5 Things Buyers And Sellers In This Market NEED To Know

5 Things Buyers And Sellers In This Market NEED To Know

We are hardly in the heat of summer right now, and yet the real estate market from Highlands Ranch to Westminster and everywhere in between is on high heat right now. With under 6,000 homes currently on the market, we are over 14,000 active listings short of creating a balanced market. What does this mean? Well it means listings are selling quick and for top dollar! Because of this, smart buyers and sellers know there are certain rules they must follow if they want to brag about their win this selling season.

1.  The market is moving quickly

Seems silly to say but it is very true: The market is moving at lightning speed! Littleton, Centennial, Aurora, Lakewood, Thornton, we see it everywhere! A large number of homes are going under contract within their first 4 days on the market. This is great for sellers but very stressful for buyers. This means, as a buyer, you cannot wait until Saturday to see a property that came on the market on Monday. It just doesn’t work like that right now.

2. Lowballs get no looks

Call it the HGTV effect, or as I like to call it, “The Pawn Stars Effect”, but buyers that think, in this market, they are going to knock a significant amount off of the sales price because of their superior negotiating skills are frankly wasting everyone’s time. A strong negotiation is only powerful when both parties begin on equal ground. Unfortunately, there are few homes on the market right now, which gives a seller the supply advantage. If you are unwilling to take a property close to (or sometimes even above) their asking price, I’m afraid you will be out of luck.

3. The buyer ultimately determines the price

Good market, bad market, stale market, booming market, it doesn’t matter. The buyer will always ultimately determine what they are willing to pay for a property. Many Sellers think, because the market is so hot right now, they will list their home $50,000 above the closest comparable and get that price. I’m not saying there’s no way it will sell, I’m just saying it’s the equivalent of taking your life’s savings to the roulette will and letting it ride on red. Get too greedy and you will end up chasing the market.

4. Let your imagination run wild!

There’s one group of people this market is affecting the most: picky buyers. Bless these people, they know what they want and they won’t settle for anything less! I applaud these people and I do not expect for any buyer to settle for less than they deserve. However, what is the line they have drawn in the sand? If its location or layout, that is fair. Can’t really change those. But if its something as simple as “I don’t want a house with carpet,” well then we have a problem. With fewer choices, buyers need to be more flexible and use your imagination to change the things you can change.

5. “Everything is too overpriced right now, I’m just going to wait”

This is my favorite mistake a buyer makes. Some buyers think that home prices fluctuate like the stock market or gas prices. Other than the period of time after the housing bubble burst, home prices do not drop dramatically. Even in buyer’s markets, they tend to stay relatively flat. If you wanted to buy something at the bottom of the market, you should have done that in 2009…or better yet 50 years ago when homes were less expensive than most automobiles these days. Home prices have been appreciating steadily over the last few years and should continue to do so.  If you keep waiting for this drop in the market to occur, you will only see that dream home drift further and further away!

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Matthew Koller is part of the Carr Peck & Associates at Keller Williams. Carr Peck & Associates were 6th in Denver Metro home sales out of 5,000 agents and has been recognized by the Wall Street Journal and Real Trends as one of the top selling teams in the country. For more information feel free to  contact him   or call 303-704-3286. 

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Phone: 720-446-6301
Dated: April 20th 2014
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