Buying and Selling a Home Has Changed

Buying and Selling a Home Has Changed

It is truly amazing how the housing market here in Denver and Aurora has changed in such a short time. It used to be when working with a buyer I had pages and pages of listings to choose from for them that fit what they were looking for in a home. If they didn’t like any of the homes I showed them, it was no big deal. We would just look through all the other listings available and just go out looking again. No problem. Within the last 6-9 months, that is no longer the case. For some buyers that I’m working with, I have absolutely nothing to show them. This is a problem that I’ve never experienced in all my years in Real Estate. All I can do now for them is do a search every day, and hoping that something has come on the market and that it doesn’t go under contract before we get there. As an example, a buyer I’ve been working with wanted to make an offer on a HUD home that was listed for $70,000. The house wasn’t perfect, but it was livable and just needed a bit of work. We made a full price offer, and didn’t ask for any closing costs. You would think this would be a pretty good offer with a good chance of being accepted. WRONG!! We were one of 33+ bids and the winning bid was $30,000 over the asking price at approximately $100,000!!! Something like this was absolutely unheard of until just recently. Now we are experiencing a very strong sellers market where sellers have the advantage and quite often get a number of offers to choose from, which is every seller’s dream situation. As you would expect, this is driving up home prices, and people that were once underwater on their mortgages are now back to where they were 5-6 years ago or even ahead. If this trend continues, we should see fewer and fewer short sales and foreclosures and a once again a healthy housing market.

Jason Peck Headshot
Phone: 720-446-6301
Dated: January 31st 2013
Views: 782
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