DENVER REAL ESTATE: The impact of selling Mike Shanahan’s house
DENVER (KDVR) – Finding a home in the Denver real estate market is not easy as inventory can be scarce.
Sara Hankenson, real estate agent at VIP Real Estate CO, said it’s not unusual for a home, like the Cherry Hills home of former Broncos head coach Mike Shanahan, to stay on the market as well. long since she did.
âHomes in this price range definitely appeal to a different buyer,â Hankenson said.
It just happens to be the most expensive house ever sold in the Denver Market. Hankenson said this scenario shouldn’t be applied to just any home.
âInventories don’t match the average price of single-family homes in Denver,â Hankenson said.
Interestingly, she added, this house may have sold earlier elsewhere than in the five years it was on the market here.
âThis house, for example, in Vail, Beaver Creek, Snowmass, Aspen would have probably sold a lot faster,â she said.
The median home price in Denver is $ 500,000, at this price point, Hankenson said, the market is much more competitive. âThere are a lot more buyers,â Hankenson said.
The way the house is paid makes a huge difference. âThe gambling is completely different in these prizes,â Hankenson said.
Fewer homes at the median home price mean more buyers and fewer homes to choose from. âIt’s definitely more of a binge eating in the more median home price market here in Denver,â Hankenson said.
It’s about keeping your expectations realistic, according to Hankenson, whether you’re a seller or a buyer. âSellers need to be realistic when setting their price,â Hankenson said.
Even Shanahan had to lower the initial asking price of $ 22 million for his Cherry Hills home.
As competitive as the market may be for sellers, Hankenson reminded buyers to keep the market appealing. âThese have to be competitive offers, there isn’t a lot of leeway right now,â Hankenson said.
A typical commission figure on real estate sales in Colorado is around 5.5%, according to a survey by the listwithclever.com website.
At that rate for the $ 15.7 million this house was sold for, the buyer’s and seller’s agents could potentially make several hundred thousand dollars each.
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