There are 4 new major "positive" trends in the Denver Colorado real estate market that both BUYERS and home SELLERS had better be aware of - if you are going to survive this summer buying and selling season! Read more about these at http://www.jeffboyce.net/
First, it appears that many home SELLERS have decided to "not" take their Realtors advice to clean up, stage and make your remodeled/updated home look nice for incoming potential BUYERS. This in NOT the "sellers market" of 2005...and you are competing with about 2-3 times as many homes for sale in your neighborhood and surrounding subdivisions. Smelly pet odors, diry or worn out carpet, an outdated kitchen, moldy bathtub grout or ugly paint/wallpaper will NOT get your house sold in 2008. If you clearly want to waste your time & energy by having a bunch of buyers 'parading' through your house...then PLEASE DON'T remodel/update your home before putting it on the market for sale. If you don't remodel and have it nice, then please reduce the price by $5,000-$15,000 and make it priced at the genuine market value...
Second, BUYERS seem to think that waiting until they "find" the perfect dream-house is the 'time' to start thinking about mortgage financing... Just because your "think" you'll have no problem getting a loan, doesn't excuse the massive amount of outright stupidity happening in the Littleton and Highlands Ranch real estate markets!!! The general consensus among MOST listing agents is that they are 'forced' into getting nearly 2 contracts per home - just to get the house sold!!! The biggest problem being that the BUYERS did not - or were not able to get a mortgage loan that they could qualify for... Or worse yet, you had to suddenly liquidate a 401k or checking account because your loan "now" required a 3% or 5% extra down payment - that you were not expecting. PLEASE contact a good Colorado mortgage company and get a written loan Pre-Approval before you ever go out house shopping. Don't be shocked to learn that getting approved in 2008 is 5 times harder than in 2006 or 2007!
Third, smart SELLERS who update/remodel their homes, stage & declutter them - and offer a great value and list price to BUYERS are getting multiple contract offers in nearly every subdivision in Denver! So despite what all the doom & gloomers say nationally, the nice fresh houses are be SOLD fast - with bidding and competing offers. BUYERS who offer ridiculous "low-ball" offers are just wasting their Realtors time on these nice homes for sale. You know what these houses look like as soon as you walk into them...they look nice!
Fourth, the last major trend in the Denver real estate market is that "greed" and "stupidity" has taken over the minds of many real estate BUYERS - who think that just because the market has a lot of home inventory - that they can write "low-ball" offers $20,000 to $50,000 on every listing they see. If your Realtor shows you 'comps' that a home is priced very reasonably, then making an "insulting" and absurd "low-balled" purchase offer is just going to severely offend the SELLERS. If you 'think' most SELLERS are going to counter your insulting offer with a reasonable offer - forget it...as most insulted SELLERS will not even respond to your offer. If your Realtor is able to "smooth things over" and get all parties to agree to a reasonable sales price, then the SELLERS will become your worst enemy later on when you do your inspection or need more time to close because your loan couldn't close. You just screwed yourself over by acting stupid or arrogant...why? Smart and savvy BUYERS know that they'll get a far better price and far more sales concessions if they turn in a low - but very REASONABLE offer.
Read my next blog that will deal with the TOP reasons why Home Purchase Contracts are rejected by SELLERS
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