Experts say Colorado homes selling within days in hot real estate market

DENVER - Real estate and mortgage experts in Denver say houses across the state are selling in days, leaving few options for potential buyers to choose from.

Coldwell Banker Managing Broker Andy Sommer said metro Denver is a true hot market -- attributable to job growth in the region and low supply -- because those who already own likely refinanced and have a great rate and have no desire to leave.

"Many of our listings are sold within the first day and most of them with multiple offers," said Sommer. "People are set. They're financially sound, they don't have to go anywhere and they are solid in their jobs."

Jim Perkins, with First City Mortgage-Megastar Financial said northern Colorado is the same story.

"The most I've heard on one property was 16 offers on one house," said Perkins.

For buyers who find something, experts say keep your eyes on it and make a move quickly, because if you don't someone else will.

The most in-demand price range for buyers right now is anywhere in the $200,000 to $300,000 range -- even up to $350,000.

If a home goes up for sale at that price and it's priced right, experts said sellers are looking at an average of eight offers within two to three days.

Both Sommer and Perkins say the boom is not because of the return of bad loans.

"No not at all. Guidelines are changing every day and I would say they're probably the tightest that I've seen in quite a while," said Perkins.

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