Multiple offers? New listings gone in under a week? Is this the Denver real estate market?

Yes! In our medium price ranges, $250,000 to $800,000, things are going fast. I’ve had several brokers in my office tell me that they’ve been in competitive bidding situations recently. More than one - sometimes they’ve actually had two or three competitive bids on houses for the same buyers. That must be surprising for buyers who read the main-stream media and think they should still be underbidding for everything.

Buyers - you need your broker’s advice more than anytime now. Ask to see recent comparable sales in the neighborhood you’ve identified before you make an offer. Sometimes a house is already competitively priced, or at least well-priced. Sometimes there’s room for a bit of negotiation, sometimes there’s room for a lot.

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Post is included in group: Colorado Realty Bloggers

6 Comments on Buyers Beware - Market Turnaround Ahead

GOOD NEWS from one of the strongest markets, but one pebble in the pond starts the change.

 

06/08/2008 08:46 PM by Eric Reid Lawrenceville,GA (Renaissance Realty Group)

Yes, it feels like a pebble.  I'm hopeful that while it won't turn into a deluge soon, it will signify a more balanced market.

06/08/2008 08:54 PM by Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek)

I saw a buyer lose out on the home they wanted because of a low offer. After the house went under agreement, another great offer from the same buyer was found on my fax.. exactly one hour later!

06/08/2008 09:10 PM by Lori Lincoln~Taunton, MA Real Estate Assonet MA, Rehoboth, Dighton, Swansea (Keller Williams Realty)

Gretchen that is good news, we were getting multiple offers on some of the lower priced homes, not on anything over $225K, so lets hope that it continues to spread!

06/09/2008 12:47 AM by Tony & Darcy Cannon - The C Team (ERA Realty Center)

I think the something for nothing days are at an end.

I am no longer watching the pebble ripple the water but I am skipping my stones to the other side of the pond.

I imagine multiple offers will start to come in again as the Teller county market becomes hot with it being such a desirable area of the country.

06/17/2008 02:37 AM by Sabrina Kelley,Colorado Mountain Homes, Woodland Park Colorado Real Estate (Prudential Colorado Real Estate )

Things are looking up, I can feel it in my bones.  Kai

06/18/2008 10:27 PM by RE/MAX Kai Lani

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Real Estate Agent: Gretchen Faber ~ LifeStyleDenver (The Kentwood Company at Cherry Creek)
Gretchen Faber ~ LifeStyleDenver
Denver, CO
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