Lack of Inventory Pushing Fast Sales
Spring is right around the corner, and the Mesa Verde Market is already HOT ahead of spring. Last week I was encouraging buyers to move more quickly on a property which they were looking at in the State Streets in Mesa Verde. We had seen it the first weekend that it come online, and I felt that they liked it. It was not perfect – the master bathroom was on the smaller side as is the sort-of- walk-in-closet. It is a 3 bedroom, 2 bath home of about 1600 + square feet, lot is about 6000+. So run of the mill as it goes for a basic state streets home, but it did have a nicely fixed up kitchen and generally redone bathrooms. Newer windows, and good curb appeal too. We resisted the home for a second time about 4-5 days later, after the agent inquired a couple of times if my clients were interested, and my clients did finally decide to put an offer in the following Monday after another couple of open houses.
We wound up competing with 4 other offers that week! I don’t have a happy ending to this post for my clients. They did not throw down the gauntlet and go “all in” and try to outbid the other buyers, nor did I push them to or expect them to do that. It was just a bit surprising to me that a home that sat on the market for about 14 days all of a sudden received 5 offers after a couple of weeks. That’s highly unusual!! It’s really just a product of what we have had for a while- low inventory.
Another instance of the in-demand Mesa Verde market is that a fixer came up on Java Road that bordered the Mesa Verde Country Club on the 17th hole. Listed for $1,395,000, 4 bedrooms and 2 baths with a tenant in it that would not be leaving until after April of this year. Not a very appealing offering, right? Well this home got 4 offers, had a bidding war and appears that it sold for more than $1,495,000, a full MILLION dollars over it’s asking price.C1- Mesa Verde-FEB 2019
Surprised by demand again? I would say I was surprised by the fact that there were 4 offers all over asking price. The golf course is always in demand and this asking price seemed super low for the street/location.
At this writing there are less than 35 active (for sale) homes on the Mesa Verde market. That’s far too low for the demand, especially in the entry level which is now in the $750k-$900k price point.
Thinking of selling? Call or text me for a free consultation on what your home is worth and how to prepare your home to go on the market AND receive multiple offers for your home. Colin Delaney, Broker, call/text 714.743.9882