Lately, we’ve been talking about the recovering state of the real estate market. With this recovery comes increased activity in the game of buying and selling. A different market environment means that buyers may have to go a different way about purchasing their new home. Don’t be surprised if you see the following trends:

Bidding wars

There was a time not long ago when sellers were thankful for an offer below their asking price after long periods of no action. Now, in a recovering market, there are more buyers out there, many of which may be interested in the same type of house in the same area. Homebuyers shouldn’t be surprised by multiple offers on a house and resulting bidding wars. This also means that sellers can look forward to the possibility of being able to afford waiting out the lower offers without thinking they missed out on their chance. Not every home for sale will be sold after some bidding, but there are more and more sellers out there who can be more selective in which offers they accept.

Motivated buyers

We’ve been hearing a lot in the past few years about how it’s a buyers’ market. While this is not necessarily untrue now, recent statistics suggest that there are current advantages on both sides of the home sale. For sellers, home prices have been increasing steadily for some time now. In Colorado, median home prices have raised by around 15% since last year. Across the nation, the Standard & Poor’s/Case-Shiller Home Price index has reported that prices have been increasing steadily for fourteen months. And, more homes are selling, meaning that there will be fewer homes to choose from than in years past—Colorado’s first quarter home sales have gone up by 16% more than last year. Homes are also on the market for a shorter amount of time, as the average Colorado home is staying on the market around 90 days, cutting down last year’s number by about a week.

List-price offers

While we’ve talked about how this recovering market will see more bidding wars, it will also be seeing more offers matching the homeowner’s list price. With cheap mortgage rates and increased competition, if a prospective buyer falls in love with a home, they know they don’t have as much time before another prospective buyer may come along and put in a competing offer, which could result in paying more than the list price.

Real estate ‘stalking’

With this increased competition comes more dedicated methods. Those looking for a home in this market are often on high alert for home buying possibilities. Some may pursue a home that hasn’t even been put on the market yet after hearing that the owners were thinking about selling through word of mouth. Some may even approach owners of homes they like and ask if they would ever have an interest in selling.

To keep up with what it takes to compete in the Baker real estate market or other areas of Denver or Aurora, having a real estate agent on your side can make the difference between owning your dream home and putting in an offer too late.

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