Tuesday, September 16, 2008

NO HOMES FOR SALE IN DENVER!

OOPs, mis-spoke! There are actually 31,355 properties in the Denver MLS listed for sale.
What I mean is, there are very few that can sell.

There is an old saying that the best listings sell the fastest. Never seemed to be truer.

So far this year we have listed 21% fewer homes in Denver than we have for the last 5 years through August. And we still have a healthy clip of sales...down only 6.7% from the previous 7 year average. The good listings are selling fast. The not so good, not so fast.

So what is with the headline? Just as in the late 1980's we are finding ourselves picking through the garbage of homes for sale to find a good one to buy. Some of the garbage include "allow 3-4 weeks for response" or "multiple offers being considered at this time" etc. Those homes are not really for sale. They have a sign out front and it is in the MLS, but the Seller cannot sell because???

A number of reasons are possible: 1. a bank is in control; 2. an attorney is in control; 3. the owner moved away and no one can find them; 4. Other? (see my previous post).

Some of the sadness here is for the Realtors who have taken on bank owned properties as listings and have agreed to keep the utilities on in their name, a practice done for many years so that the place is not frigid or dark. Un-fortunately, now the banks are not paying their bills and then going bankrupt, leaving Realtor friends with huge accounts receivable as un-secured creditors. I heard a story like this from a friend in Tennessee last winter and remembered why REO properties are not a good listing strategy. But also...

Why do the listing agents NOT proclaim their proficiency with REO's and sell them direct? Most lenders do not want an agent but rather a transaction broker to represent them. This protects "secrets". And this is an interesting little twist to the game...while the agent's sign is in the yard, some lender's prohibit the listing agent from acting as the selling agent. They feel their interests are better protected and insulated from future litigation this way.

It is all about getting there first, with the most these days. Multiple offers are common and very frustrating, as are un-disclosed short sales. However...

23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com

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