I have been waiting for this day to come for awhile and itis finally here. I can confidently say that it is time to start thinking aboutDenver Real Estate in a different way. Gone are the days of getting a steal andbuying a home for 20% under asking price. Now it is time to shift our focus tosimply getting into the market and hoping to take advantage of potentialappreciation gains that appear to be heading our way.
Since I started practicing Real Estate in 2004, it hasalways been the same theme when working with buyers. The goal was to literallysteal a property. Get it significantly below the listing price and typicallybelow market value. The reasoning behind this was simple, you could and it wassmart. With prices staying flat, the only way to get out of a home if you hadto was to get it low enough when you bought it to break even when you sold.
With the Denver market shifting and moving towards a seller'smarket, if you are holding out for a œsteal of yesteryear, you are probablygoing to be waiting a long time. Homes like these seldom hit the market andwhen they do, odds are pretty good they will be bid up higher than they areeven worth.
So how should I think about Denver Real Estate if I ambuying you ask? I think you still want to find a great deal, but just asimportant is finding the right home and moving on it before it is sold. Withinventory so low right now, if you pass on the perfect home for you because itis priced $5,000 more than you think it should be, it could be months beforeanother home like it pops up again. Would you rather spend $5,000 more for theright home and take advantage of rates below 4%, or settle for a home you don'tlike as much 4 months from now when rates are starting to creep back up?
All signs are pointing towards the Denver market taking offin the next few years. It isn't going to be a situation where you can buy ahome one day and flip it for 10% more the next, but odds are pretty good we aregoing to start seeing some positive appreciation and buying now means the homeyou want is going to cost quite a bit less now than perhaps 3 or 4 years fromnow. So it is important to start shifting your focus on simply getting into themarket and moving on a home quickly because if you don't, another buyer isgoing to.
And sellers, it is important to listen to this too. Gone arethe days of wanting to price your home a lot higher because you were afraid ofa low ball offer. With educated, serious buyers out there searching, now is thetime to price your home at market value because I can guarantee it will moveright away and get you top dollar which is the goal, right?
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