a little. Doesn’t matter if you’re selling because of an inheritance or are looking to get into real estate investing, we hope you enjoyed this post.
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