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Old 02-11-2018, 12:04 PM
 
43 posts, read 42,993 times
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Quote:
Originally Posted by Xanathos View Post
What's your price range? We recently bought a house up there, and it was pretty painless. One offer, one home - we even got it for 30k under what comps said was a fair asking price because we could close in ten days after the inspections (which happened Friday).

Our agent said the current market in Denver is an absolute frenzy sub-400k and people are overpaying out of desperation, but that as you got above that number, it started to even out to a sense of normalcy. Once you get over 600k, you can even negotiate price and homes tend to stay on the market for a few weeks. The place we got was listed at just shy of 800, but we saw a number of really nice places at 650 that we considered, most of which are still available. Course, we weren't caught up in having to be near the central core and walkability and all that such... Stuff. Twenty minutes to downtown was good enough. We were after school districts (nailed it), modern design (nailed it), square footage (check), and appreciation potential (yup).

It's not a bubble, though. You guys are Seattle ten years ago; just look northwest to see what the future holds. It might feel expensive now, but it's going to get a lot more so, because you're the next big tech hub now that Seattle is filled out. Idon't think you guys fully appreciate the gravity of what the accelerating influx of tech into your job sector is going to do to your landscape, both physically and metaphorically. Getting in now is going to do you favors later.
We've been looking at homes between 700-950k. Both homes we put offers in were in the low 800s and they both had 12 + offers each.
I agree there are many other places where real estate is much worse and we'd like to get in now before we are priced out.
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Old 02-11-2018, 12:06 PM
 
43 posts, read 42,993 times
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Quote:
Originally Posted by alloo66 View Post
Keep trying and the right deal will come to you.
Thank you for the encouragement. I hope you're right!
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Old 02-11-2018, 12:11 PM
 
43 posts, read 42,993 times
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Quote:
Originally Posted by emm74 View Post
That's why I went with new construction and opted out of the competition. It was a lot less stressful in terms of competition and losing out on something, although of course new construction has its own stresses. But I also was in a position to live with relatives after my prior house sold and I had complete flexibility of when I moved into the new house - the longer construction took, the more money I saved! lol! So it was a pretty easy decision for me, if I had to worry about trying to coordinate selling a house with new construction or ending a lease, that stress adds up pretty quickly too.

I'm sure your house is out there, and you'll be happy you ended up wherever you end up, but that doesn't make the process of getting there any easier or more fun.

But I do agree with sticking to your desired location as the top priority, esp. with planning a family, an easier commute and quick access to school (even daycare/preschool) is a huge thing - there are all kinds of activities that become difficult or even impossible to participate in when you have to factor in a long commute.
Thank you! I agree with all of it. Hope we find our house too!
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Old 02-11-2018, 12:12 PM
 
43 posts, read 42,993 times
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Quote:
Originally Posted by cowboyxjon View Post
Sorry to hear this! I moved from City and County of Denver to the western suburbs in 2015 and lost one house prior to finding the house I live in now. I was devastated; everything offer-wise seemed solid and strong and at the absolute last minute, another offer came in for $35K over asking. It took two more months of looking, but then I found the house I'm in now, and I have no regrets. It all worked out. I can actually see the house that I lost from my deck and bedroom window and I'm happy every day that things worked out in the way they did.

Hang in there! Denver isn't the be-all, end-all, so try not to get desperate!
Agreed happy it worked out for you; it certainly gives me hope that it will work out for us as well!
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Old 02-11-2018, 12:13 PM
 
43 posts, read 42,993 times
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Quote:
Originally Posted by 2bindenver View Post
You can't win if you don't play.
Well said.
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Old 02-11-2018, 12:32 PM
 
2,519 posts, read 3,508,733 times
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You may want to change agents. The in thing now when pricing a home is to under price it and draw 12+ offers in the first week. If you go for over priced homes or right priced homes you will have more of a chance. If you are going for a bargain then you will likely have competition and lose to all cash buyers, more desperate buyers or simply with those whose agents are better at playing the game.

I know this isn't what you want to hear but if you want a different outcome you are going to have to change your strategy.

Any way you play right now you are likely to think you over paid. But only the future will tell if that is true. The important thing is to buy a house that you will like living in for a payment you can afford.

When I moved here in 1990s I lost out on 2 homes. 1st contract fell after inspection. I loved that house and will always regret not buying it. I should have not asked for all the inspection items to get fixed. But there was a very big problem with the bathroom floor. It was basically soft and likely had extensive damage underneath. I don't know if they found someone to accept it or if they fixed it. They basically told me to pound sand because they felt they had priced it right for the condition. And they probably had but I was a first time home buyer and didn't want a big unknown expense on my hands.

2nd offer not accepted but I think I went in too low. I did not love that house that much so don't regret not getting it.

My third offer, that I remember, was accepted. The house was a great floor plan in a good neighborhood but in terrible 1973 original condition. Nothing had been done to it in 20 years. I went in low and really should have gone in lower but if I had I probably wouldn't have gotten it. I think my offer was right around the original selling price in 1973. The market had appreciated quite a bit through the 70s but then fell like a stone in the 80s. In the early 90s it was just getting back to early 70s pricing for homes like this that were not improved.

I may have put in offers on a couple of others that I didn't get but don't remember. My agent was frustrated with me because she was tired of making offers so I had to drop her and find another who I eventually bought with.

When we bought this home in early 2000s we lost out on our first choice. Offered $570K on $575K house and they selected another offer. They came back to us after the offer they accepted fell upon inspection but we were already under contract on our second choice. Never liked this house as much as the one we first offered on. So have always regretted not getting that house. But they wanted to keep the mineral rights and we were adamant that they convey with the house because we did not want someone building a gas well on the property. They offered to include them if we went $30K over asking and we declined.

So it isn't like everyone has always sailed right through to their first choice home in Denver metro, whether it was the last 90s, early 2000s or now. After the market fell in the 1980s and the area was in a terrible depression no one put any work or fix ups into their homes so the the inventory was generally in terrible condition. When you look at the cheap prices of the past you have to remember that. Nowadays there are alot more fixed up homes which means premium pricing.
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Old 02-11-2018, 12:34 PM
 
3,115 posts, read 3,867,811 times
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Quote:
Originally Posted by drmoneytails View Post
We've been looking at homes between 700-950k. Both homes we put offers in were in the low 800s and they both had 12 + offers each.
I agree there are many other places where real estate is much worse and we'd like to get in now before we are priced out.
I spent 8 seconds digging, and found another post implying you were looking at Centennial, Littleton, etc. and working in Lakewood. This most recent one implies you're now exclusively looking at Denver proper, and very confined spaces within Denver proper because you want "all the things" (top notch schools, walkability, closeness to downtown, house with tons of character, lots of space, so on and so forth). I mean, I don't know the area, but where I used to live (Seattle) or where I presently live (LA), if you start restricting yourself by that many variables, you're just setting yourself up for failure.

If you're willing to expand your search a little, there were 2 really nice houses that we considered but passed on that meet most of your desires.

The first one is in Arvada: https://www.zillow.com/homes/for_sal...omePageTab=buy

Whomever had that house built was a baller and had a lot of attention to detail. Some of the design concepts are outdated today (more gold than there should be), but if someone were to sink 50 grand into re-customizing some aspects of it, it'd be a real stunner of a house again. There was a lot to like about it - marble floors, custom treatments and fixtures (hell, custom everything), absolutely stunning views from the balconies and living room. If I remember right, there was even a sauna built into it. Has a ton of character. We passed on it predominately because we won't be living in the house, and therefore wouldn't be the ones to drag some of its more dated design concepts back to present.

Then there was this little number in Westminster:

https://www.zillow.com/homes/4016-W-...,-CO-80031_rb/

It checks off most of your wishlist except for cookie cutterdom. It backs onto a golf course, so of course it's a 100% planned development with all that brings. The finished basement was, by far, the best one we saw our entire shopping trip. House had great flow, location was quiet, and it'd be dead simple to get you to Lakewood from there. They have the place listed at 740, but I know for a fact they'll take 7 even because it's presently empty and they need to get out from under it. Ultimately, the only reason we passed on it was because we decided to place emphasis on the Cherry Creek school district vs. the Adams district since if we ever do relocate there, we're going to want to send our kid to the Challenge School.

I don't know - felt to us like we had all the time in the world at our price point. There was only one house we were seriously considering that got snatched from under us after viewing but before we could make a decision (a custom built deal up on a hill in Arvada with a pool and just the most stunning view of downtown from the deck you could possibly imagine), but we felt there was an abundance of options/riches, so didn't really care much.

As to whether either or any of them are in "progressive communities" or not, I couldn't tell you. We don't know the metro area, and given that we prefer communities where that sort of thing just isn't talked about and everybody does their own thing and gets along (and how we just last year escaped a city that does nothing BUT talk about that or virtue signal how progressive they are and assaults you if you don't loudly march lockstep with them on every issue), it would have been something of a negative to us. The "purple" live-and-let-live vibe we got from our time in Denver was really appealing.
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Old 02-11-2018, 12:38 PM
 
23 posts, read 87,610 times
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Quote:
Originally Posted by bluescreen73 View Post
If Denver's in a bubble, so is Dallas. House prices in the desirable burbs of Dallas are almost 50% higher than they were a decade ago. Places like Plano and McKinney are pushing 400k, and Frisco is closer to 500k. Now, can you find houses below 300k in DFW? Sure, but it'll likely be a) really old/small and/or in need of serious repair, b) in the boonies an hour plus commute each way or c) in a less-than-desirable area.
Gross, people pay $500k for the privilege of living in ****ing Frisco???
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Old 02-11-2018, 12:44 PM
 
18,428 posts, read 20,164,805 times
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Quote:
Originally Posted by drmoneytails View Post
Spoiler alert: this is a debbie downer, complaining, venting type of post.

Denver is not as bad as other places such as California, but boy is it difficult to find a home here.

We've been looking for 5 months I'd say and we just lost our second house. The first one we put an offer in (30K above asking as we lost for a cash offer) hurt a lot, but after a couple of weeks I realized it was for the best.

Then we found the second house which was so much better than the first one. We offered 55k above asking price in addition to all other sort of concessions (2 month rent back to seller, etc). We did not and will not waive inspection/appraisal. We lost this one too.

You'd think I'd learn a thing or two and not feel so upset about it, but this house just had it all.

I know, I know.. this is for sure a first world problem. There are so many worse things in life and I realize I am so fortunate in so many ways and am so thankful for that.

But I am just tired and frustrated and keep thinking maybe I should just stop this and move to the burbs where there are so many more houses for sale.

Anybody had such a hard time trying to find a decent home in one of the city neighborhoods, with good schools, walkable, etc? How many more failed offers should I prepare myself to face? I keep reading online about people who put in more than 10 offers in different houses and couldn't find anything.

I lost a house I really wanted. Other bidder came in with 50% down. I could of matched or beat that but 8 wasn’t willing to financially stretch myself to that extent.
Some others I walked away from.
Housing is getting expensive everywhere that has demand. A buddy of mine sold just outside of Denver and moved to N. Carolina
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Old 02-11-2018, 12:49 PM
 
Location: Aurora, CO
6,561 posts, read 10,274,001 times
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Quote:
Originally Posted by pwbrewer87 View Post
Gross, people pay $500k for the privilege of living in ****ing Frisco???
Yup. I about soiled myself when I saw that. Frisco (or Phrisceaux as I like to call it) is the epitome of bland suburbia. Lots of big, nondescript boxy houses, chain restaurants, and a huge shopping mall. It's about as scenic as Wichita, Kansas, but coastal snobs eat that place up.
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