$600K is a new median-price record for a SFH in Denver, yet a 50% jump in inventory could finally be providing relief to buyers.
If houses could talk, those on the market after only three days may feel like reciting lyrics from the 80s classic by the Human League “Don’t. Don’t you want me? You know I can’t believe it when I hear that you won’t see me.” As we head into mid July we see a market that is still SUPER favorable for sellers, but where homes may actually be available after their first week on market, giving buyers a little relief from the 2021 spring frenzy.
The median price of a single-family home sold in metro Denver in June reached a record $600,000, but a surge in new listings contributed to a record monthly jump in the number of homes available for sale, according to a monthly update from the Denver Metro Association of Realtors.
A big driver behind the higher inventory was an increase in new listings hitting the market. Those rose 23.9% month-over-month, which reflects a higher comfort level among sellers when it comes to listing their homes. The gain in new listings surpassed the 9.23% gain in the number of closed properties, allowing the inventory to rise.
Please don’t tell me you love me
How do I love thee; let me count the ways’ offer letters have the potential to violate Fair Housing laws
It was bound to happen sooner or later. In these days of frenzied multiple offers, every agent and every homebuyer wants an edge — something that would impress a seller to accept their offer over all the others just — because. That “love letter” some buyers use to woo sellers, telling of their motivation to buy the home, is now banned in Oregon, and other states may soon follow. Why? Communications from buyers to sellers that contain information outside of the traditional offer may violate Fair Housing laws.
According to Realtor Magazine, buyers’ use of love letters has become a common tactic to help make a buyer’s offer stand out. Buyers will write to sellers about how much they love the home, how they can envision their family living there, or how they’ll spend the holidays. But the National Association of REALTORS® has been waving a red flag about it for some time, warning its members to be aware of the risks involved in using this tactic.
“While this may seem harmless, these letters can actually pose fair housing risks because they often contain personal information and reveal characteristics of the buyer, such as race, religion, or familial status, which could then be used, knowingly or through unconscious bias, as an unlawful basis for a seller’s decision to accept or reject an offer,” says the NAR.
They continue to stress that all parties in a real estate transaction consider only legitimate, non-discriminatory criteria when making business decisions. Failing to do so could also leave REALTORS® in a compromised position. “We also recommend that our members explain potential pitfalls to their clients while stressing the importance of sticking to objective criteria in order to adhere to federal and state Fair Housing laws.”
With the average home receiving five offers, these letters may seem harmless on the surface. But when a letter describes a family situation or circumstances, whatever that may be, or indicates or gives a clue to a religious or any other protected class, there’s always the risk that a seller could be accused of making a decision based upon inappropriate factors.
Source: RealtorMag | TBWS