Bidding war on houses

[OtterbatHellcat]

Man, the market really turned around this year. Two houses were listed on our block on Friday. One for $600,000 and one for $615,000. Both had several bids over the weekend. Bids accepted on Sunday were .$24,000 over the asking price.

I guess we are becoming California.

I hope the Hot Market helps folks looking to sell now, and it isn't a bad idea to do so.

My home has been on the market IN denver for 5 months now, no sale. Reasonably priced, decent house.....unfortunate element next door is screwing me hard on value and the time and money I'm losing out on with the time delay.

I'm actually kinda pissed off at buyers right now. The same libtard faggots that want to support "giving people a chance" AND having all of us pay for it.... won't buy my house because it's next to a hotel that "helps" those people. Hypocrites.

It really isn't that bad next to the hotel now, it kinda was when I bought it but it has gotten much better over the last few years, and revitalization is moving in from both sides. A buyer with only the slightest vision and patience will instantly gain at least 100K in equity when the hotel gets shut down or revitalized. Too many weak stomachs and minds for that evidently.

[MrPrena]

It is so opposite of 2008 ( 10 years ago).
At that time, people were underbidding.

[Guylee]

I'll be in the market a little over a year from now, and I'm terrified.

[Irving]

One can still probably get a deal on a house that needs work, BUT since we're in kind of a bubble, if it crashes hard you might not feel great. It'd still be better than buying a house with no work needed when the bubble bursts though.

[bczandm]

The Denver market is going up on average 1% or more per month. With an average selling price in the Metro area just passing $500,000 earlier this year the average home is going up $5,000 per month or $60,000 per year. Homes are in short supply with the lowest inventories ever. I did have to laugh when a friend referred to a $500,000 as a starter home!

The good news is that for those of us that own property and are fed up with the political environment we can leave town with a nice chunk of change with the sale of our home.

[CS1983]

My question is... how long can it last, or is likely to last?

And how in the heck can anyone consider 500k viable? What on earth are people doing to afford such a mortgage, and why on earth do they stay in such an area?

We're looking to move to Tulsa area in a year or less and the market is much more affordable there with not much of a pay cut in my field -- depending on everything, it might be a "cut" but really the same net or even more after the bills are paid each month.

[Grant H.]

My question is... how long can it last, or is likely to last?

And how in the heck can anyone consider 500k viable? What on earth are people doing to afford such a mortgage, and why on earth do they stay in such an area?

We're looking to move to Tulsa area in a year or less and the market is much more affordable there with not much of a pay cut in my field -- depending on everything, it might be a "cut" but really the same net or even more after the bills are paid each month.

I actually think it will last longer than most. The economy in CO is strong, we have a large influx of people every year, and it's going to continue to be busy.

My brother is in the price range you're talking about. He's a principal software engineer for a technology company here in CO, and his bank is telling him he can be approved for a lot more than he's willing to spend. He, however, is not looking at subdivision houses for $500k. He's looking for minimum 2 acres, and a house. He wants to stay here for a list of reason, much the same as mine.

Family/Friends
Current Job
Activities - we're spoiled with Ski/Snowboard country (others here too, but that's the big one that is geography based)


For me, I've been all over the country and world, and I haven't found a better place to live yet (current political climate, and likely worsening climate, not withstanding).

[Irving]

I actually think it will last longer than most. The economy in CO is strong, we have a large influx of people every year, and it's going to continue to be busy.

My brother is in the price range you're talking about. He's a principal software engineer for a technology company here in CO, and his bank is telling him he can be approved for a lot more than he's willing to spend. He, however, is not looking at subdivision houses for $500k. He's looking for minimum 2 acres, and a house. He wants to stay here for a list of reason, much the same as mine.

Family/Friends
Current Job
Activities - we're spoiled with Ski/Snowboard country (others here too, but that's the big one that is geography based)


For me, I've been all over the country and world, and I haven't found a better place to live yet (current political climate, and likely worsening climate, not withstanding).

I used to think a crash was coming soon, but I don't anymore, for the reasons you listed.

[MrPrena]

Reminds of 2005-6.
I was a kid during early 90s and I remember housing slowdown.

I bought my house to hedge against rising rent and housing inflation. Not making any money here by price increase.

[10x]

Why worry about mortgages? Just pay cash. Both of the sales described in the original post were cash offers.