Tuesday, June 28th, 2022
Ryan Jenkins

REAL ESTATE MARKET UPDATE

Rising Rates Battle Demographics

We are finally seeing an effect from the massive interest rate increases in the NoCo market. For the last few months we have been waiting and waiting to feel things slow as rates surged from their all time lows of 2.5% to nearly 6%. We are witnessing a battle between two market forces: Demographics and rising borrowing costs. 

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Have you seen all these news articles where the poor home buyer is saying, “oh my gosh I waived inspection and bought a house with all these problems!!” Why are these people not doing inspections!? Waiving your inspection contingency should NEVER mean that you don’t perform an inspection. Also, just because you waive inspection doesn’t mean you can’t re-negotiate if things are bad enough. At the end of the day, you can always walk away from the deal and that is often all the leverage you need if major issues are found. Your earnest money may or may not be refundable depending on how your contract is structured. One thing to note, there are some instances where a buyer’s non refundable earnest money is a really painful amount. Some well heeled buyers are putting down $100k non refundable! This is rare in Northern Colorado and is more common in Denver and markets like Austin and LA and is usually done on high end homes that have been very well cared for. Regardless of how your contract is structured and how much earnest money is in play, please do your inspection!

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How to find out about other offers in a bidding war

Monday, June 6th, 2022
Ryan Jenkins

Buyers need as much information as they can get during and after a competitive offer situation. Too many agents just tell their buyers the number of offers that the seller is expecting and fail to creatively extract additional information. Also, when buyers lose in these situations, providing them info about the offer that won often makes the loss much less traumatic. There’s nothing worse than failing and having no idea why you lost.

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