Central Denver market update for April 14, 2014
The Market is starting to pick up. We are selling roughly 16% less homes this year than last year, which I attribute to lack of inventory. Last week our office listed almost twice as many homes as the previous week which leads me to believe the market is picking up. Last April was the most competitive time to buy a house and I would guess this April will be the same. On the brighter side, last May and June more listings hit the market to make finding a house easier, which I expect will happen this year.
To get a house in this market a buyer can expect to pay $10K-$30K over list price. The buyer who is already preapproved and has more cash to put down has a much better chance of getting a home. As brokers we are all worried about the house appraising. The market is picking up and appraisers are looking at comps from 6 months ago when the market was slower. By the end of the summer I'm expecting the appraisal process to get easier, and buyer's putting the mininum amount down will have a better chance of getting a home.
How some brokers handle the multiple offer situation
My listing 2630 Gray street in Wheat Ridge went under contract on Sunday with 7 offers and 4 offers over list price. The 
interesting thing about my listing was I was surprised how some brokers handled the multiple offer situation. I only received 3 phone calls from brokers, 1 phone call from a lender and one love letter to
the seller. In this market I would never consider writing an offer a property without knowing what is most important to the seller, what is most important to the listing agent,have a buyer who is already pre-approved. You need to think of it like a job interview, you have one chance to make a good impression before you can be consider for the job or a second interview. It is common for brokers to offer the highest offer to another buyer who might be putting more down. Nurmerous times I have had a broker call me back and say, "My seller read your buyer's lover letter and they want to work with you. Would your buyer's be willing to match the highest offer?"
West 29th Restaurant & Bar
www.west29th.com/
5560 West 29th Avenue Wheat Ridge, CO
Sloan's Bar & Grill
www.sloansbarandgrill.com/
5850 West 25th Ave, Edgewater, CO
Looking for a realtor in Central Denver? I'd love to help. Barry Kunselman Porchlight Real Estate Group 4450 Meade St. Denver Colorado 80211 Office: (303) 733-5335 Direct: (303) 887-0588 http://www.buydenverurbanhomes.com/
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