Finally! Finally! Real estate agents in Evergreen Colorado and the rest of the Denver Foothills are finally starting to see the light at the end of that real estate tunnel! Inventory is picking up, not as many multiple offers and buyers aren’t waiving contingencies as they have been. This is not just good news for buyers but also for real estate agents. Contrary to belief the market was awful for real estate agents the last 2 years. Consumers would always say to my agents “you guys must be killing it”. Actually no. It has been a hard long two years for most real estate agents I know.
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Real Estate Agents Waiving Inspection Objections
The last two years buyers have made some decisions that may have been a “heat of the moment decisions”. Buyers were waiving too many contingencies in my opinion. Unfortunately, the buyers agents had to write those types of offers because other real estate agents were writing the same offers. Waiving inspection objection was a big one Realtors were writing into the contract. Most agents were smart enough not to waive inspection termination, a lot of Realtors still saw offers with termination waived. That was about as dangerous as waiving appraisal and offering gap (more on that one next). The reason most real estate agents don’t waive appraisal termination (except for investors because that is part of doing business for them) is those Realtors know that is basically making the earnest money go hard.
When A Buyer's Realtor Waives Appraisal and Offers Gap Coverage
Another tool real estate agents used was waiving appraisal and offering a gap. What that means is the buyer will not object to the appraisal and if it doesn’t appraise the buyer will bring the difference in the form of cash at close. This is a very effective tool but a very dangerous one for buyers. It gives an offer the strength of a cash offer in some ways. It also gives a seller and their Realtor the piece of mind in multiple offer situations. Since multiple offers were usually pushing homes well over list price, appraisals were always a concern.
Realtors Are Seeing Longer Days on Market
The above chart says it all. It is the days on market for listings in the Denver Foothills. It shows a steady increase of days on the market month over month. This is the first thing real estate agents look at to see the direction of the market. First longer time on the market then sellers start dropping prices to sell faster. Realtors are starting to see a market shift to the buy side.
Median Sale Price of Listings in The Denver Foothills