I was working before I rolled out of bed this morning, in that I stayed sitting on the bed for hours prepping an offer "just in case," before my client and I even set foot in a property. This one had enough promise that it was worth hedging the bet. We viewed it at noon, and we hadn't been inside it more than five minutes before another agent and potential buyer came in. As we all walked through, the other agent found out that there were already five offers on the listing (it had been on the market four days after all), and they were all "well above" asking price. And when I called the listing agent myself, he said that we had to hurry up to get our offer in with the masses of others, and that "well above" equaled more than 12% above asking. Hoo, boy, it's another one of those years already. Granted, this was a nice condo in a surprisingly affordable neighborhood for Boulder county, so naturally there's a feeding frenzy over it.
I'm glad I listened to my spidey senses and did the nit-picky parts of the contract early. It made the rest of the afternoon go faster when my client decided to jump into the fray. We came in nearly 13% above asking, and did everything we could to be competitive. I don't have a solid guess where we will rank in the offers. I know we aren't the absolute highest, but somebody came in so high that there is no way they'll make appraisal. I gleaned that much knowledge when I quizzed the agent. I wonder what it will take to chill this market out enough that people will stop making wild-ass offers with all rights waived (to appraisal or inspection). Inventory is so tight now, and so many people want to live in certain communities, that they are throwing caution to the wind in their offers. I'd like to live through a normal market, at least for one purchasing season. Maybe after another year or two of new builds, there will be enough housing to go around. But really, this is probably the new normal for up here for years to come.
I'm dropping in on a closing in the morning, for the lady I took around for showings, but whose contracts I did not write. I had intended to get her a small gift first thing, but after spending the entire day writing an offer for my own client, I never made it to buy one. Perhaps I can get some nice flowers from Lowe's, since they open super early for contractors.
I have no good pictures from today. Was too busy. So instead, how about a picture of my niece's dog who looks like an adorable Lorax with a tennis ball? (He's nicer than the Lorax, for the record.)
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