Thinking About Short Selling Your House?

[thatmofo]

I know someone seriously looking for a 3 bedroom, 2 bath, attached two car garage (for a bike of course), around $157K, and built after 1995. They aren't interested in townhomes, but possibly an HOA. Let me know.

[nicklk]

It's a sellers market now. Short sales are gonna start being far and few.

We've been house hunting for the last 3 months, mainly in the northern area of metro. Today we looked at a house at 9am, offered immediately what they were asking, and it was in contract for more than asking at 2pm. Houses are going fast!

[Ezzzzy1]

It's a buyers market now. Short sales are gonna start being far and few.

We've been house hunting for the last 3 months, mainly in the northern area of metro. Today we looked at a house at 9am, offered immediately what they were asking, and it was in contract for more than asking at 2pm. Houses are going fast!

You are not kidding. I have a friend that this has happened to twice this week. Not only that but they sold their house in one day for more than asking price.

[Jmetz]

It's a buyers market now. Short sales are gonna start being far and few.

We've been house hunting for the last 3 months, mainly in the northern area of metro. Today we looked at a house at 9am, offered immediately what they were asking, and it was in contract for more than asking at 2pm. Houses are going fast!

*Sellers market

[salsashark]

***wishing it was this kind of market 6 months ago when I sold my house***

Oh well.

[nicklk]

*Sellers market

Doh!

[nicklk]

You are not kidding. I have a friend that this has happened to twice this week. Not only that but they sold their house in one day for more than asking price.

Yep. The house we were looking at was listed at $230, and the bid was $240k and buyers were paying all closing costs.

[Penadam]

My builder is listing the same house I purchased new in September off last year for 47k more than I paid. I paid about 30k more than the very first people who purchased in that development (1+ years ago). Southern Westminster.

[jcj81]

One of the guys I work with buys and fix flips houses on the side, current house he has went on the market late january had two offers buy the end of the first day, both paying full closing and one over asking price. In Longmont

[Dannymack]

Home down the street from us just sold for 15k more than what we paid for ours just over a year ago. The house has no garage, less square footage and less remodeling. It really is the sellers market right now.

[Clovis]

Depends on the area. Every offer I've closed in Colorado Springs has the sellers paying all closing cost and typically getting 95 to 98 percent of the asking price.

I just started a new purchase where the sellers are paying 5k in concessions.

Denver and the surrounding areas are a whole other story however.

[moep]

My friend is also looking and is also having the same problem. By the time he sees the house and make an offer, the house is gone.

It is a sellers' market. That means more new housing developments should start popping up.

[thatmofo]

Depends on the area. Every offer I've closed in Colorado Springs has the sellers paying all closing cost and typically getting 95 to 98 percent of the asking price.

I just started a new purchase where the sellers are paying 5k in concessions.

Denver and the surrounding areas are a whole other story however.

Are you saying it's shifting to a buyer's market in Colorado Springs again?

[Horsman]

I work in Real Estate here in Colorado --- Freakin Inventory is super low and I am seeing 35 offers for a crappy single fam homes. I kid you not -- I work for Coldwell Banker. I am building custom online Hot sheets (instant listing contracts) because the market is so hot here in Colorado. I hope your friends have luck finding a place let alone buying a place. Sorry but the pricing in Colorado is going to Boom -- definitely a sellers market here in Colorado.

[Clovis]

Are you saying it's shifting to a buyer's market in Colorado Springs again?

Horseman, we should talk. I'm the mortgage loan officer for Great Western Bank. Currently I'm closing purchases in 3-4 weeks.

I would say there's a healthy balance between buyers/sellers in the Springs. There is a shift taking place however (to being a seller's market). That shift has already taken place in Denver. Southern California which historically has been an indicator of housing trends is reporting fierce competition for homes with upwards of 30 qualified offers for every house for sale.

There's several reasons why:

1) Housing prices bottomed out around July 2012.

2) Low interest rates -- they've varied from 3.25 to 3.875% over the last year.

3) Rates are on the trend upwards currently. They were 3.25% in early December and have increased by half a percent. Currently they're staying in the 3.625% to 3.875% range for a 30 year fixed and 2.875 to 3% for a 15 year fixed without points.

Incredibly good in other words. With the combination of housing prices and near all-time low rates, there is a tremendous amount of buying pressure that "now is the time".

4) Overall improved sentiment over the state of the economy. The stock market (The DOW - the 30 largest American companies) has set all time highs and the S&P 500 (the next 500 largest American companies) is approaching it's all-time high.

5) New home builders are increasing their prices.

6) Housing took a beating over the last 6 years, a lot of people are ready to buy their first house or move up after delaying for years.

I expect this Spring/Summer (the traditionally "buying season") to be stronger then 2012 (and 2012 was a very good year). I'll be listing my own house for sale in May and closing on my new house around the end of July or early August (house to be built).

[thatmofo]

Very good info, I will let them know