The Denver market is a crazy one. For one to say it is a seller’s market is an understatement. This week, there are only 1400 available properties (single family residence, townhomes, apartments and condos) listed in Denver and the surrounding 11 counties. The number is significantly lower than the number of available homes last year, and even lower than in 2020. The limited inventory is driving the average cost for single family residences to new records and minimal time on market. Each property has between 25-30 buyers vying to purchase it and, needless to say, almost every property listed on the market will sell. I don’t think it would be an exaggeration to say my Golden Retriever could probably sell a house in this market. If this is the case, why utilize a realtor? And to take that point further, why use a realtor that will take the time to properly prepare and market your home? Is this kind of an investment worth it?
As a buyer’s agent, I am immersed in this market and every weekend, at all price points, I see the same thing; nearly every property has a bidding war, with the winner always offering a substantial amount above its listing price. In this market, winning bids are approximately 10-15% above asking price. Some homes garner much more than this. Can you guess which properties always have the highest above ask price? The properties that have been properly cleaned, staged, and have robust marketing.
To illustrate this in real time, here’s an example of how properly preparing a property can equate to big rewards financially. Last November, my first-time home buyers purchased a property under list price. The property had been on the market since August and had seen a drastic price reduction. There were several problems with this particular property and multiple reasons why it had not sold. The property was extremely dirty, smelled strongly of smoke, was cluttered, the yard was in disarray and, honestly, it had poor design choices and terrible furniture. Even worse, the realtors representing the property did a lackluster job – they had never even been to the property! As a result, my buyers were able to get the property under list price. Unfortunately, due to personal circumstances, they had to list the property less than 6 months after moving in. This time, however, fresh paint, new carpet, refinished floors, painted cabinets, new appliances, landscaping and beautifully staged Scandinavian furniture made this former ‘trouble property’ one that easily out-shined everything else on the market.
My real estate photographer, Greg Muntz at Muntz Studios, is the best in the business and took a plethora of incredible shots of the property and surrounding attractions. With these photos in hand, my team targeted multiple markets (not just locally), utilized social media and email campaigns and the result was beyond what our clients were expecting - a sales price nearly $200,000 above what they paid for the property. Sure, my Golden Retriever could have sold the property, but could she have gotten that price for it?
