Are we being unrealistic or are sellers?? (Denver, Lakewood: how much, home sales)

[mobs2003]

So we just spent 10 days looking in western Arvada, Golden, and Superior and a little bit in western Lakewood. We started our range in the mid 500s, then decided we weren't finding what we were looking for so raised the range to the mid and upper 600s.
Carpet in the bathrooms? Really? 8' Popcorn ceilings? Really? If I'm paying more than 650K and you're trying to sell your house for more than 650K, can't you run a vaccuum or at least dust???
We understand that the western areas with the beautiful mountain views come with a premium, but some of these houses are way over priced. My husband spent a day at the assessor's office pulling recent home sales, and there really weren't that many homes being sold for over 600K. We pulled how much the people bought their homes for a few years ago when the market was hot, and they're trying to get those prices with the same kind of appreciation, and that's just not how this market is. Am I wrong in saying that?
Are we being unrealistic with the prices? I know the situations are that sellers bought at the height, upgraded some things, and now expect their purchase price, what they paid in upgrades, and the same appreciation rates they saw when they bought, but that's not how it is anymore. Your house is only worth what people are willing to pay. And these houses priced over 600K are just sitting on the market forever, obviously for a reason.
Maybe we're just way off base, but how can homes that went for mid 400s in 2005/2006 at the height of the market have appreciated over 200K in this soft market??

[Bradburn1]

I think you are the ones being reasonable. Homes are emotional investments, not just monetary. People often get offended when they can't get an offer for what they think their home is worth, even if by more objective measures, it isn't worth anywhere near that.

If you find a home you like, put in an offer of what you think it is worth based on the comps you've looked at, you can explain your reasoning for the offer that way (but count on them still being annoyed lol). They can always say no right?

Good luck!

[Mikieo415]

Stick to your guns! You are not being unreasonable at all. Those people bought those homes and want to make a fortune. There are plenty of homes out there. When you find the right house, don't attach too much emotion to it. Be prepared to walk if they don't want to accept your offer. I had to do the same thing with someone who wanted to play that same game. I won in the end.

[steveindenver]

Wait it out. The further you look from the core of Denver the faster the prices are falling.

[tfox]

Sellers can be extremely emotional about price-setting, often well against their best interest. You can certainly make offers, but chances are these sellers are not really serious or realistic, and you probably can't do business with them. Perhaps by October they'll be more willing to deal.

There are a lot of baseballs, and it's still early. I'd wait and see what else is out there. After all, it's not like the prices in any of these areas are headed anywhere but down for a while.

[2bindenver]

The height of the market was 2-3 years ago? Here?

Carpet is normal/typical in the bathroom.

Why spend days at the assessor's office, when the metro area has public records online (and your Realtor has access to PDC)?

Neither the sky nor the market is falling that badly.

[steveindenver]

Carpet is normal in bathrooms? Dude not in anything built in the past 10 years.

[2bindenver]

All right I am scheduled to preview 18 properties in the $575 to $625 range in the next 3 days. I'll keep track, and report back.

Builders offered carpet standard in houses, and most buyers saw nothing wrong with it. My house has carpet in the master bath. The last house I sold for $525 had marble tile in the bath, but carpet in the commode closet and in both walk in closets.

[achtungpv]

A construction manager told me bathrooms are carpeted so the builder can cut costs by not have to prepare the subfloor for tile. everytime i see carpet in a bathroom, i wonder what else the builder cut costs on.

[sskkc]

I've been hearing this stuff too. I believe a lot of people who overpaid and then signed on for ARMs are waiting for a federal bailout.

Scum... all of them.