The Denver, Colorado real estate market is still HOT HOT HOT! Homes priced under $300,000 are enjoying multiple offers the first 24 hours of listing. This means, as a buyer, you need to run to all new listings before they are Under Contract.
I am working with two sets of FHA buyers in this price point. It has been a difficult task finding a home in their desired location where they have a fighting chance of getting their offer accepted.
Lately, I have been working with quite a few Native American Indians who wish to utilize the Section 184 flavor of FHA loan which gives them some added benefits by requiring less down payment and lower mortgage insurance premiums. Trying to get their offers accepted will probably take an act of Congress!
I am no longer specifically saying that we are using this loan and only saying that it is FHA but my buyers are still at a disadvantage when there are conventional and cash offers on the table.
The only thing I can do at this point is counsel my buyers that it may take ten contracts before we get one accepted. Patience is the key in this market.
There are no indications that the Denver real estate market will cool off anytime soon. Of course this is a good and a bad thing. It just depends on which side of the sign I am working.
Aspen Lane Real Estate