Sixteen months after putting her Fort Collins home up for sale in late 2010, and getting only one lowball offer, Laura Carlson yanked it off the market, frustrated it would never sell.
Carlson hired real estate agent Sharianne Daily of Re/Max Alliance and relisted the house earlier this year, hoping the impending spring, recovering economy and record-low interest rates would bring more attention.
Within two months of listing, Carlson received three offers in two days. She sold the home for $5,000 more than her asking price.
“I was in a lucky situation in that I was still able to make my mortgage payments and wasn’t forced to sell, so I was waiting for the perfect time and perfect buyers. It all happened literally within 36 hours,” said Carlson, a nurse at Poudre Valley Hospital and a relief flight nurse with Greeley’s Flight for Life.
“It was crazy how it all fell together like it was supposed to,” said Carlson, who put her house on the market after moving in with her significant other.
Her story is being repeated throughout Larimer County as a previously sluggish, often dismal, sales environment gives way to a market frenzy.
Homes priced at less than $300,000 are fetching multiple offers — sometimes in a single day — and selling for more than the asking price.
The shift started to show up in March — the first month both home sales and the average sales price rose.
The frenzied market is a whirlwind for Realtors scrambling to get clients to showings and offers made before the competition. Delays or hesitation can leave a buyer in the dust.
“You have to strategize right now,” said Realtor Carolyn Wade of Re/Max Advanced Inc., in Fort Collins. “You can come in with a higher offer and still not get the property. It’s an unusual time. Everyone is enjoying the boom but also scrambling to get things for people using FHA” to finance their homes.
The Federal Housing Administration doesn’t loan on more than a home’s appraisal, meaning they often get outbid by clients offering more than list price.