Denver Exception To Real Estate Downturn
DENVER (CBS4)- Denver may be the exception to the downturn in the real estate market. A recent report puts the Mile High City at number two in the nation for the short length of time a house stays on the market.
The news is good for sellers but buyers can find the quick turnaround frustrating.
Homeowner Holly Wilcher sold her home in less than a month.
“We had an offer in seven days,” said Wilcher.
She received three offers on her house, all of which were more than what she paid for it a year ago.
That’s great news for sellers but buyers say there’s no time to wait if they find a house they like.
“My real estate called their agent and he said they already had an offer so I had to put in an offer really fast and make in an aggressive offer because that would be contingent upon the other offer,” said potential home buyer Josh, who didn’t want to give his last name.
Scott Peterson is a real estate agent and hasn’t seen the market this tight since before the housing bubble burst.
“I’ve been in real estate for six years and I’ve never seen anything like it,” said Peterson. “The lack of inventory and large demand is really what’s driving up prices.”
Many of his recent listings have sold in two to seven days. The price range selling well can fit into a variety of income levels.
“I’ve got listings anywhere from $250,000 all the way up to $625,000,” said Peterson.
Peterson also said he’s out of sold signs and needs to buy more, “If there’s something you like you’ve got to jump on it.”
Advice For Buyers:
- Stalk the neighborhood real estate and drive through daily.
- Work with an agent who is intimately familiar with the neighborhood where you want to buy.
- If the house you like is better than others you’ve seen, consider making a full-price offer or even slightly above.
- Have your real estate agent call the listing agent to learn more about competition from other buyers.
Advice For Sellers:
- If you’re considering selling, list it immediately.
- Price it on the higher end but don’t get greedy.
- Work with an agent who knows and sells in your neighborhood.
- Know your competition and make the presentation of your home better.