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sorry cowboyxjon. There is no denying the craziness of the market here. Not sure what price point, but if it's on the lower side, it's even crazier. Pretty much everyone I know has made offers on numerous houses, and they are only successful when they go over asking price, and not only then. (Sadly, not true for me as a seller last summer but I still got what I consider a good price plus 8 months ago was not as crazy as now).
Just hang in there, keep looking and be prepared to act swiftly when you see something that works for you. If you have a specific area in mind, don't be afraid to try to network and target that area. We have a huge online network here in Stapleton and there are frequently notices about housing that are going to be listed ahead of time, so people get an early in and a chance to see the house ahead of time. Maybe you can track down a similar network in your desired area.
It's a hot market, though this particular neighborhood probably isn't as hot as some of the other areas in Metro Denver. Homes in this area -- I guess up until now -- were not selling for more than asking price, so this random $22K over asking price offer was a total blindside. The home in question had sat on the market for over a month at a time when others are selling within days. The most recent comp sold two weeks ago for about $20K less than asking price.
Either way, I can't do anything but continue to look. I labeled myself as a 'casual buyer' because I'm not desperate to buy something, but I'll probably have to keep a closer eye on the particular area I'm interested in if I want to live there.
I was planning to put quite a bit down, but I'm not a cash buyer. I'm not sure if the offer that was accepted was cash or not, but the price offered was close to $500K.
Last edited by cowboyxjon; 05-02-2015 at 10:21 PM..
OP, either your realtor let you down, or else you didn't listen to his initial advice that you would have to pay a premium. Last week, in the Denver-Boulder area, the market was simply too hot to handle, hardly anything available and most houses worth buying selling at a premium.
OP, either your realtor let you down, or else you didn't listen to his initial advice that you would have to pay a premium. Last week, in the Denver-Boulder area, the market was simply too hot to handle, hardly anything available and most houses worth buying selling at a premium.
Have to agree with the bolded part, the realtor should've let you know how the market was moving there. Also, you mentioned you waited a couple days before making the offer and that wait can also cost you in a really hot market. What a difference a day can make.
Example: a property is falling down and has been on the market for a couple of year. We make an offer. The seller doesn't counter, the seller says "well we have another offer that's more..." BS. They're basically trying to do an unofficial auction with a fictional "other buyer". We only fell for that once. They can take a leap.
I know exactly what you mean, though. I'm looking right now. I'm leaving it up to my other half. He's a contractor and knows houses. I want to be smart, not emotional. I before E (intellect before emotion)
Don't take it personally. Good luck.
Last edited by hunterseat; 05-03-2015 at 06:12 AM..
Reason: Clarification
Example: a property is falling down and has been on the market for a couple of year. We make an offer. The seller doesn't counter, the seller says "well we have another offer that's more..." BS. They're basically trying to do an unofficial auction with a fictional "other buyer". We only fell for that once. They can take a leap.
I know exactly what you mean, though. I'm looking right now. I'm leaving it up to my other half. He's a contractor and knows houses. I want to be smart, not emotional. I before E (intellect before emotion)
Don't take it personally. Good luck.
Seller said that as in it was a FSBO? Otherwise, it's not legal for an agent to lie about that, so were there agents involved? Your husband who knows houses wanted a falling down house?
OP, either your realtor let you down, or else you didn't listen to his initial advice that you would have to pay a premium. Last week, in the Denver-Boulder area, the market was simply too hot to handle, hardly anything available and most houses worth buying selling at a premium.
I don't feel like he let me down and I listened to him. I originally wanted to offer less because it's a new build and the builder decided to not finish the outside landscaping, so there's an extra cost there since the house is surrounded by mud/dirt on one side and he advised against a lower offer because of that (though ultimately, I have the final say in what the offer price would be).
Like I said, in this specific neighborhood/area, homes were NOT selling for over asking price within the past few months, I guess up until now with this particular home. This specific home is also a duplex, sat on the market for awhile, and the mysterious offer for $22K over was a bit of a blindside. This particular area isn't a popular 'close-to-downtown' Denver neighborhood; I live in one of those right now, and even in this neighborhood, some homes have sold within a day or two of being listed while a few others continue to sit on the market.
I get it -- I get that the market here is hot here -- but not every house in every neighborhood is selling for over asking price within a day of being listed. There are exceptions, though I'm aware of what the market is like in general. We looked at charts, graphs, recent sales, etc., so the offer wasn't something I pulled out of thin air. I'm not sure there really was a way to anticipate this, as there really was no precedent for this particular area.
I'm not trying to come across as defensive, but I feel like this is kind of an anomaly and I don't feel like this is my realtor's fault, or mine for that matter. I think it was just an anomaly. I hope the new owners -- provided their sale closes -- enjoy it.
The good news is that I feel better today. And yes, live an learn -- I shouldn't have waited a few days to make an offer.
Last edited by cowboyxjon; 05-03-2015 at 09:20 AM..
The conspiracy people are making me chuckle. Yes, they make up fake offers and then don't even make a counter offer to the person making an offer. That's a good way to sell your house, not! lol!
I sometimes think it's random on what sells right away and what doesn't. Granted, I'm only looking at online listings and not seeing these places in person, but I follow the listings for my area pretty routinely and there are always some that don't sell quickly for no apparent reason.
The conspiracy people are making me chuckle. Yes, they make up fake offers and then don't even make a counter offer to the person making an offer. That's a good way to sell your house, not! lol!
Haha, yeah. Well, the one thing I think is weird about my situation is that A) homes in this area weren't/arent selling for more than asking price, so an offer for $22K over asking is an anomaly and B) when the seller's listing agent got back to us, he basically said 'We accepted an offer for X. we can let you know if the house falls out of contract. Sorry.' and didn't give me a chance to make a better offer (though I wouldn't have done so).
Either way, it's weird, yet I don't see why they would lie about it. If they wanted more money from me, they should have countered back.
Anyway, like I said, I'm feeling better today. Just needed a day for the sting to wear off on this one, as it seemed like we were 99.9% of the way there!
Haha, yeah. Well, the one thing I think is weird about my situation is that A) homes in this area weren't/arent selling for more than asking price, so an offer for $22K over asking is an anomaly and B) when the seller's listing agent got back to us, he basically said 'We accepted an offer for X. we can let you know if the house falls out of contract. Sorry.' and didn't give me a chance to make a better offer (though I wouldn't have done so).
Either way, it's weird, yet I don't see why they would lie about it. If they wanted more money from me, they should have countered back.
Anyway, like I said, I'm feeling better today. Just needed a day for the sting to wear off on this one, as it seemed like we were 99.9% of the way there!
If they already accepted the higher offer, they couldn't counter back to you since they were, at that point in time, under contract with the other buyers.
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