Why the gap between asking prices and recent closings matters right now
If you are wondering how ambitious you can be on price, my answer is measured push for market value, not for a number the market has not confirmed. In Lafayette, CO, the recent gap between active asking prices and closed prices is the first thing I would address before a home goes live.
Last month in Lafayette, CO, the typical asking price for active homes was $730,000, while the typical sold price was $649,475. A typical sale took 69 days over the same period, and recent offers landed at 98.8% of asking. That tells me sellers need to respect the difference between listing optimism and closing reality. I would not read these numbers as weakness, because supply was still only 1.68 months and the market was still categorized as favoring sellers. I would read them as a warning against pricing a home as if every buyer will stretch to meet an aspirational number. Price from the closed market first, then position the home to justify the top end of that range. Build your prep timeline around a sale that may take more than a few weeks. Watch early activity closely in Lafayette, CO, and be ready to correct price or presentation before extra time on market starts working against you.
About Donna Ehnert
Donna Ehnert is a licensed Real Estate Professional affiliated with The Mint group at eXp, specializing in the Lafayette market. With a focus on strategic marketing and deep local knowledge, Donna Ehnert provides clients with expert guidance in navigating complex real estate transactions. View full profile →
