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Hot, Normal, and Cold Markets

Hot Market

This is an extremely competitive market and is advantageous to the seller. Sometimes, homes will sell as soon as they are listed or even before homes are listed. Typically, during a hot market, multiple offers will be made on each home and more often than not, homes will sell for more than the asking price. It is even more crucial to be prepared and to be ready as a buyer when the market is hot. It can be easy to get caught up in the bid for a home, but if you are prepared (pre-approved, solid in price range, realistic about your needs), it is easier to remain focused on your housing needs and price range.

Normal Market

In a normal market, there is a fairly large number of homes available and an average number of buyers. This market does not necessarily favor the buyer or the seller. A seller may not have as many offers on their home, but he or she may not be desperate to sell either. Again, it is the buyer’s responsibility to be prepared. During a normal market, the chances to negotiate are higher than in a hot market. As a buyer, you can expect to make offers at lower than the asking price and negotiate a price at least somewhat less than what the sellers are asking.

Cold Market

In a cold market, houses may be listed for more than a year and the prices of houses listed may drop considerably. This market is advantageous to the buyer. As a buyer, you have the time to make an offer that works to your best interest. It is not uncommon to low-ball and to find that sellers are accommodating to meet your needs. Keep in mind that even though this market is a great time for buyers, you do not want to lose your dream home by being unrealistic. Your goal is to get your dream home at the best possible price.

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Thank you for visiting today. If this is your first visit, take your time and look around. We have plenty of information and resources available to you. If you are a return visitor, thank you. We would love to hear from you. We can serve all your real estate needs.

Greg Drake
Lakewood, CO 80228
Phone: (303) 884-0990
Email: greg@realtyprosco.com
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Testimonials Page

When we sold our home last summer, we were referred to Greg Drake at Realty Professionals. Greg and his staff were so knowledgeable, professional and unbelievably helpful! The stager, that Greg hired, came into our home and made several recommendations and changes to allow our home show beautifully! Our home went on the market and we had 16 showings in the first day alone! At the close of business that very day, we had 11 offers that were either at or above asking price! My husband and I could not have been happier! However, there were several things that came up during the inspection but we did not have to stress about researching companies and getting bids and meeting deadlines. Greg did it all! He had an entire team of trusted, reasonably priced contractors who were able to take care of all our problems that same week! We could not have been more please with the honesty, professionalism and hard work that Realty Professionals provided for us! I cannot imagine having to sell another house without them! I would HIGHLY recommend them to anyone looking to sell or buy! Michelle S.
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