Some home buyers in Denver now find they cannot even get a showing appointment to see a new listing before it sells. Competition between buyers is that vicious. You see, most listings now come onto the market on Thursday or Friday and showings are often ended by Saturday or Sunday. Because, all of the individual showing appointments filled out and multiple offers meeting or exceeding the Seller’s terms were received.
Covid Rules Limit Denver Home Buyers
Covid 19 safety rules requires Denver Realtors to set showings about 30 minutes apart. And, Sellers only allow showings for a few hours each day. Then, competitive buyers fill every time slot quickly. Sometimes, would-be buyers cannot even get a time slot to see the house.
So, what’s the solution. Obviously, these unfortunate circumstances do no operate in either the Buyer’s or Seller’s interest. One Denver real estate market statistician advises Brokers and Sellers to enter new listings on Mondays to allow more time slots for would-be home buyers to see the homes. That way, more showings can yield more offers.
New Listings Often Sell Above Asking Terms
Megan Aller of First American Title points out that the average new listing sells over the first weekend it is listed with an average of only 11 showings. Because, multiple offers have already exceeded the Seller’s asking terms. She advises brokers to advise Buyers who do not want to compete in the is market to give up their valuable showing slot to buyers who are willing to meet or the exceed what is asked by the Seller.
Statistics gathered from Showing Time and Denver MLS Statistics
Megan has appeared on this All Denver Real Estate blog before the Covid epidemic. Even then, she pointed out the competitiveness of the the Denver real estate and she predicted increasing prices and competition. So, we listen carefully now. And, Megan says the “Spring Market” has already started early. And, serious buyers should offer now and be aggressive. Otherwise, they might as well just sit on the sidelines.
What can stop this buying frenzy? Only two possible outcomes. The market will only slow down when prices rise above affordability or interest rates rise. Of course, both could happen simultaneously. That seems like the most likely outcome. In that case, these Denver home prices and interest rates will seem low in the rear-view mirror. Prices have been rising fast for the last 7 years in this Denver real estate market.