Colorado real estate market

Been trying to buy a house for the last year, and it has only gotten more difficult.
I put an offer on a house over the weekend and was 30k over list price and I got beat out by another offer 65k over list with a waived inspection.

Who the fuck spends a half million dollars on a town home?

 

It's like that everywhere......

 

As a homeowner in the springs, this brings me great joy I’ll make some serious cash when we sell our home. As a fellow taco driver, I’m sorry the situation is so crazy. Hope you find a home you can purchase! Are you looking in the city? Have you tried Falcon?

 

Californians.

 

Im right there with ya pal. I put an offer in on sunday for a house in Lakewood. I thought my offer was healthy at 25k over asking but come to find out the seller had 9 offers on the table and selected the highest at 45k over asking. Ive now struck out on 3 houses all with what I feel are extremely solid offers. The hunt continues...

 

Took 7 offers over 6mo to get our house, paid $30k over 3 yrs ago (and we were the backup offer).

Seeing things go +$50k over asking fairly regularly, if it’s desirable and move in ready it’s definitely going over asking. We’ve created our own problem; great work/life balance, good schools, great weather, limited housing stock and everyone taking equity and trading up.

That being said - I was cut off by a Subaru w/ CA plates this morning. Every time I get mad about increased traffic I dry my tears on my monthly Zestimate print off

 

This market is tough for first time home buyers. Lets just hope that if I manage to get a house locked down, we keep seeing home values increase steadily.

 

Few months back the feds predicted this housing market will last another 1.5yrs. My zillow report from a few days ago predicts my neighborhood will rise another 18% in the next year. insanity

 

If I get beat out by 10 or 20k, i'm like ok fine, maybe next time. But getting beat by 40-60k over? Is it true about the investment firms buying up neighborhoods?

 

It's not going down, but that's for sure

 

I feel you. I went through the same last year. Offering $20-30K over asking and still getting outbid about twice a week for 3-4 months. I don't have that deep of pockets...

After months, probably just a timing thing I lucked out with an offer just $10K over asking on my house. There was only one other offer and found out it was under asking, owners accepted and we were locked in so nobody else could come in. Funny, it's a few blocks away from my first house with the ex. My lady knows but she's okay with it, she loved the house.

 

Yep, Zillow paused it's purchasing because it bought up too many. But there are others still doing it. Lots of foreign dollars buying up land too, but that's old news.

 

I think it was Vancouver that figured this out by taxing the hell out of investment properties.

 

I wish I had the magic solution, but you are doing everything right (Usually less competition on homes after Labor day but before March) as far as I can tell. Try to be the back-up offer or go the new home/ development method.

Just keep at it and eventually everything will line up. They are already predicting another 10% increase for the "front range" region for 2022

 

The 200 Texas plates I see everyday make me believe Texans do also.

 

This makes me feel like we got really lucky. My wife and I just bought a home for 20k over and our old home just went under contract for 40k over. Our move is mostly lateral, more land/space/garage, and while I kinda feel shitty about selling so high, I guess that's just the market these days.

Best of luck, hopefully something eventually lands for you OP. It's stressful AF.

 

Pretty sure we were ridiculously lucky too.

This was in October 2019, but we saw our house pop up on a Saturday, and our agent had our offer for full asking in Sunday night. We were under contract by mid-week, and were still able to get an inspection and have a minor plumbing issue addressed by the seller.

We found out from the sellers agent at closing that the sellers were moving to Rhode Island to be near the wife’s parents for the birth of their second child. The agent said that the husband was NOT happy about moving and that he had been looking for a home with a detached shop for years before they found our house. But happy wife, happy life, I guess, and it worked out perfectly for us. That said, we did have to pony up for a bridge loan in order to sell our old place, since asking for a contingent sale is a good way to lose the home you’re trying to get into. Since then it’s value has gone up around 25%, which is absolutely bonkers.

Of course I’m thrilled that we somehow beat this ridiculous market, but damn do I feel horrible for younger folks who grew up here who are trying to get into a decent home. It’s so surreal.

And I’ll avoid going any further than this, but FUCK the awful incentive structure that facilitates all of these homes getting bought up by robo-buyers and huge out of town investor groups.

Best of luck to the OP, tho. We’re pulling for you.

 

You should wait for the crash then buy. A market correction is coming along with used car prices.

 

it will come, but this is a completely different type of housing market than the bubble crash in 2008. And we still have a ways to go before a correction

 

Bought a house in Sept in Arvada. Our realtor was amazing and had her fingers on the pulse the entire time so we were almost always among the first to tour houses. In 3 weeks we looked at 9 houses and put an offer in on 2. Obviously winning the second offer. The first house was turnkey ready, had all the upgrades and needed zero work, it was listed under market at $499, we offered $515 with a price gap of $5k. They sold to a seller that offered $565 and would cover all closing costs for the seller. Hard to beat that.
Found alot of the houses we'd tour or "like" wouldn't last the weekend except for 1. It was on the market for about a week and we toured it twice. It needed new paint and updating but the bones were good. I think this scares alot of people too, manual work or paying for the upgrading so if you're ok with that don't dismiss those types of houses. Since it had been on the market "for so long" we offered asking and they accepted.

Our realtor said yes, it is out of staters moving to CO jacking the prices but a bigger buyer is companies/investment groups looking for quick investments, either airbnb style, or flip styles.