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Selection, Selection, Selection. There are approximately 23,000 homes for sale in the greater Denver real estate market. There are homes in every buyer’s price range with plenty of inventory including single family homes, condos, townhomes, urban, suburban, etc.
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Fewer Multiple Offers. If you have ever been in a market where your offer was one of several, giving the seller the right to pick and choose, this simply is not the case in the current Denver market. Although good homes will still sell quickly if priced correctly, it is very unlikely that your offer will have any competition.
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Make An Offer. In a seller’s market, your offer had to be full asking price or more In today’s Denver housing market, the ratio averages 96% of the listed price to the sales price. If the home has been on the market for an extended period of time, the ratio will tilt even further in the favor of the buyer. Most sellers will not be insulted by any reasonable offer.
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Taking Your Time Is Okay. When the market is hot, a buyer must be ready make a snap decision. When you found a home that might work, you had to write a full price offer on the spot. However, in today’s market you can more slowly while scrutinizing the available homes and taking the time to fully consider each home’s condition and location.
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A Thorough Evaluation. In order make a competitive offer in a hot market, it is not uncommon for a buyer to waive their right to a house inspection, a sewer inspection, an appraisal or even noted house repairs. The seller is king. This market has a certain degree of calmness and a chance for the buyer to perform complete and competent due diligence.
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Builder’s Inventory: While the inventory of new homes is certainly not what it has been, if there is a new home in inventory that meets your needs, the builder will do whatever it takes to accommodate a buyer’s wishes including upgrades, changes to the finishes, or even a basement finish. If it is in inventory, the builder needs to move it
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You Want What? In a hot market, the home might be sold “as is”. This market has most sellers willing to fix any
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Little Competition from Investors. While we do see some presence of investors returning to the Denver market, they are not yet here in large numbers. Today’s buyer is usually a relocating family or a family with changing needs.
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Location, Location, Location. Moving closer in. As Denver has grown and urban sprawl developed, many buyers had no choice but to follow the sprawl and move further out. We are now working with a few of these buyers who wish to be closer to work, the theatre, restaurants or the new Denver light rail system
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Real Money Is Available. The “funny money" that many lenders had gotten into the habit of offering is no longer around. The No Doc, Low Doc, Gee-You-Are-Breathing-Have-I-Got-a-Deal-For-You money is gone. For buyers with good credit who plan to repay their debt will have no problem getting financed. Heck, a lot of that easy stuff was for the convenience of the lender. No Doc meant just that—no work on the lender’s part. What’s wrong with a 30-year fixed or an FHA loan? It’s probably in your best interest!
For straightforward answers to all of your Denver real estate questions, please give a TeamCox member a call today at 303-400-6060!