Colorado real estate market

holy goddam. looking at million dollar homes? thats nutty.

i got my first house in springs of july this year. 29, been working for my company for 5 years. i should have bought a few years ago, but i wanted to be in a few spots. competition was crazy. my gf and i put in 2 offers, got the second and we werent even the highest bidder. i guess our lending agent knew the listing agent for like 20 years and put in a good word. we were still 20k over asking though. we only put 5% down though we had 10%. the extra was for closing costs and repairs to the house. pretty stoked we got a place where we did too.

good luck with the hunt. im sure it will happen

 

Whatever you do, do not waive the inspection! That is just complete stupidity IMHO, and calling someone stupid for not doing an inspection is the kindest word I can think of. In the front range with bentonite clay, you really need to look for foundation and sewer line issues.

 

Second this! Get a sewer scope to the city hookup. I got $5k off my price cause there was a crack....year later it turned into a $15k line replacement.

Also of note, even in 2013 houses were being bought within days of listing. My house was on the market for 6 days, the house I looked at before only 2

 

Here in WI, we just moved in our new place in Aug. Put in a cash offer, NO contingencies, with a bump clause up to $40k over asking. It went the full bump but we got the house. There were 9 offers and they actually passed up a higher offer to go with ours due to NO contingency and cash offer. The sellers provided a 52 page home inspection by a reputable inspector at open house showing.

We didn't even have our house listed yet. Luckily it sold in 1 week for more than we were asking. It was a wash. Love the new house. No regrets.

 

I'll second the sewer scope, and that includes newly built homes. I've been in the sewer cleaning, inspection business for darn near 20 years, and the stuff that contractors put down the new drains should be illegal.

 

" What are we going to do with this left over caulk?"
"i don't know, just flush it."

 

Why would you feel shitty about selling so high? Take the money & run dude, especially if it's to an investor. Leave them holding the bag when the market tanks again

 

If you have a home today it is probably worth more than what you think it is. If it is paid off or at least you have a good amount of equity in it, then this offsets the price of the home you are buying. We got $70k more than what we thought ours was worth (fully paid off) so paying $40k over the asking price of the new house was a non-issue.

 

Haha. I mean, only because it feels like it’s adding fuel to the fire. But yes, that’s what we did and we’re much happier in our new home.

 

I don't think there is a crash coming..... not much of one anyway.

People with money bags are coming here. It's hard to compete. I think that the houses are being listed undervalued to drive up bidding.

Something is wrong when all the houses are being sold $60k over asking.

We had to swallow that pill moving here.

We bought a pretty solid house that needs a ton of updating.... seemed much more reasonable than buying all fixed up..... still paid more than double what I sold my completely remodeled, bigger house with shop and more storage in Baton Rouge for.

Good luck.

 

The market might go down short term during a recession. That said I can't imagine people will ever stop moving here in the long term

 

I only had to go 10k over asking price & wave the inspection but I did a post occupancy agreement & let the old man live there till he bought a new home. Only person that did that so the old man chose me - rent free but 1k deposit. That worked GL everyone

also my house is already worth 100k more than I paid - fucking cash cow now

 

The market has tended to slow down here during the winter. Interest rates should start to go back down towards spring, when prices and buying ramp back up. At least that's been the pattern I've seen over the years.

 

Did you completely wave the inspection or just wave the right to address?

We waved the right to address up to $10k.... we still had the inspection and could walk away, but we couldn't ask to perform repairs if they were under $10k

 

The inspection was done but the old man wanted to take it out of the contract & I said no problem. Scoped the lines too & took that out as well. Nice old man gave me 3k on concessions cause we couldn’t see the tap under the street after the scope. No big deal & no sewer/water problems. Letting him live in the home for almost 2 months after signing cost me over 3k in rent as I had to extend my apt lease so it evened out.

I went all in @ 340k. It’s a nice 1,217 sq ft 3 bedrooms 2 bathroom, in cherry creek schools district & true Aurora tri level. So some of the rooms downstairs are nonconforming & don’t count. 2 car garage. I’ve all ready redid the hardwood floors, carpet & LVT. Hopefully with the landscaping & a bathroom remodel done, I’ll be let off the mortgage insurance cause the value is a lot higher

He took the washer & dryer but I talked him into letting me keep the frig. It’s always fucked up to take the frig & he knew that but mentioned he did consider it. As soon as Covid hit - I pulled my $$ off the market & had 16k for a down payment. Closing was end of that June. Interest rate is locked @ 3.025% & I do bimonthly payments. I have great credit so that helped.

My family is a construction family so repairs are quite easy. Before becoming a teacher I framed houses & all my brothers & uncles still frame homes.

The one question that matters the most, is it worth lose your dream home? For me I didn’t really care - I’ve built some awesome homes & then sell them next month but my wife was super attached & we went all in

 

THIS! I was less than 24hrs to close, and had to back out because the fixes that were agreed upon, weren't done. And in some cases the house was worse than during the inspections! It wasn't my dream home some I wasn't heart broken over it...

 

We're moving to a "rent to own" we do not plan on buying from the company, prices are outlandish. Plus we don't know the area well/yet. Luckily, it'll be move in ready and managed as a rental. We have the funds to get a rental, the prices are crazy.

I sold my place in VA earlier this year and made a decent profit, but had one try to get it by asking for 20k over my asking price...that fell through as they just wanted first pick and to try and scoop up places to flip.