DENVER (KDVR) — Whether you’re looking for a high end property, starter home or condominium, competition can be fierce for those looking for their dream home.
Grant Muller, owner of Spaces Real Estate tells the Fox 31 Problem Solvers “I’ve seen two or three hundred thousand dollars over (asking price)” when it comes to buyers desperate to find the perfect home.
Nick, who preferred not to use his last name, tells the Problem Solvers he paid more than a hundred thousand dollars over asking price.
“I think the worst part was falling in love with so many homes” he said.
Olivia Hand sold her home for more than a hundred thousand dollars over asking price.
“Just astronomical. I didn’t believe it” she said.
Kathy Casey of Coldwell Banker Realty tells the Problem Solvers, buyers need to have financing in order before searching for a home and carefully weigh the costs involved.
“Stay within what’s comfortable for you payment wise. Low interest rates are making that possible for so many people even though they may be paying more than what they originally had planned on” she said.
Real estate experts also say when a home sells well above asking price, other homes in the same area become more valuable, because it raises the comparison reports that are pulled for appraisals.
Muller tells the Problem Solvers some buyers are even offering incentives to sellers to get an edge on the competition.
“I’ve seen spa days offered to the listing agent to win a bid,” he said.
Nick tells Fox 31 that even though he describes the experience as “scary,” it is well worth it to have the home of his dreams.
“It’s just exciting to be able to be in a home that can be ours,” he said.