Home listing elicits quick response
July 8, 2007
Steamboat Springs — The four-bedroom home on Merritt Street in Steamboat Springs was on the market for six days when listing Realtor Bruce Tormey of Ski Town Realty already had received two serious offers.
The 2,521-square-foot home was built in 1971 and has an asking price of $769,900. The interest is indicative of how sought-after Old Town homes with larger lots are, Tormey said. The south-facing home on Merritt is situated on a quarter-acre lot and is occupied by renters.
“That’s one of the reasons the Crawford Hill neighborhood is so desirable,” Tormey said. “It has much larger lots than is traditional for Old Town.
Tormey said even in Steamboat’s hot real estate market, newly-listed homes typically take 30 days to sell. The fact that the home at 1050 Merritt drew a quick response fits with a real estate metric he has tracked on single-family housing throughout his 14-year career. He likes to plot a graph reflecting weekly data points showing the ratio of active listings to pending contracts.
One year ago in Steamboat, Tormey said, the number of single-family homes under pending contracts was 15 percent of the active listings. Today, that ratio has doubled to 30 percent. The statistic reveals that since the first of the year, new listings have gone under contract quickly.
Tormey said he counsels home sellers that the offers they receive in the first three weeks after they list their properties are important because they typically come from well-prepared buyers.
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“They are pre-qualified for loans and they’ve already seen everything on the market,” he said.
Tormey has another listing in Old Town, which at an asking price of $669,900, he says represents entry-level housing in Steamboat’s historic district.
The 852-square-foot home at 210 Missouri Ave. was built in 1906 and sits on a .10-acre lot. Tormey said he arrived at the asking price by doing a competitive market analysis that suggests this home has advantages, such as a two-car garage, that make it more desirable than other homes at that price point.
Given the price, some may view the property as a redevelopment opportunity. But the high level of the recent remodel completed on the house suggests it is more valuable as a house on a sought-after Old Town lot than it is as just a building lot, he said.
The qualities that make Old Town a hot market include the ability to walk to dining and shopping as well as the Yampa River and Howelsen Hill, he added.
“This is a perfect situation for downsizing baby boomers,” Tormey said. “It has new electrical and a new roof and requires little maintenance.”
The house has new bathroom and kitchen fixtures.
Tormey has planned his real estate career to allow him to work independently from his home. He said he works closely with a roster of professionals in related fields including a title company, mortgage broker home inspection company, home warranty company and appraiser.
Maintaining a high level of customer service is important to all Realtors, but Tormey said it’s even more so with independents. He relies on repeat business and referrals. He achieves savings on expenses in his business and passes a portion of those on to his clients through reduced commissions, he said.
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