In terms of Denver, Colorado Real Estate, there may be a new definition to "Buyer's Market."
The typical definition of a "Buyer's Market" is one that says the conditions of the market place are more favorable to the buyer than the seller. With the number of foreclosures still hitting the market, the mass amounts of publicity to the nationwide Mortgage Fiasco and the potential long term implications it is causing, it is easy to fall into the "trap."
Unfortunately, many home buyer's in the Denver area are getting a not so pleasant wake up call. My team has two separate clients that are thinking that Buyer's Market equates to Bidding War!
Over the past month Client "A" has put in 5 bids on 2 different properties and has yet to have one accepted. Each time others have outbid them, and we are now in search of a new target.
Client "B" found a great foreclosure, and could hardly wait to make it their first home. Not wanting to lose this property, we offered full price, with a small amount credited to the buyer, at closing, for closing costs. This was a HUD owned property and, the HUD process is such that if your bid is not accepted, you are not notified directly. Rather the property remains active with HUD, and you can place another bid. Another bid was placed last Friday, and today we found out that someone else had their bid accepted, for over asking price.
The market has spoken, and it seems to be saying it wants to be redefined!
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