Want to buy a house in metro Denver? Good luck with that. Inventory is low and demand is high — so high that it's tough to even book a time to see a listing (and forget open houses, given COVID-19 safety guidelines).
In "Here's How Crazy Demand for Denver-Area Home Showings Is Now," Michael Roberts described the crazy competition to buy one house in Arvada — and readers have plenty of their own horror stories, as evidenced by their comments on the Westword Facebook post of the piece. Says Mark:
I was born and raised in Golden, and will probably never be able to afford a place of my own in the Denver metro area. Makes me sad to think that moving is the only way to make that happen.
We showed up to a showing the other day with four other people booked into the same slot. It was a mess. There's no houses for us normies — you better have tons of $$ AND time.
Most houses enter the MLS by Thursday evening. If you’re available for showing on Thursday evenings, GO. If you find a house you love, have your agent have an aggressive offer: If the seller doesn’t have a timeline when offers need to be put in (which many don’t) have your agent write an offer with a clause saying they need to respond within 12 hours.
Always remember houses sell for more than the list price; if it’s super-low, it could easily sell for $30,000 over, but a lot of houses sell for $10,000 over, therefore offer $11,000 if you LOVE it. They list them lower so more foot traffic will come view the property. Go on Zillow and look at comparable homes for the neighborhood and get a feel for how much they sell over for. Good luck and stick in there!
Meanwhile, tons of great condos available downtown in buildings with excellent Covid safety protocols and areas like Union Station with very low COVID incidence rates.
To show how much things have changed since the 2008 economic collapse: I bought my condo in January of 2009. It had been on the market for over a year and they'd had a total of five (!) showings (I know, because I was renting the place). This despite dropping the price by almost a third during that time.
I had the opportunity to buy a 2/1 row house in the Highlands for just over $100k at that time. I regret not doing that. They’re worth $500k now.
It's not just Denver, it's everywhere people want to move due to the low interest rates. Denver isn't a special market by any means. It's much worse in places like Boise or Portland.
Go to Austin to see a place with an insane housing market.
Have you tried to buy a house in Denver? Any other hot housing markets? Do you have suggestions for house hunters? Post a comment or share your thoughts at firstname.lastname@example.org.