Multiple Offers, Bidding Wars Possible For Houses Priced Near $250K
4:22 AM, Apr 9, 2009
Denver-area homeowners living in the same neighborhood could have very different selling experiences -- depending on their listing price.Real estate agents aren't shy about discussing a red hot market being felt in the lower- and some medium-priced segments of the housing market."In fact, one of the agents in my office told a story this morning about how they were in bidding war and there were eight offers on the property," said Gretchen Faber, a broker with The Kentwood Company in Cherry Creek.Faber said the property was listed around $250,000. Properties that are moving faster seem to run from $150,000 to $400,000, Faber said."That's the segment of the market where we've seen multiple offers, buyers having to make quicker decisions. The good properties that show well and are well-located are selling," Faber said. "The higher price range is picking up, but it's still a slower segment of the market.""It's a complete dichotomy; two completely different markets," said Charles Roberts, managing broker at Your Castle Real Estate."Between $250,000 and $350,000 -- its not so bad. Under $200,000 it's hot. And above half a million, it's stagnant in most cases," Roberts said in a recent 7NEWS interview.Home buyers and investors seeking properties that have undergone foreclosure or are short sales are fueling sales."I looked at property in north Aurora and 37 offers were already put on it," Roberts said. He added that the listing agent indicated that some offers were a third above the asking price of $70,000.According to data released Tuesday by Metrolist, the average price of a single family home last month was $232,395, which is up seven percent from February.The housing report also showed that listings under contract were up 15 percent last month compared to February. Sales volume, or the amount of homes that were closed on, increased 29 percent.Sales were down 14 percent when compared to March 2008, the report showed.The single family home designation includes both residential and condominium properties."We have a good combination of affordability and low interest rates," Faber said.She anticipated that overall market conditions will follow the positive strides being made now with lower priced properties, and said Denver is routinely ranked high in national studies in terms of market recovery and a place to buy property."I think Denver is a good bet," Faber said.