The Colorado Springs real estate market has been shifting and putting home some sellers in the new role of Accidental Landlords. No question there. I read a recent CSBJ article that detailed the story of a local family who put their home on the market in 2006, where is continued to sit as the market continued to shift.

Now in their new home and because they can no longer afford two mortgages, they are looking at renting it out... over a year later. They had not previously intended to be landlords, but now are a part of the growing community of "Accidental Landlords"  - a new role in the Colorado Springs real estate market.

No one can dictate the market  - not even top real estate agents in Colorado Springs can predict the market shifts. As a real estate agent, all I can do is help home owners place their home in the market in a way that will cause it to sell for the most amount of money in the quickest amount of time.

Now, I cannot comment on the family mentioned in the above article. I do not know how their home was priced or marketed, nor do I know their individual circumstances. But I CAN offer a few tips to help homeowners in Colorado Springs avoid the stress of becoming Accidental Landlords.

1. Do not buy your next home until you have closed on the sale of your current home. If at all possible, wait until your current home is SOLD before taking on a second mortgage. Avoid this Dain Bramage. The current real estate market IS shifting, and selling a home is not as easy or predictable as it was a couple years ago. It may be a delicate balance between finding your next home and selling your current home without having a gap of homelessness, but it can be done.

Remember: Even though it may be more challenging to SELL your Colorado Springs home, it is much easier to BUY a home in Colorado Springs. The time (and even money) that you may lose in the sale of your current home can be made up exponentially in the purchase of your next home.

2. Price your home competitively from the beginning. The current Colorado Springs real estate market is not very forgiving. You MUST price it perfectly from the start. Read Also: Selling Your Colorado Springs Home: The Importance of Proper Pricing from Day One.

Pricing Tips for a Shifting Market: If you have a home for sale, make sure that, that when compared to the competition, your home is either ...

• The nicer home for the same asking price, or
• The same home for less money.

Either way, your home will be forced to the top of every buyer's list. Your chances for selling quickly drastically improves.

3. Stage your home to sell. If you are like most home sellers, you are competing against several homes just like yours. The best way to stand out (second only to price) is to have the most beautiful home on the block. A professional home stager can help your home appeal to the largest pool of home buyers possible.

4. Make sure your Realtor® will market (advertise) your home effectively. Did you know that almost 100% of home buyers use the internet during their home buying process, and that over 80% START their home search on the internet? Make sure that the Realtor® that you choose to list your home has a comprehensive marketing plan that includes the internet.

Shameless Plug: The homes that we list are marketed on over 50 real estate websites, and that is in addition to the other non-online marketing that we do for our sellers. We want our Sellers' homes in front of as many home buyers as possible.

5. Decide if the average Days on Market in your neighborhood will fit into your timeline. Talk to your Realtor® about how long it will take to sell your home. If it is too long (you HAVE to move at a certain time), you may have a better chance of renting it out instead of even putting on the market to begin with. Then, instead of being an accidental landlord, you will be an intentional one.

Questions to consider before renting your home out:

• Will I get enough rent to cover my mortgage?
• Should I hire a property manager to deal with the rents and leases?
• Do I have enough money saved to deal with maintenance?
• Will my HOA allow renters?
• How will my homeowners insurance be affected?
• Will renting my current house negatively affect my loan qualification on my next home?

All of these questions can be answered by a professional property manager.

In our experience, well-priced homes in great condition are still selling in less than 6 months and are even getting multiple offers - even in this market. So, please take precaustion when putting your Colorado Springs home up for sale and avoid becoming an Accidental Landlord.

Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Clients' Choice Realty, specializing in Colorado Springs Real Estate and Monument Real Estate.