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Our recent post about Colorado’s hottest housing markets pointed out that many properties are currently going for well above the asking price.
“Buyers run from listing to listing, trying to avoid being eaten by the competition,” notes the Denver Metro Association of Realtors. “It’s certainly a challenging task since buyers must also avoid being trapped in a corner where they feel desperate to write offers well above list price, or opt to waive inspection and appraisal contingencies in order to compete.”
The result is likely to be the “rapid appreciation of metro Denver housing prices.”
A comment shared by one of many readers who weighed in seems to confirm this prediction.
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Javi Del Rosario writes:
Just bought in November and it was a royal pain, even then we paid 7K over asking for a small condo. 4 months later a similar unit has been sold for 25K than what we paid for hours. Supply and demand its called… Sucks for those who culd not afford to buy when economy was weaker. Still, as much as i love Denver, I dont think it’s designed to justify such an expensive house market (large city prices without the opportunities of a large city). Super glad i bought when i did but feel very sorry for those locals who haven’t been able to….
Send your story tips to the author, Michael Roberts. For more memorable takes, visit our Comment of the Day archive.
