Stony Creek, Littleton has seen a great rise in demand and price, just like all around Denver. Prices have steadily increased, and the Days on the Market have steadily decreased, as shown below.
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Now days, instead of preparing to wait and wait, home sellers are getting multiple offers, and fast. What this means for sellers is that your home should be in the tip top shape you want it to be in for the best purchase price. No longer is the mindset of "I'll get around to it". Once the property is listed, Buyers are lining up to see the property and possibly make an offer based off of their first impression. When houses are sitting for a while in this market, it could be for several reasons, but many times it's because some Buyers have a difficult time seeing past things such as clutter, strange or foul odors, dis-repair, and unkempt landscaping.
Many homes are getting multiple full-priced or over full-priced offers. Some Buyers are waiving home inspections, paying cash over the appraisal value or paying cash for the entire purchase. Many times these offers are coming in on the first day the property is listed, leaving the Seller in a frenzy of offers or amazement at the amount of people that just went through their home. Usually the showing window is left open for a couple of days to get the best opportunity for the highest price and most stable offer that meet the needs of the Seller. All contract terms are open for negotiation, but there is very little negotiation that is happening in this market in respect to price, loan terms (Conventional, FHA, VA, cash, other) and strict dates. If the Seller gets multiple offers, they can just go through the offers to see which one best meets their needs. Then, once they find the best, they will hash out the terms. This is an important point for Buyers. It is imperative to come to the table with the highest and best that they can offer, because many times, there is no chance of haggling. Once the offer is submitted for review, it’s usually up against all the other offers. Again, only one chance for best impressions.
In Stony Creek, the average day of homes on the market is currently 9 days. Of course the closing date can take anywhere from 15 days with a cash deal to two or so months out, depending on what is negotiated between the Buyer and Seller. With there being such low inventory on the market, once there is a listing here in our community, it is bound to go quickly, so…get ready!
If you are looking to buy or sell your home in the Stony Creek, Littleton neighborhood, I am more than happy to help you with your real estate needs, 720-260-1180.
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