Dear Readers -
In this post, Joan Cox from Denver CO, sounds off loud and clear about the chaos in markets without enough inventory.
Have a successful day -
PS -- If I haven't thanked you personally for following my writings, please accept my gratitude now. Your views and comments mean a lot to me. L.
You always want to be careful what you ask for ---
I spoke to a REALTOR® friend in New Mexico yesterday explaining all the activity on a listing he referred to me. (had 40+ showings in two days) He was flabbergasted! If you want to be busy in the Denver market, you have to have listings! Having a buyer means you will put lots of miles on your car, write LOTS of offers, many of which are useless! Most often in homes listed below $500K, you will see multiple families viewing homes all at the same time.
In the last several days I have listed three properties. HOLY MOLIES! My phone rings night and day from agents pleading their case, professing how qualified their buyers are (and how good they are), AND telling me to add the VA and FHA financing options to the MLS, as they know best. Guess they missed the peeling paint, no gutter extensions and numerous issues inside the home that would be conditioned in the appraisal.
For the home we have had 40+ showings in two days --- it is a good thing it is vacant, and the Sellers do not have to find a place to go for a full 48 hours! I put information in the MLS when the offers will be presented, and when the offers have to be into the listing agent, so everyone is treated fairly. Have had two sign calls too. I am sure the neighbors will be glad when it goes under contract, and the street will be quiet once again.
I know many markets across the Country are experiencing this craziness too, but those who are not, do not wish you had this type of market! It is not for the faint of heart! It is hard on everyone - clients and agents alike!
Multiple offers (sometimes up to 30), thousands of dollars over list price, and knowing full well it will not appraise higher.....elimination of inspection contingency and buyers offers thousands of dollars over appraised value. The buyer agents calls, then the lender to let me know the buyer is well qualified. The investors are still out too bidding with hard money loans, which I had heard of, but never have had on any of my listings. Then you have buyers writing on more than one home, and when they win more than one bid, they have to opt out of one. That listing agent has to go through all this craziness again. It is not uncommon to have to sell a home more than once.
Many have talked about "a bubble", but as long as our unemployment is low, and we are seeing so many incoming relocation families, low inventory - I think this market will remain a bit nuts for a while! We saw another month of 9% increases in prices. (it has been above 10%, so it is decreasing a bit)
It is very important to keep a power source close, as the battery life on my phone is short these days!
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