This real estate is depressing me (Denver, Frisco: for sale, 2015, lease) - Colorado (CO) - City-Data Forum

drmoneytails · 02-11-2018, 09:03 AM

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.

MissTerri · 02-11-2018, 09:27 AM

I've been following your threads and it is pretty sad that even in your price range, houses are being snatched up with all cash offers, far above asking. I would be depressed about that as well.

If you guys like living in the city, location would be the last thing I'd compromise on. Can you guys wait and just rent for a little while longer?

N610DL · 02-11-2018, 09:45 AM

I was talking to my brother in law about this who's obsessed with domestic real estate hype. He thinks Denver is a bubble, and it's all hype at the moment. Whereas other (cheaper) markets like Phoenix, Dallas, Houston etc. are more stable.

I too agree with this - I'd wait for the hype to dissolve before buying a place.

Xanathos · 02-11-2018, 10:14 AM

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.

alloo66 · 02-11-2018, 10:30 AM

Keep trying and the right deal will come to you.

bluescreen73 · 02-11-2018, 10:39 AM

Quote:

Originally Posted by N610DL

I was talking to my brother in law about this who's obsessed with domestic real estate hype. He thinks Denver is a bubble, and it's all hype at the moment. Whereas other (cheaper) markets like Phoenix, Dallas, Houston etc. are more stable.

I too agree with this - I'd wait for the hype to dissolve before buying a place.

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.

emm74 · 02-11-2018, 11:02 AM

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.

cowboyxjon · 02-11-2018, 11:41 AM

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!

2bindenver · 02-11-2018, 11:51 AM

You can't win if you don't play.

drmoneytails · 02-11-2018, 12:02 PM

Quote:

Originally Posted by MissTerri

I've been following your threads and it is pretty sad that even in your price range, houses are being snatched up with all cash offers, far above asking. I would be depressed about that as well.

If you guys like living in the city, location would be the last thing I'd compromise on. Can you guys wait and just rent for a little while longer?

Yeah we can keep renting. We keep telling ourselves something will come and in the mean time we stay in our cheaper rent and save money and enjoy all that our area has to offer - we are in Lohi, and we love it here - but there's a huge part of us that just really want to own our home; stop sharing walls with people.