The days of the overpriced bank-owned property seem to be gone for now in Pagosa Springs as more new REO homes are introduced at very low prices.
I had a client wanting to buy a beautiful riverfront property in the Upper Blanco so we offered $50,000 over the asking price of $465,000 and we came in second on the bidding. The buyer in first place could not get their earnest money in time because of health issues so the bank put the property back out to bid. This time my buyer offered $100,000 over the listing price and he still didn’t get the property. It recently sold for $650,000!
This has been the case on several great homes recently listed in Pagosa Lakes as well. A few properties that have been listed explicitly say “no offers for the first five days”. That gives the local brokers working with buyers time to show the properties and its been common lately to see seven plus offers when that five day window has lapsed.
Lesson learned? Make sure you are working with a Realtor who is working full time and has a solid knowledge of the local market trends and inventory. The great deals are out there but you have to know when they are listed to get in on the action.