Below are the market stats for the Denver metro area for the month of June. Every Month Megan Aller from Landtitle Guarantee gives our office a market update. Due to the lack of inventory we are in what us brokers like to call an extreme seller’s market. 50% of homes going on the market are selling in 7 days or less. The majority of homes are selling for list price or more. 2 years ago almost all of my transactions had the seller helping the buyer with closing costs. This year only 2 of my buyers received money from the seller to help with closing costs.
What does this mean for a seller?
Sellers are getting more for their home the trick is finding a buyer who will wait for the seller/sellers to find a replace home or selecting a buyer who has more money to put down on a home if the home does not appraise. The good news is, demand for a home is so high it is pretty easy to find the right buyer for a seller.
What does this mean for buyers?
If a buyer want to get a home in this market they cannot wait for the weekend to see the home, they have to see the home on the first or second day it goes on the market. My buyers who have successfully won a bidding war paid over asking price, paid their own closing cost and wrote a heartfelt love letter to the seller.
The highest offer doesn't always win the bidding war. One of my sellers took an offer that was not the highest because they could relate to the buyers situation, I even had a buyer beat a full price cash offer with a love letter.
90% of my business is by word of mouth, if you are thinking about buying or selling please don't hesitate to give me a call.
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