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Old 02-12-2018, 07:38 AM
 
Location: Frederick, CO
395 posts, read 282,866 times
Reputation: 389

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With your price point, you shouldn't be finding it so hard to find a home, especially if you are looking outside of the city. Maybe putting in offers that are so high offer are making you look more like a risk factor. Yes, you can say you will go $40,000 but then if it doesn't appraise you go back into negotiation phase over price and some sellers worry about that. Unless you are going to say we will offer a certain amount of money over appraisal then going in with so much extra can be just seen as hype.

There are other things you can tweak in the real estate contract and other things you can do outside of that to give you a better chance at beating others out.

I would say 3 offers is about the average though for most buyers in the Denver area.
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Old 02-12-2018, 08:35 AM
 
43 posts, read 42,928 times
Reputation: 48
Quote:
Originally Posted by SkyDog77 View Post
My real estate story in Denver for some added perspective:

I have purchased two homes in Denver as residences. The first was in the early 2000s in West Wash Park. It was ~$350K and as my first buy, it was a major stretch. The house was an early 1900s build and hadnít been updated since the 1960s. I thought I was crazy, and could barely afford it, let alone the additional $60K of work it needed.

I worked with a friend of my dadís as my realtor. His comment to me was that when he moved to Denver in the early 80s, he remembered thinking how nice Wash Park was, but that he felt it was a bit over priced then. Time had taught him that the neighborhood was worth stretching for and that if real estate crashed, he didnít think the desirable city neighborhoods would crash as hard. This turned out to be great advice.

Every dollar I had and every free minute I had for a year went in to that house. Itís probably worth over $600K now and I get $3000 a month in rent these days. It was worth the stretch.

Fast forward to 2008. I had a great year the following year at work and had some extra cash. I solicited every unremodelled house on a large lot in East Wash Park to see if I could find someone willing to sell. I ended up paying $650K for a super funky house on an 8000 square foot lot. The idea was to tear it down or do a massive remodel at some point in the future, but keep it as a rental for the time being and pay the mortgage down aggressively. I felt like I was over paying by at least $50K, but there were under 10 lots in existence that size that hadnít already been scraped or massively remodeled in all of East Wash Park and just like the one I was negotiating on, they were not on the market.

Again, I was really unsure that I had done something smart, and the cost was definitely a stretch.

By the time 2012 rolled around, I had paid the house down enough and construction costs hadnít skyrocketed yet so we began the build process. Right after we scraped the old house, one of the builders who works extensively in the neighborhood offered me more than I had paid in 2008. I felt much better about the decision.

We spent about $700K building so Iím in to it $1,350,000 over time. The house would probably go for $2M today.

My experience has been that stretches in good neighborhoods have paid off. Iím not looking to flip. I just bought houses in locations I liked. I have never been super leveraged on the houses.
Thank you the for the perspective! I agree with you regarding stretching for a house in a good neighborhood.
There are not that many homes in East wash park, congress park, park hill and the likes we do not want to compromise on location for that reason. plus, it is what we like!
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Old 02-12-2018, 08:39 AM
 
Location: Denver CO
21,155 posts, read 11,754,604 times
Reputation: 32132
More things should be starting to hit the market in the next few weeks, so hopefully your house will be among them.
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Old 02-12-2018, 08:45 AM
 
9,584 posts, read 5,794,323 times
Reputation: 9668
Quote:
Originally Posted by drmoneytails View Post
Thank you the for the perspective! I agree with you regarding stretching for a house in a good neighborhood.
There are not that many homes in East wash park, congress park, park hill and the likes we do not want to compromise on location for that reason. plus, it is what we like!
I think it's smart not to compromise on location. If city living is what you prefer, then I'd say, you'll still be happiest in the city when you have kids. Hope you find something soon. Good luck!
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Old 02-12-2018, 08:47 AM
 
Location: Highlands Ranch, CO
556 posts, read 577,649 times
Reputation: 837
Quote:
Originally Posted by Gaylord_Focker View Post
I want something similar to Reunion in Centennial. Is that possible? Something with a neighborhood pool and rec center.



Also, Dallas may be getting expensive, but they have a lot of stock, definitely cheaper than Denver.
You mean like the entirety of Highlands Ranch?
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Old 02-12-2018, 10:17 AM
 
Location: Clemson, SC by way of Tyler,TX
4,842 posts, read 2,973,256 times
Reputation: 3387
Castle Rock is attractive too. But there are rumors they will be construction on I-25 from CR to DTC.
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Old 02-12-2018, 10:49 AM
 
114 posts, read 55,859 times
Reputation: 202
Quote:
Originally Posted by drmoneytails View Post
Thank you the for the perspective! I agree with you regarding stretching for a house in a good neighborhood.
There are not that many homes in East wash park, congress park, park hill and the likes we do not want to compromise on location for that reason. plus, it is what we like!
It probably depends on what part of park hill you look at but I've seen a lot of inventory in the neighborhood over the past year. It seems to mostly be in the 500-700 range, which might be below your market for various reasons.
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Old 02-12-2018, 12:14 PM
 
Location: Castle Rock, Co
1,614 posts, read 2,674,489 times
Reputation: 959
We opted to build due to this. One day of house shopping in the ~400k range and waiting in lines to look at houses was more than enough for me to decide it wasnt worth it.

Upped the budget by 30k, got a brand new house and didnt have any BS to deal with.

Sorry to see what your going through, it seems pretty common for most in the sub 500k market unfortunately.
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Old 02-12-2018, 12:59 PM
 
642 posts, read 388,237 times
Reputation: 881
Quote:
Originally Posted by Tim Tim Tim View Post
We opted to build due to this. One day of house shopping in the ~400k range and waiting in lines to look at houses was more than enough for me to decide it wasnt worth it.

Upped the budget by 30k, got a brand new house and didnt have any BS to deal with.

Sorry to see what your going through, it seems pretty common for most in the sub 500k market unfortunately.
They're looking in $700-900k range, but a very limited area it appears and previously with a lot of wants on the lists for the house.
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Old 02-12-2018, 02:22 PM
 
Location: Clemson, SC by way of Tyler,TX
4,842 posts, read 2,973,256 times
Reputation: 3387
Quote:
Originally Posted by Tim Tim Tim View Post
We opted to build due to this. One day of house shopping in the ~400k range and waiting in lines to look at houses was more than enough for me to decide it wasnt worth it.

Upped the budget by 30k, got a brand new house and didnt have any BS to deal with.

Sorry to see what your going through, it seems pretty common for most in the sub 500k market unfortunately.
Yeah, I may just build....
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