Denver housing market

I took a small hit selling to a couple over an investor because of the cover letter. We didn’t mind the hit, as we wanted a first time home buying couple a chance to raise a family in a home they own. Call it what you want but Hawai’i is a little different when it comes to community. It was close and the investor just offered a little more but the cover letter helped.

 

As a seller and a buyer you are free to do whatever you like. Not everyone is strictly rational so it can be worth the 30 minutes it takes to write a letter. Doing so can only help your chance of having a a more appealing offer especially if the values are close. If you're making an offer against 8-10 other people why not try and do everything you can to help yourself out?

In my buddy's case he was looking at 100k+ of equity so he didn't sweat accepting an offer for 2k less than the maximum to get a family into the neighborhood. That was more was more appealing than selling to a fix and flip investor

 

Rent vs owning as of this morning.

 

Probably need to keep this one for the next folks who ask about moving here.

 

I'm a real estate agent and primarily work Littleton, I just closed on a deal for 410k and the market is so incredibly hot. We lost many offers even with waiving of inspection and appraisal gap. Going tens of thousands over asking price as well. After the second loss I started writing into the offers that I would reduce my commission as well if we didn't appraise. That ended up working out well and getting us under contract. Most agents would never consider it but it's to the point where you have to find a advantage like that.

 

I think I need to adjust my lifestyle if $84,800 is suppose to make me "comfortable" in the Springs.

With an average house price of $325K, that's a mortgage of around $24K annually, taxes around $20K which leaves you $40K annually for literally everything else? Ouch, some cell phones, a car payment, insurance, groceries and utilities burn through that pretty fast.

 

That's exactly why I've put looking for a house on pause. It's ridiculous right now.

 

Sure is. We're "planning" on selling our house here soon and are going to move into something bigger. Even the 700k range is hot. I want to move to montrose or Gunnison but the wife says no.

 

I am going to chime in here. I moved to silverthorne co in 2014 and I was smart enough to buy a condo when I moved out. That condo in 6 years has doubled in price. I moved down to denver in 2018 and bought a place that needed some work. I have put in about 30 into a new bathroom, new kitchen, and new livingroom floor plan. I did all of the work myself. My house in denver I bought for 430,000. It is valued at 500,000. Denver real estate is expensive and the desirable mountain towns are even crazier. That being said I specifically choose this area, because we have an abundance of natural resources, and no real natural disasters, and there is so much room for growth. Colorado is expensive because as climate change ravages our planet, Denver and the high mountains will generally fair better than say, Arizona, New Mexico, California,and the east coast in general. Get it now it will only get more expensive. Covid has made this more of a buyers market. A lot of people are being forced to sell who might have otherwise waited. Just my 2 cents. I own about 900,000 in real estate at the moment which, I got into for 650,000.

 

@summithightacoma22 “no real natural disasters” have you missed the fires that have been raging throughout the state all summer long? Aside from that I agree with everything you said. Besides a brief dip in ‘08 real estate has done nothing but go up since I moved here and has made a giant leap in The last 8 years or so. I see that trend likely to continue for the reasons you mentioned. I wish I woulda gotten in sooner, shit I wish I could get in now.

 

The fire situation is real. I am fortunate up in summit county, my house is viewing distance from lake dillon, so the fire department has a ton of easily accessible water to combat fires. And I am in the art district off Santa Fe, unless some hooligans start fires, I think down in the front range I am fairly protected. I think it is just about trying to be somewhat smart about where property is purchased.

 

what does that mean you dont appraise? how do you lose offers if the market is so hot? they buy something else?

 

I mean, if you do organic whole milk and organic eggs like my wife wants for the kids, the price is almost the same in WA lol.

At least property in the greater Portland area is still a bit less expensive, although you do pay state income tax.

 

Working with buyer's when they don't get their offer accepted due to a better offer.

 

We're moving to the Denver are in April. I think we're fucked finding a place. Ha ha. #realist

Something will come our way eventually but I know the spring market will be wild!!

OP - congratulations!

 

sigh been like that for awhile in my neighborhood in CA.. House i on the market and sold sign a few days later. If it is up for more than a week they are entertaining or hoping for more offers.

 

Few days? Shit, two houses on my block lasted no more than 6 hours on the open market

 

wouldn’t be surprised if they sold in a few hours. Prices are insane crazy they even go this fast

 

not denver, but springs.

thought this listing was pretty nuts

https://www.zillow.com/homedetails/634-E-Willamette-Ave-Colorado-Springs-CO-80903/13606954_zpid/


incase it goes down, pretty much house is falling apart. seller selling as is for cash only. bet itll sell this summer too

 

If it was Denver it'd already be under contract