Selling A Home With Opendoor In Denver Is Not All It Is Cracked Up To Be

Opendoor in Denver is now offering to sell a home the “traditional” way for a 5% commission, which is what they are considering a “discounted fee”. Of course, they claim all other Realtors are charging 6%, which we all know is not true in most areas, as I only charge my clients 1.5% to list their home, plus 2.75% to the buyer's agent for a total of 4.25%.  However, Opendoor offering traditional real estate listing agreements is an interesting move on their part as they have typically tried to buy homes under market value and then charge the owner a bunch of fees just for the pleasure of choosing their closing date.  If you read my prior blog post, you'd see that most homes around

Many People have been moving to Washington’s rural communities

According to K5 News 

• People are packing up and buying homes outside of Seattle, according to Sotheby's first-quarter report for 2021.

• Snohomish saw an increase of over 10% in sale prices, with an average of seven days on the market, and that trend continues.

• “Being able to work remotely has been a huge factor in people being able to afford homes out in Monroe, and Snohomish and Woodinville. I mean, it’s just incredible.”

• Realtors found the Covid-19 pandemic and working from home has allowed people the freedom to move away from the city

• According to Sotheby’s, it’s a seller's market, and people are

65% Of Denver Homes Are Selling Over Asking Price

Home prices in the Denver area have been on the raise, but is now being exacerbated by a huge influx of buyers from other states, driving prices even higher as inventory wains.  We were one of the hotter housing markets before COVID hit, and now with more people working from home, home buyers are moving from inner city areas to more spacious homes in the suburbs, of which Denver is a huge draw.

Active Single Family Home Listings In Denver

Data provided by the Denver Metro Association of Realtors shows a severe drop in available inventory for home buyers to choose from.  Inventory in the Metro Denver area fell from 8677 active listings in March of 2020 to 1749 active listings in March of 2021.  New

The NWMLS just came out with it's May update looking back at the market during April. Their headline "Brokers detect good news for home buyers, citing gains in listings and moderating prices" accurately describes what's going on. In terms of supply and demand, we saw more homes come on the market and that helped moderate bidding wars and pricing. Even with moderation, we're still in a seller market with less than a on- month supply of homes. Here are the points I found most relevant:

• Active listing increased 57% from the same month a year ago and 14% from this March to this April.
• In 16 of the 26 counties, had at least a 20% increase in active listings
• Pending sales increased 47% from the same month last year, but decreased 2.58% from this

• “There may be hope on the horizon as we head into the prime-time months for sellers.”
•          Brokers added 12,043 new listings of homes and condos.
•          16 of the 26 counties in the report had at least a 20% increase in active listings at the end of April compared to March.
•          Even with some improvement in listings there is only 0.64 months of inventory, with even less supply (0.57 months) in the four-county Puget Sound region.

KIRKLAND, Washington (May 5, 2021) – Finally, some good news for home buyers! Sizeable increases in new listings compared to a year ago and reports of moderating prices “might mean we are seeing some relief for buyers,” suggested John Deely, a board member at Northwest Multiple Listing Service.

• April’s month-end inventory of 5,616 listings was a year-over-year (YOY) drop of 45%; a year ago, there were 10,282 active listings in the MLS database.
• 16 of the 26 counties in the report had at least a 20% increase in active listings at the end of April compared to March,  
• Condo supply remains tight at 0.88 months (down 27% from a year ago), with prices up 12% areawide.

KIRKLAND, Washington (May 5, 2021) – Finally, some good news for home buyers! Sizeable increases in new listings compared to a year ago and reports of moderating prices “might mean we are seeing some relief for buyers,” suggested John Deely, a board member at Northwest Multiple Listing Service.

In commenting on the latest statistics from Northwest MLS summarizing

•          “There may be hope on the horizon as we head into the prime-time months for sellers.”
•          Brokers added 12,043 new listings of homes and condos.
•          16 of the 26 counties in the report had at least a 20% increase in active listings at the end of April compared to March.
•          Even with some improvement in listings there is only 0.64 months of inventory, with even less supply (0.57 months) in the four-county Puget Sound region.

KIRKLAND, Washington (May 5, 2021) – Finally, some good news for home buyers! Sizeable increases in new listings compared to a year ago and reports of moderating prices “might mean we are seeing some relief for buyers,” suggested John Deely, a board member at Northwest Multiple Listing

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At The Cascade Team we understand first and foremost that it isn't about "Us". It's all about "You"! We are dedicated to giving each of our clients the best experience imaginable. Simply Outrageous Service isn’t just a catch phrase for us. It’s how we do business!

From day one we’ll be with you every step of the way. We’ll keep you informed, we’ll be there through the tough negotiations, and we’ll help you make the right decisions for your family.

Our dedication to your successful dealings (buying or selling) are unwavering. We firmly