I love working as a Realtor in the Aurora real estate market but it is getting a little crazy out there. Anyone keeping up with Denver metro real estate trends knows that it’s on fire and coming into spring it seems to have kicked up another notch with many popularly priced homes being bid-up beyond the asking price with multiple offers.
The Real Estate Market
The Denver metro area has about 5500 homes on the market at any given time and about 3500 sell each month. That leaves about 2000 on the market for the taking! That’s equivalent to a large community to serve all of Denver. The meat of the market, homes for sale below $300,000, is so strong that we’re measuring the under contract time frame in hours instead of days.
I had a $207,000 listing in Aurora a few weeks ago and we had 11 offers in 2 days and the lowest offer was $8000 over asking price and the highest was $20,000 over asking price! That puts Realtors and buyers in a tough position because there is no rhyme or reason to the amount to offer. I have clients that just can’t do that and we continue to miss out on properties. We have less than a month of inventory citywide for most price ranges, where 6 months is more normal.
It’s great that you can sell a home fast, but the flip-side is finding another home. It doesn’t come easy right now. There are 419 properties for sale in Aurora including condos and townhomes, but only 98 single family homes.
So what does this mean for a buyer in Aurora if you want to buy a resale home?
- Make a strong offer from the beginning
- Plan to make MANY offers
- Be patient. You could look for 6-8 months
- Try to keep your frustration levels in check, everyone is dealing with it.
- Make a plan for a place to stay in the meantime.
Aurora New Homes in Wheatlands, Tally’s Reach, South Point
Or, you could consider another option. Consider building your new home with one of the many reputable builders in Aurora communities like Tallyn’s Reach or Wheatlands. Southshore is also a new home community that actually has its own water views of the reservoir.
The numbers I gave above, don’t necessarily include most new builds for sale.
Approximately another 2000 new homes are available around the Denver metro area. In Aurora, there are quite a few new homes and land to expand as the years go on. These communities have excellent Cherry Creek Schools, great amenities and nearby shopping.
Of course, most of the new homes are not ready to move into. Most are under construction or ready to build from a “dirt start”. So, be prepared to wait while you prepare your own home to go onto the real estate market when it’s time.
So what are the benefits of a new home?
- You can write a contract on a home right away
- It may take up to 6 months to complete providing time to plan the sale of your current home.
- You don’t have to offer way above list price. The price is the price.
- It’s NEW. Everything is brand new.
- It comes with a warranty
- Energy efficiency and better technology are standard.
- Although it costs more upfront, you don’t have to invest money after closing to replace windows, put in new carpet, change out old fixtures, etc.
- With resale, you can’t finance the repairs into the home loan.
- And best of all, your Denver Realtor can represent you with new builds! The builders know local Realtors are part of their success. There are differences buying new vs used, so using a Realtor can help you understand the building process.
I’m not saying this is right for everyone, but it’s worth exploring! Want to talk about your options in your price range? I can help with suggestions for your particular situation. Please contact me on the form below.