Colorado Real estate inventory is at a 20 year low right now from Denver to Boulder and beyond. This means buyer demand is far outpacing available listings. Houses are coming on the market and going under contract within 24-48 hours and receiving multiple offers in that time often times as much as 10% above asking price. In 2014 I saw properties with over 20 offers in a couple of days and I saw houses go under contract in under 12 hours of being put on the market. If you are looking to buy and you don’t have a real estate agent who knows how to handle these kinds of situations, prepare yourself for a lot of heartache and frustration.
However, even with a great Realtor on your side, many buyers will still lose out on homes that they like due to the competition that comes from other buyers and cash investors. If you are submitting FHA or VA loans be prepared to have your offer pushed to the bottom of the pile behind conventional and cash offers. There are however methods to gain advantage in this hyper-competitive market that work.
To that end, I worked with buyers in a number of different price points last year and here is a sampling of my results:
-Beat out 18 competing offers on a single family home in Arvada, many of which were higher priced.
-Bought a Boulder foothills mountain property for $20k less than appraisal price.
-Successfully bought a single family home in Broomfield, in a multiple offer situation and beat out an all cash offer for $9k more.
-Successfully bought a Broomfied 3 bedroom condo at asking price before other offers were allowed (i would estimate this saved my buyers $5k-10k on a $190k price tag)
-Successfully bought a single family home foreclosure in Thornton for approximately 20% less than market value
-Successfully bought a 2 bedroom condo in Boulder in a multiple offer situation beating out a higher priced offer.
-Successfully bought a single family home in Denver using an FHA loan and beating out 6 other offers, 2 of which higher.
-Successfully bought a single family home in Westminster using an FHA loan in a multiple offer situation beating out a higher priced cash offer.
-Successfully bought a home in the Boulder Foothills that was not listed on MLS for $15k less than appraisal.
Also on the listing side:
-Successfully sold a town home in South Boulder for the highest price ever paid in the subdivision
-Successfully sold a single family home in Thornton for the highest price ever paid in the subdivision (for that size home).
I am happy to provide references from buyers and sellers.
If you are interested in buying a house or selling your home in this competitive market make sure you have someone who knows how to navigate the offer and contract process smartly, aggressively and quickly.
CT Tamura | Realtor
Wright Kingdom Real Estate