Yes, it's true - my buyer clients made an offer on a short sale that had been on the market less than a week, and found themselves in a multiple-offer situation.
The listing agent advised, to be competitive my clients needed to offer above asking. And they did offer above asking.
And they didn't get the house, because someone offered more. !!!
Now, you might think this was one of those short sales where the agent listed it below market value to get a quick offer, knowing the short sale will never accepted at that price. But I did my job, and reviewed neighborhood comps. I felt strongly that the asking price was right for the neighborhood and the house itself, with its need for cosmetic work.
Many agents have been warning fence-sitting buyers that the market is changing, myself included. Inventory is down, prices aren't dropping anymore in most neighborhoods and are already rising in some neighborhoods, interest rates won't stay this ridiculously low forever.
But to me, experiencing a bidding war on a short sale is the most extreme proof yet that the pendulum is swinging away from the buyer's market that so many have come to take for granted.
Ahhhhh real estate ... nothing stays the same for long!
* * * * * * * * * * * * * * * * * * * * * * * *
I write posts on real estate issues and local events in the Denver metro area, especially those *communities between Denver and Boulder, as a public service. My hope is to give people an idea of the ‘flavor’ of our community, in case they’re new or moving to the Denver area.
I am a residential real estate agent, happily helping folks buy a house or sell a house in the beautiful and friendly *suburbs northwest of Denver. *Arvada, Broomfield, Lafayette, Louisville, Superior, Westminster; also Thornton, Golden, Wheat Ridge, Northglen, Lakewood
Read more about Arvada Colorado, a historic small town between Denver and Boulder
Find Homes for Sale, no Matter Who Listed Them, at Dream House Hunting.
Copyright © 2012 Joetta Fort, Broker, The DiGiorgio Group
Comments(2)