The housing business is booming nationally, as well as in Colorado. According to the Colorado Association of Realtors, the national housing inventory has plunged 37% year over year, while buyers’ heightened demand is creating bidding wars and a rapid pace of sales. The Denver metro area ranks #4 on Realtor.com’s Housing Market Recovery Index.
According to the National Association of Realtors (NAR), homes are selling nine days faster than a year ago, even as prices escalate. Housing contract signings in July jumped 15.5% above a year ago, and show no signs of slowing.
NAR goes on to report that there is a record level of buyers competing in the housing market at this point, and that although sales have traditionally trended down going into Labor Day, 2020 has been become an aberration, with well-attended open houses, multiple offers, and even bidding wars in many markets. First-time homebuyers are facing a myriad of obstacles, not the least of which is financing. And all of this in the middle of the COVID-19 pandemic.
There is a natural tension between protecting consumer rights and the business interests of the sellers. If you jump into the buyer-seller quagmire in Colorado, you can access everything you need through the virtual services of the Law Office of Kim M. Dubois PLLC.
About Relationships Between Consumers and Colorado Brokers
There are three types of relationships between home-buying consumers and licensed real estate brokers in Colorado:
- Agency. A real estate broker with an agency relationship represents only one party, and guide their client through the real estate transaction with the duties of care, loyalty, and confidentiality to their client.
- Transaction Broker. A real estate broker as a transaction broker is a neutral party, sometimes described as a “referee,” and can assist either or both parties in completing the transaction. They do not promote the interests of any single party, but merely seek to complete the transaction.
- Customer. If a consumer does not have either an agency relationship or transaction broker relationship, they are treated as a customer. In other words, if a consumer in a real estate transaction has not retained a broker as either an agent or a transaction broker, he/she is merely a customer in the transaction.
Contact the Law Office of Kim M. Dubois PLLC Today for Assistance
A real estate transaction will be one of the largest transactions you will ever be a part of, either as a buyer or a seller. If you are considering a real estate transaction, you should utilize the virtual services offered by the Law Office of Kim M. Dubois PLLC, which are affordable and comprehensive.
The Law Office of Kim M. Dubois PLLC offers a variety of virtual services with flexible hours that fit around your schedule. We offer free consultations and always return phone calls and email messages on the same day. Our virtual services provide convenient and affordable options.
Contact us to learn more and schedule your free consultation.