Note: This post was published in the October 10, 2021 edition of Fresh Listings, House Einstein's newsletter on market conditions and an honest discussion of select new listings to hit the market. Sign up HERE.
In short, things are busy.
The team has been very active with real estate clients. This week alone, we negotiated two low appraisals, finding solutions that worked for both buyers and sellers. We also had several bidding wars for our clients shopping in Mapleton Hill, Newlands, and Wonderland Lake.
In one case, a property that our clients were preparing to submit an offer on suddenly went under contract. It was particularly frustrating because our calls, emails, and texts to this listing agent (over the course of a week) went unanswered. Supposedly the agent was out of town and also dealing with a family situation, but lack of responsiveness is also not an uncommon story with Realtors. If sellers could really see how agents represent them, or in some cases fail to represent their listings, it would be a shock to the real estate ecosystem. Sadly, much of this behavior is hidden.
In another recent transaction, we lost out on a multiple offer situation on a hot new listing. Our team did everything right - we were one of the first showings on the property, submitted a very aggressive offer with few contingencies, and had great communication with the listing agent. In the end, we were outgunned by a buyer with virtually unlimited resources and a willingness to pay a far higher premium for a rare home.
Sadly, the market does not always reward a disciplined approach, not for every listing and not in the short-term. In the long run, yes.
In other news, we're continuing to expand our activity in Summit County and we've begun planning our first corporate retreat. We'll share more details in the near future.
Osman Parvez is the Founder and Employing Broker of House Einstein. Originally from the Finger Lakes region of New York, he lives in Boulder with his wife and their Labrador Retriever. He has been a Realtor since 2005.Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. For more information, click HERE.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. House Einstein strongly recommends conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
