One would say with all the media attention that you should be able to put an offer on a house in Denver for far less then the list price. Afterall, they say the market is soft and there are a glutton of foreclosures out there. I wanted to give you a quick snapshot of what is really going on in the housing industry here in the metro area.
For example did you know there are public websites that show you data on trends of what houses are listed for versus what they sold for?
Here are a few examples:
20040 Mitchell Cir Denver~ Listed for: $135,000 and sold for: $155,000
7157 Huron St Denver~ Listed for $105,000 and sold for $131,500
6971 Saulsbury St Arvada~ Listed for $135,000 and sold for $175,000
7179 S Kline St Littleton~ listed for $200,000 and sold for $250,000
So there is Denver, Littleton, and Arvada as examples. This is even happening in Aurora as well guys. So what I am getting at is don’t completely think when going to make your offer that you can write it for whatever you want and the seller will cave in to sell to you. This is good signs that our market is stronger then you expect from what you might hear on the news. Keep in mind that these examples are bank owned homes, so you can imagine that they needed some work. Now think how an individual selling their own home with pride of ownership will be sitting if they want to sell at a reasonable price right now??
Also, if you have friends buying they may be able to tell you as many of my agent friends have. It is tough to get an offer accepted because the competition is fierce right now.
My advice is to be ready! Meaning have all your financial ducks in a row with a pre-approval not a pre-qualification. Make sure you are ready to write your offer and not hesitate or think through it too long, unless you don’t care too much if you miss out on that specific house. While all this is going on, you can still get the sellers to pay closing costs, but if this continues to strengthen you will have less luck with the sellers willingness to pay closing costs for you.
Happy house hunting~