Home Shortage Sparks Bidding Wars In Metro Denver

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Home Shortage Sparks Bidding Wars In Metro Denver

Shortage of available Denver Metro real estate is forcing homebuyers into bidding wars and changing the way realtors market and sell homes, according to Denver Business Journal.  “Many homeowners who are selling are experiencing bidding wars and purchase prices well above asking prices, according to several brokers and buyers,” reports Dennis Huspeni of the Denver Business Journal. Denver is experiencing the lowest inventory level in 28 years, with only 6,682 homes or condos available for sale in the 11-county region in March, according to Greenwood Village’s Metrolist Inc., metro Denver’s MLS provider. Tightened inventory and high demand is not only creating bidding wars, but propelling buyers to raise escalation clauses in order to better their chances. Factors to consider when going into a bidding war include ensuring you have a solid lender, securing conventional loans over FHA loans, and flexibility around the closing date – key components to winning the bid. For the full article click here.

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