Memorial Day and Holiday slowdowns in the real estate market

Memorial Day and Holiday slowdowns in the real estate market

Hi, everyone. I’m Dan Polimino coming to you live from Denver, Colorado with today’s edition of Ask the Colorado Dream House Team. Sorry I missed you on Tuesday. I was in Los Angeles for the Keller Williams Luxury Conference which happens every year in May and I was there learning all kinds of great stuff about the luxury market and what’s happening in other parts of the country. Over the next coming days and weeks, I’ll share some of that information with you. If you’re new to the show, welcome. This is an opportunity for you to ask questions about real estate in your market and of course we’re here in Denver. Does it really matter where you are? All of the information we give you is good database-driven information that you can use wherever you are. Two purposes of the show: To give you a little market news and to answer your questions. So let’s get to the market news.First off, Happy Memorial Day weekend everybody. As it’s coming up, it’s the official start of ‘summer’ and what to expect this Memorial Day weekend. Answer: Not much. If you’re selling a home, traditionally holiday weekends are very slow. I wouldn’t anticipate a lot of showings. I wouldn’t anticipate a lot of people out looking. If they do, it’ll happen on Saturday, maybe a little Sunday, but probably not Monday as a lot of people go honor our veterans and have barbecues or family get-togethers. So don’t expect a lot of traffic. Could happen. The weather’s not supposed to be great here in Denver so that may turn out some more extra people but again keep the expectations low whether it’s Memorial Day, Fourth of July, Labor Day, all of these holidays all traditionally very slow.The other thing I was talking to a recent client about is we’ve seen a rash of homes come back on the market at a lower price. The question was: Why is that? Well, it’s usually two-fold. When the home hit the market, there could have been a frenzy where a whole bunch of people got really emotional, paid over asking price and then had buyer’s remorse. So the first category of why homes may be coming on the market, buyer’s remorse. Second is that they didn’t have good inspections. The third is that it could be a combination of how much they paid and the inspection. So maybe they had a little buyer’s remorse but they were willing to go forward with the property but then when it came to the inspection, the inspection didn’t go well. The seller got overconfident, didn’t want to budge on inspection items and as a result, the buyer used the inspection as a reason or purpose to terminate the contract. That’s what we’re seeing right now. Some people getting overzealous with their offers, putting in an offer too quickly, not thinking about it. You know what I’m talking about, all right? So that’s the market update for this week.Questions, here we go. Dear Colorado Dream House Team: Do inspection items that you negotiated with a seller survive closing?

Two purposes of the show: To give you a little market news and to answer your questions. So let’s get to the market news.First off, Happy Memorial Day weekend everybody. As it’s coming up, it’s the official start of ‘summer’ and what to expect this Memorial Day weekend. Answer: Not much. If you’re selling a home, traditionally holiday weekends are very slow. I wouldn’t anticipate a lot of showings. I wouldn’t anticipate a lot of people out looking. If they do, it’ll happen on Saturday, maybe a little Sunday, but probably not Monday as a lot of people go honor our veterans and have barbecues or family get-togethers. So don’t expect a lot of traffic. Could happen. The weather’s not supposed to be great here in Denver so that may turn out some more extra people but again keep the expectations low whether it’s Memorial Day, Fourth of July, Labor Day, all of these holidays all traditionally very slow.The other thing I was talking to a recent client about is we’ve seen a rash of homes come back on the market at a lower price. The question was: Why is that? Well, it’s usually two-fold. When the home hit the market, there could have been a frenzy where a whole bunch of people got really emotional, paid over asking price and then had buyer’s remorse. So the first category of why homes may be coming on the market, buyer’s remorse.Second is that they didn’t have good inspections. The third is that it could be a combination of how much they paid and the inspection. So maybe they had a little buyer’s remorse but they were willing to go forward with the property but then when it came to the inspection, the inspection didn’t go well. The seller got overconfident, didn’t want to budge on inspection items and as a result, the buyer used the inspection as a reason or purpose to terminate the contract. That’s what we’re seeing right now. Some people getting overzealous with their offers, putting in an offer too quickly, not thinking about it. You know what I’m talking about, all right? So that’s the market update for this week.Questions, here we go. Dear Colorado Dream House Team: Do inspection items that you negotiated with a seller survive closing?

Sorry I missed you on Tuesday. I was in Los Angeles for the Keller Williams Luxury Conference which happens every year in May and I was there learning all kinds of great stuff about the luxury market and what’s happening in other parts of the country. Over the next coming days and weeks, I’ll share some of that information with you.If you’re new to the show, welcome. This is an opportunity for you to ask questions about real estate in your market and of course we’re here in Denver. Does it really matter where you are? All of the information we give you is good database-driven information that you can use wherever you are. Two purposes of the show: To give you a little market news and to answer your questions. So let’s get to the market news.First off, Happy Memorial Day weekend everybody. As it’s coming up, it’s the official start of ‘summer’ and what to expect this Memorial Day weekend. Answer: Not much. If you’re selling a home, traditionally holiday weekends are very slow. I wouldn’t anticipate a lot of showings. I wouldn’t anticipate a lot of people out looking. If they do, it’ll happen on Saturday, maybe a little Sunday, but probably not Monday as a lot of people go honor our veterans and have barbecues or family get-togethers. So don’t expect a lot of traffic. Could happen. The weather’s not supposed to be great here in Denver so that may turn out some more extra people but again keep the expectations low whether it’s Memorial Day, Fourth of July, Labor Day, all of these holidays all traditionally very slow.The other thing I was talking to a recent client about is we’ve seen a rash of homes come back on the market at a lower price. The question was: Why is that? Well, it’s usually two-fold. When the home hit the market, there could have been a frenzy where a whole bunch of people got really emotional, paid over asking price and then had buyer’s remorse. So the first category of why homes may be coming on the market, buyer’s remorse.Second is that they didn’t have good inspections. The third is that it could be a combination of how much they paid and the inspection. So maybe they had a little buyer’s remorse but they were willing to go forward with the property but then when it came to the inspection, the inspection didn’t go well. The seller got overconfident, didn’t want to budge on inspection items and as a result, the buyer used the inspection as a reason or purpose to terminate the contract. That’s what we’re seeing right now. Some people getting overzealous with their offers, putting in an offer too quickly, not thinking about it. You know what I’m talking about, all right? So that’s the market update for this week.Questions, here we go. Dear Colorado Dream House Team: Do inspection items that you negotiated with a seller survive closing? Well, I’m assuming this comes from a buyer and they basically want to know that some of the inspection items that they resolved to work on during the contract, maybe some of those haven’t worked out and something’s gone wrong. I think what they’re trying to say is past closing do they have any recourse to go back to the seller? The answer is probably not. The question will come up: Was it working at the time of closing and if it was and they can prove it, they’re off the hook. The other thing is is that it’s just really, really tough to go back in sellers in perpetuity and have them responsible for a house that you now own. So the answer, for the most part, is they don’t survive closing. There’s a whole another category which is you found something wrong with the house that you believe the seller didn’t properly disclose on the seller’s property disclosure. You believe that the seller was deceiving you, trying to hide something and you found out later that that was the case. That’s a whole different ballgame. The legal recourse there is you’re probably going to have to sue them, okay?Dear Colorado Dream House Team: We were told our HOA covered the sewer and roof repairs only to find out after the fact that they don’t. What can we do? Not much. You know you got to read everything that comes to you. It’s long, it’s tedious, it’s a pain in the butt. Sometimes you don’t understand everything you’re reading but clearly, somewhere in those HOA documents that came to you during your due diligence period, it addressed how the HOA handles sewer issues, how they handle roof issues. And if it was at least unclear or they didn’t address it, it should have been an item that you called the HOA to discuss or had your agent call the HOA to discuss, all right? So, after the fact, a little bit like the inspection items, there’s not a lot you can do.Dear Colorado Dream House Team: How do I know when a buyer is serious about, making an offer? Many talk about it but then don’t do it. Boy, if I had a dollar for everyone that talked about they were sending us an offer, I could retire by now. It happens all the time, right? Excuse me, they talk about it and then they don’t do it. Here’s how you know if a buyer’s really serious for your house. If they’d say, “Oh yeah, we’re going to send you an offer,” they should do it within the first 24 hours. If they are very hot for your house and they want it, they’ll get that offer in, they’ll get that lender letter in and they’ll do it all within 24 hours and it’ll be a good offer.But each hour and each day that it lingers and it goes on and there’s no offer coming in, there’s a good bet that it’s never coming in, that they’re not, that they weren’t serious and that they were just talking. Or as I like to say, they talked themselves out of it, all right? That’s how you know if a buyer is really serious. They’ll send it in within the first 24 hours.All right, that’s this week’s show. Again, Happy Memorial Day everyone.  Wherever you are in the country enjoy the weekend and we’ll talk with you again here next Tuesday.

Over the next coming days and weeks, I’ll share some of that information with you.If you’re new to the show, welcome. This is an opportunity for you to ask questions about real estate in your market and of course we’re here in Denver. Does it really matter where you are? All of the information we give you is good database-driven information that you can use wherever you are. Two purposes of the show: To give you a little market news and to answer your questions. So let’s get to the market news.

First off, Happy Memorial Day weekend everybody. As it’s coming up, it’s the official start of ‘summer’ and what to expect this Memorial Day weekend. Answer: Not much. If you’re selling a home, traditionally holiday weekends are very slow. I wouldn’t anticipate a lot of showings. I wouldn’t anticipate a lot of people out looking. If they do, it’ll happen on Saturday, maybe a little Sunday, but probably not Monday as a lot of people go honor our veterans and have barbecues or family get-togethers. So don’t expect a lot of traffic. Could happen. The weather’s not supposed to be great here in Denver so that may turn out some more extra people but again keep the expectations low whether it’s Memorial Day, Fourth of July, Labor Day, all of these holidays all traditionally very slow.The other thing I was talking to a recent client about is we’ve seen a rash of homes come back on the market at a lower price.

The question was: Why is that? Well, it’s usually two-fold. When the home hit the market, there could have been a frenzy where a whole bunch of people got really emotional, paid over asking price and then had buyer’s remorse. So the first category of why homes may be coming on the market, buyer’s remorse.Second is that they didn’t have good inspections. The third is that it could be a combination of how much they paid and the inspection. So maybe they had a little buyer’s remorse but they were willing to go forward with the property but then when it came to the inspection, the inspection didn’t go well. The seller got overconfident, didn’t want to budge on inspection items and as a result, the buyer used the inspection as a reason or purpose to terminate the contract. That’s what we’re seeing right now. Some people getting overzealous with their offers, putting in an offer too quickly, not thinking about it. You know what I’m talking about, all right? So that’s the market update for this week.Questions, here we go. Dear Colorado Dream House Team: Do inspection items that you negotiated with a seller survive closing? Well, I’m assuming this comes from a buyer and they basically want to know that some of the inspection items that they resolved to work on during the contract, maybe some of those haven’t worked out and something’s gone wrong. I think what they’re trying to say is past closing do they have any recourse to go back to the seller? The answer is probably not. The question will come up: Was it working at the time of closing and if it was and they can prove it, they’re off the hook. The other thing is is that it’s just really, really tough to go back in sellers in perpetuity and have them responsible for a house that you now own. So the answer, for the most part, is they don’t survive closing. There’s a whole another category which is you found something wrong with the house that you believe the seller didn’t properly disclose on the seller’s property disclosure. You believe that the seller was deceiving you, trying to hide something and you found out later that that was the case. That’s a whole different ballgame. The legal recourse there is you’re probably going to have to sue them, okay?Dear Colorado Dream House Team: We were told our HOA covered the sewer and roof repairs only to find out after the fact that they don’t. What can we do? Not much. You know you got to read everything that comes to you. It’s long, it’s tedious, it’s a pain in the butt. Sometimes you don’t understand everything you’re reading but clearly, somewhere in those HOA documents that came to you during your due diligence period, it addressed how the HOA handles sewer issues, how they handle roof issues. And if it was at least unclear or they didn’t address it, it should have been an item that you called the HOA to discuss or had your agent call the HOA to discuss, all right? So, after the fact, a little bit like the inspection items, there’s not a lot you can do.Dear Colorado Dream House Team: How do I know when a buyer is serious about making an offer? Many talk about it but then don’t do it. Boy, if I had a dollar for everyone that talked about they were sending us an offer, I could retire by now. It happens all the time, right? Excuse me, they talk about it and then they don’t do it. Here’s how you know if a buyer’s really serious for your house. If they’d say, “Oh yeah, we’re going to send you an offer,” they should do it within the first 24 hours. If they are very hot for your house and they want it, they’ll get that offer in, they’ll get that lender letter in and they’ll do it all within 24 hours and it’ll be a good offer.But each hour and each day that it lingers and it goes on and there’s no offer coming in, there’s a good bet that it’s never coming in, that they’re not, that they weren’t serious and that they were just talking. Or as I like to say, they talked themselves out of it, all right? That’s how you know if a buyer is really serious. They’ll send it in within the first 24 hours.All right, that’s this week’s show. Again, Happy Memorial Day everyone.  Wherever you are in the country enjoy the weekend and we’ll talk with you again here next Tuesday.

Dear Colorado Dream House Team: Do inspection items that you negotiated with a seller survive closing? Well, I’m assuming this comes from a buyer and they basically want to know that some of the inspection items that they resolved to work on during the contract, maybe some of those haven’t worked out and something’s gone wrong. I think what they’re trying to say is past closing do they have any recourse to go back to the seller? The answer is probably not. The question will come up: Was it working at the time of closing and if it was and they can prove it, they’re off the hook. The other thing is is that it’s just really, really tough to go back in sellers in perpetuity and have them responsible for a house that you now own. So the answer, for the most part, is they don’t survive closing. There’s a whole another category which is you found something wrong with the house that you believe the seller didn’t properly disclose on the seller’s property disclosure. You believe that the seller was deceiving you, trying to hide something and you found out later that that was the case. That’s a whole different ballgame. The legal recourse there is you’re probably going to have to sue them, okay?Dear Colorado Dream House Team: We were told our HOA covered the sewer and roof repairs only to find out after the fact that they don’t. What can we do? Not much. You

Dear Colorado Dream House Team: We were told our HOA covered the sewer and roof repairs only to find out after the fact that they don’t. What can we do? Not much. You know you got to read everything that comes to you. It’s long, it’s tedious, it’s a pain in the butt. Sometimes you don’t understand everything you’re reading but clearly, somewhere in those HOA documents that came to you during your due diligence period, it addressed how the HOA handles sewer issues, how they handle roof issues. And if it was at least unclear or they didn’t address it, it should have been an item that you called the HOA to discuss or had your agent call the HOA to discuss, all right? So, after the fact, a little bit like the inspection items, there’s not a lot you can do.Dear Colorado Dream House Team: How do I know when a buyer is serious about making an offer? Many talk about it but then don’t do it. Boy, if I had a dollar for everyone that talked about they were sending us an offer, I could retire by now. It happens all the time, right? Excuse me, they talk about it and then they don’t do it. Here’s how you know if a buyer’s really serious for your house. If they’d say, “Oh yeah, we’re going to send you an offer,” they should do it within the first 24 hours. If they are very hot for your house and they want it, they’ll get that offer in, they’ll get that lender letter in and they’ll do it all within 24 hours and it’ll be a good offer.But each hour and each day that it lingers and it goes on and there’s no offer coming in, there’s a good bet that it’s never coming in, that they’re not, that they weren’t serious and that they were just talking. Or as I like to say, they talked themselves out of it, all right? That’s how you know if a buyer is really serious. They’ll send it in within the first 24 hours.All right, that’s this week’s show. Again, Happy Memorial Day everyone.  Wherever you are in the country enjoy the weekend and we’ll talk with you again here next Tuesday.

Dear Colorado Dream House Team: How do I know when a buyer is serious about making an offer? Many talk about it but then don’t do it. Boy, if I had a dollar for everyone that talked about they were sending us an offer, I could retire by now. It happens all the time, right? Excuse me, they talk about it and then they don’t do it. Here’s how you know if a buyer’s really serious for your house. If they’d say, “Oh yeah, we’re going to send you an offer,” they should do it within the first 24 hours. If they are very hot for your house and they want it, they’ll get that offer in, they’ll get that lender letter in and they’ll do it all within 24 hours and it’ll be a good offer.But each hour and each day that it lingers and it goes on and there’s no offer coming in, there’s a good bet that it’s never coming in, that they’re not, that they weren’t serious and that they were just talking. Or as I like to say, they talked themselves out of it, all right? That’s how you know if a buyer is really serious. They’ll send it in within the first 24 hours.All right, that’s this week’s show. Again, Happy Memorial Day everyone.  Wherever you are in the country enjoy the weekend and we’ll talk with you again here next Tuesday.

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