“Sold For Full Price In One Day!” That was a statement that people used back in the “good old days.” You remember the good old days, don’t you? Now looking back, most of us realize that those days were actually not so good and some people got in trouble.
I am here to say that these days maybe coming back! If you speak with a Realtor who is doing business in Denver, I am sure that they have a few stories of homes that they have sold this past spring for full price, over asking price, or sold in a matter of hours. It’s happening again; but it’s not happening like it did back in the mid 2000’s. My team, The Colorado Dream House Team, has had their fair share of selling homes at full price in the same day, and we’ve done it in a variety of price ranges. Here are some factors that we can point to explain why:
1) Clearly, the shortage of re-sale inventory is driving the full price or the over asking price phenomena. During the boom, people were buying just because they could. They were throwing caution to the wind without much care or concern of losing money because the real estate market kept appreciating. Furthermore, just about everyone could get a loan on just about any term. It’s not that way today. Even though buyers are paying full prices today, they are a much more qualified buyer than we have seen in the last 10 years. In many cases, they are putting 20% or more cash into the deal.
2) “Sold For Full Price In One Day” is not just a 200K and below sale. This past spring, we sold a home priced at $850,000 for full price within a few hours. This was from a very popular area in town, the house was move-in ready, and with the shortage of supply, the buyers needed to act quickly to get the home that they wanted. Again, this situation is dissimilar from 2003-2007, when people just paid high prices without a shortage of inventory.
3) Denver’s popularity has helped fuel the “Sold For Full Price In One Day” phenomenon. MSN called Denver as the Number One Real Estate Market in the country, and so did FOX News and Money Magazine. Denver is still a place where people want to work and live in. People continue to relocate here, and companies want to move here for our diverse work force. That means that the city has a constant influx of buyers, and we are simply seeing the law of supply and demand at work.
Finally, not everyone can have their home sold for full price in one day. You clearly have to have some key factors in your favor. To find out what they are, contact me at the information below.
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