Do you have the eye or vision of what it could become?
Updated: Oct 5, 2021
Denver Colorado and its surrounding cities are one of the hottest real estate markets in the United States right now. Winning the offer sometimes is not an option when someone is on a limited budget or just entering the space for the first time. Homes today can get up to 50 offers or over $100K from the asking price. This can be frustrating and tiresome for both the home buyers and agent who is working tirelessly to get an offer accepted. There are lots of different ways to approach this challenge from borrowing money from a 401K account to looking at homes way below your budget to give you extra money to offer over asking price. This is where having an experienced Realtor makes the difference to have a winning strategy.
However, there are still homes available on the market and they tend to be the ones that are not as sexy as the others or are significantly over priced and or can be located in a not desirable neighborhood. Homes that fly off the market within 24-72 hrs of listing and that go for over the asking price by $100K or more tend to the be ones that look the best and are in areas that are known as hot neighborhoods and highly sought after communities for their amenities.
I have learned personally in the past 20 years of buying and selling my own properties to not always dismiss the ugly home or the one that has sat longer on the market. Sometimes buying those homes have the best opportunity in the long run and you tend to pay closer to market appraised values. These homes can be in less desirable neighborhoods, need more work, and may not have any of the items on your check list but they may have the biggest financial reward out there. They can be tough to spot especially for inexperienced buyers.
Here are a few pictures of remodels that I have been part of personally that show how much potential a home can have with some fixtures being removed, adding a new door, paint, and flooring that can drastically change a room or entrance to a home. This home was purchased under list price because everything in it was 20 years old. Investing some smart $ into remodeling will net this home $100K or more if sold today after getting back the dollars back from remodeling.
I encourage everyone when interviewing and hiring their realtor to work with one that has remodeling experience. They can connect you with local contacts to get the jobs completed for reasonable prices and recommend trusted companies or individuals to get the work done.