DENVER (CBS4)– The red hot housing market in the Denver metro area doesn’t look like it’ll be cooling down anytime soon. Inventory is so low, while so many people want to buy a home, some will do whatever it takes.
“The way things are going off the market, I have not seen this so far,” Marybeth Brush said.
Denver and the parts of the country haven’t seen a housing bidding war like this in quite some time.
“I had seller in Castle Rock where my seller had an offer, sight unseen, before we even went on the market,” Brush explained.
Brush has been a real estate agent for eXp Realty in the Denver metro area for almost a decade.
“You have these couples and these families coming in from cities like San Francisco, Chicago, New York, where $800,000, $900,000, $1,000,000 buys you a shoebox there,” she said.
Right now, single-family homes are hard to find in Denver, as well as surrounding areas like Highlands Ranch where there are over 31,000 homes. Brush pulled up active listings on May 2, and there were just 37 that showed up, of those under $500,000, there were just 7.
We also looked at areas outside of downtown Denver, in the last 90 days, homes under $1,000,000 and you can see the closing price. Homes sold at 100% asking price or more.
“People are starting to work from home permanently. People are actually considering where they want to live versus where they want to live for their work,” she said.
In some neighborhoods, the listing prices almost look random, if not weird. Yet, they could all still go fast. Brush tells us that may be, because of multiple factors.
“It could be the one home across the street is not flipped, and another is already set to go,” she said.
It’s not all about sellers, buyers may want to keep trying, even if it’s taking a while for bids to be accepted.
“I actually wouldn’t wait, what I would do is cash in on the low interest rate that we have right now,” Brush added.