Sellers see multiple offers on homes, better chance to get more than listing price

It’s peak home buying season in the Pikes Peak region, and that means your competition is about to get a lot harder.

With the market the way it is in Colorado Springs, paying over asking price is just part of getting your shot at your dream home.

The phrase “home sweet home” is cliche, but for many of us, it’s our goal. It’s especially true for Peter Sahhar’s clients. He’s a local real estate agent who has had firsthand experience with the competitive market.

“In one day, we had five showings and we received four offers within a matter of just a few hours,” he said.

Colorado Springs isn’t the biggest city in Colorado, but the housing market here is one of the hottest.

“They came back two hours later and gave us an offer because while they were out looking they realized couldn’t find anything in their price point and they ended up writing an offer,” Sahhar said.

The amount of offers a home gets all depends on how well your home is priced. Sahhar says any home priced between $200,000 to $400,000 seems to get more attention.

“When somebody really wants something, they end up willing to pay more money for it, which is what causes people to pay way more than often times listing price,” he said.

Because asking well over listing price is basically a must in ensuring you have a chance at being in the bid, it’s necessary to add it into your budget.

“Start lower and that will give you the ability and room to negotiate and leverage in the event that you have to compete against other offers and that will help you get into the home you really can afford,” he said.

Sahhar says for many of his clients, the wait and bidding war leads them to the home that’s right for them.